Credit Card Processing Experts - Credit Card Processing: 7 Quick Ways To Cut Down Profit Loss -

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Credit Card Processing: 7 Quick Ways To Cut Down Profit Loss

Abigail Morrison   Is your online store struggling under costly chargebacks and eating away your profits? Do stolen, cloned, fake or expired credit cards make their way into your business? If you are, you're not alone. Many online shop owners suffer the same predicament. These chargebacks could potentially undermine your profits and knock you out of business. What is a chargeback? Simply put, a chargeback happens when a customer disputes the online transaction. Usually, it involves a number of reasons--- fake, stolen, cloned, or expired credit cards, or you have inadvertently double-charged a customer for his purchase. The disputed amount will then be withdrawn from your account. If you have more chargebacks than you could possibly handle, your finances will be in the red and you could lose your merchant account. Worse, you could lose your online business, too. But, take heart. Aside from subscribing to a good, reliable credit card processing company, here are additional ways you can prevent chargebacks and drastically cut down your profit loss : <ol><li>INTERACTIVE VOICE RESPONSE ( IVR) Software Install this program in your order page and collect “ voice stamps” or “ voice authorization” from your customers as added security to verify the transaction. </li><li> SCANNED COPY OF ID AND CREDIT CARD Request a scanned copy of customer's credit card and valid IDs. These could be company ID, Driver's License or any other duly recognized ID. These scanned documents can then be sent through the Internet and incorporated into customers' online order form. </li><li> REQUIRE CARD VERIFICATION NUMBERS Most credit cards contain 3-digit security codes immediately after the main credit card number. You could ask for these security codes from your online customers to double-check the veracity of the transaction. </li><li>MATCH ADDRESSES Make sure the order delivery address matches with the billing address of the customer as reflected in the credit card. Be cautious when these two addresses do not match. Get in touch with the customer in the soonest time possible and ask for clarification before delivering the purchased items. </li><li>INSIST ON DELIVERY SIGNATURE RECEIPTS FROM THE CREDIT CARDHOLDER You should instruct your chosen delivery firms or couriers to collect signatures from the customers upon delivery of the goods. You can then store these receipts in a safe place in case a customer disputes the transaction. </li><li>DOUBLE-CHECK ORDERS OVERSEAS If you receive orders from overseas, be immediately on guard. So many merchants have already been victimized with these fraudulent orders from other far-flung countries. Check that all payments protocol are completed before negotiating with them. Better still, avoid it. </li><li>INCLUDE AN IP DETECTION SOFTWARE IN YOUR ORDER PAGE Display a warning message that your order page can effectively track down and record customers' IP addresses. This could discourage fraudulent visitors from making any transaction with your online store thereby eliminating any possible chargebacks that may arise. </li></ol>   ( Abigail Morrison is a Harvard University graduate who works as financial consultant to small and medium business companies in the US and in CANADA.) <a href="http://www.onlywire.com/submit?u=http://www.creditcardprocessingexperts.com/credit_card_processing_:-7_quick_ways_to_cut_down_profit_loss.html;t=credit%20card%20processing;tags=credit%20card%20processing" target="_blank" title="Add this Article to Onlywire"><img src="http://www.onlywire.com/i/onlywire.ico" alt="" />Add to Onlywire!</a>

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