Card owners aren't the only ones that should be concerned about credit card fraud. Merchants should be concerned about credit card processing fraud and chargebacks due to stolen cards. This can put a damper on the growth and reputation of your business. Luckily, there are ways to prevent credit card processing fraud.

At Goodpaster Merchant Solutions, we strive to ensure our clients have the utmost protection possible. Here are some tips on how to prevent this from happening to your business.

Card-Present Transactions

Card-present transactions were once the most popular forms of payment, but as e-commerce businesses have grown, they are now essentially unique to brick and mortar storefronts. These transactions are where the card is present at the time of the purchase, as the name would suggest.

As credit card fraud has grown increasingly more prevalent in our fast-paced, plastic loving society, so have chargebacks. In the case of chargeback fraud, the merchant that accepts the payment is responsible for returning the money. The more chargebacks your company receives, the more money you will have to return, which most likely will hurt your company's growth.

Fortunately, there are a few simple steps you can take to prevent this fraud from occurring. For example, you should always make sure you and your employees verify every credit card with a photo ID. This will help determine whether the person making the payment is the actual cardholder.

Another tip for avoiding credit card processing fraud is to obtain a signature from the customer in question. This is a commonplace practice for most every company and for good reason. This shows that the cardholder made the payment, and you have the proof to back up the purchase.

Card-Not-Present Transactions

Even riskier than card-present transactions are card-not-present transactions. These are payments made over the phone or on the internet. Obviously, you can't verify the cardholder's ID with a driver's license over the phone or on the internet, but there are a number of other ways you can protect your business from credit card processing fraud. Some of these ways are:

• • Require Additional Information: For online transactions, it is important to require additional information for customers to place an order. CVV codes and zip codes are just a few examples of information you should require.
• • Track IP Addresses: Tracking buyers IP addresses can help you avoid fraud because you have a detailed report of where the purchase was made. This can help you figure out which transactions are potentially fraudulent.
• • Avoid Shipping and Billing Discrepancies: While there are instances where the billing and shipping addresses are different, such as sending a gift, this can raise a red flag. This is especially true if they are using more than one card to make the payment.

Contact Goodpaster Merchant Solutions Today

If you are interested in avoiding credit card processing fraud and protecting your business, Goodpaster Merchant Solutions is here to help. We can assist you with a variety of information and merchant services that can benefit your business. Please contact us here or call us at 765-662-1554 to get started today.