Merchants need to take into account the risks that are associated with the acceptance of card payments online and develop a strategy to address them, before launching an eCommerce business. When developing such a strategy, your goal should be to ensure that payments are accepted in a way that is fast, secure, reliable and that your customers’ best interests are protected. Satisfied customers are less likely to dispute transactions and request that you provide a proof of their participation in them. A customer dispute is costly and time consuming and, when not adequately addressed, can lead to a chargeback, in which case you will lose the whole transaction amount. You should begin developing your card payment processing framework by taking the following steps:
Learn about Risk Management and Train your Staff. Your risk exposure in a card-not-present transaction environment depends on your business policies, operational practices, fraud detection and prevention tools, security controls and the types of products and services that you provide. You should have a complete understanding of the risks inherent in every online transaction and should be adequately prepared to address them. Once you prepare yourself to deal with risk management, you should make certain that your staff gets adequate training on eCommerce risk management as well and are just as prepared to implement your businesses’ policies as you are.
Carefully Select your eCommerce Merchant Account Provider. When you go about evaluating a prospective eCommerce card processor’s pricing proposal for your online business, you should go beyond the processing rates and fees. Be advised that your credit and debit card processing rates are only as good as your ability to process transactions in a way that is compliant with Visa and MasterCard regulations and that is well protected against fraud and chargebacks. You should make certain that your prospective card payment processing provider can provide effective risk management control and has thorough understanding of fraud risks and liabilities. You should try to ensure that your card payment processor will be able to keep your transactions safe and minimize fraud losses.

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