Accept Payment Online
Fraud prevention has become a high priority for many online businesses.
Although much exposure has been given to instances of fraud involving the
customer (for example, online purchasers who have had their credit card
number hacked), Internet businesses have also been victims of fraud by
criminals posing as customers. It is therefore of great importance to
understand the ways in which you can accept payment online without
falling into the trap of hackers and online criminals looking to make a
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The first thing you should do when you accept payment online
is to verify your buyer's identity. How you can do this online by getting
your customer fill in their credit card details in an online form. This form
should require them to provide their billing information. Your account
provider - the one you have engaged to help you operate and run your service
of accepting payment online - will then send the given information to the
payment processor for authentication.
Once verified, the information
(including the billing address) is passed on to the bank that will then try
to find the corresponding address information in their records for that
particular credit card number. An address verification or AVS will then be
sent back to inform your payment processor if the card information is
authentic or a fraud.
It is up to you, the business owner, to make the
decision on whether to accept payment online and send your products to the
purchaser if the postal code provided by the customer does not match with
the postal code in the bank's records.
Do note, however, that this system
of customer verification may have certain restrictions that will limit the
level of security in accepting payment online. Inaccurate results from the
AVS can and do occur. Although it is a good method to help you prevent
fraud, you should not rely solely on this method alone when trying to verify
your customers and accepting payment online.
Another way of help you
prevent fraud when you accept payment online, is to use card code program
commonly offered by major credit card companies. This uses a three or four
digit security number that is issued at the back of every credit card on the
signature strip. Doing this will help authenticate a genuine card. The
process of verification is carried out in a similar manner to the AVS
approach as mentioned above.
online payment system -
online payment processing
- accept credit card payment online
- accept payment online
- accepting credit card payment online