ELIMINATING FRAUD FROM YOUR ENTERPRISE
When your small business bank account is accessed through fraudulent measures via credit card the effect is very disastrous . When building sales and orders through the internet and a phone call, it is essential for the business merchant to take all the necessary measures to ensure that he prevents fraud from his business. It is very disastrous for a business person when a fraud is detected on his credit card since your rates can be increased which will translate to lesser profit or even worse cause they can also close your account.
Since many people have adopted the mode of buying and selling through the online channels, it should be expected that this challenge of fraud may even get worse as time moves by. Due to the strict rules are given by credit card issuers and banks, people have come up with measures to ensure that one can detect when there is any chance of fraud in his account. The very best method is to ascertain corresponds to the address or the information in the bank where the credit card was issued this is called as the address verification system.
Fraud also may be minimized through the use of verifying the credit card number, and since all credit cards do have this figure it is good to confirm that this number is there direct from the credit card.
Adopting a policy that delivering goods will only be shipped to address verification system approved billing system, that is the delivery will be made to the residence of the ascertained card owner.
Cheques and money orders may be very likely to counterfeit and fraud, therefore, it is essential to have a keen verification on them more so if they are made through the online channel, when an intense checking is done it will prevent any such fraudulent activity. Once you accept payment either through the cheque or money orders it is wise not to ship any goods unless you confirm from your bank that the said cheque or money order has been cleared by your customer this will significantly reduce your losses.
A measure of protection is also enhanced by this process of PayPal since it offers information of shipping address of the customer plus a verification of his existence, this avoids ghost customers. It is always right even after putting on all these measures to investigate any suspicious activity that may be noted before shipping an order, this may include calling the customer through the phone to verify the order if its legitimate.