How To Stop Unnecessary Payments In Your Business

When it comes to giving accurate descriptions, having a convenient return policy, and offering reliable customer service, you should focus on fraud protection. Any online business has to deal with payment fraud, including chargebacks. A few simple tools and steps can be implemented to safeguard yourself and ensure that your online store is not negatively impacted. Throughout this article, you will discover what you can do to safeguard yourself against fraud.

Improve your cybersecurity

Steps to increase your security level:

  • Use fingerprinting on devices

You can reduce the number of fraudulent visitors to your store by using software with device fingerprinting technology. Data from these devices is collected and analyzed for patterns that may indicate fraud, including the browser version, language, location, and much more. Technology that uses link fingerprints can spot fraudsters more effectively, reducing the risk of false positives.

  • Make use of TrustChain in your projects

As a trust ledger, TrustChain serves as a protocol. Transactions between strangers are recorded using this system to avoid central control. As a result of the use of this technology, the number of fraudulent transactions can be reduced by 40%. This protocol lets you easily manage electronic signatures and contracts in one system, so you can focus on your business instead of just managing it.

  • Antivirus software should always be updated

For your online protection regardless of which devices and browsers you use. You should install the latest updated version of antivirus software on each device you use.

  • Develop a system that enables transactions to be approved 

Consider having a procedure in place that requires approval for transactions that exceed a certain amount to protect your business. Therefore, fraudulent payments will not take place, and you won’t face any consequences.

  • Make sure you verify all suspicious orders and set limits.

It happens sometimes that scammers make huge orders or try to complete an order several times. The best way to prevent this from happening is to set a limit on how many products someone can order at once.

Reducing chargebacks

There are several ways in which disputes and chargebacks can be reduced that work toward eliminating friendly fraud as well as increasing customer satisfaction.

  • Fraud Prevention System for VMPI 

In 2017, Visa launched the Visa Merchant Purchase Inquiry Program, known as VMPI. Visa merchants can use this program to handle disputes before they turn into chargebacks. You can handle disputes yourself (depending on whether it was a customer service mistake, confusion about billing, fraud, or whatever) and issue a refund when needed. You lose control of the process if the dispute turns into a chargeback. Your merchant account and network standing will suffer in this case, regardless of whether the dispute was valid or not.

  • Ethoca Chargeback Prevention

Ethoca is an online-based technology that helps businesses fight fraud, minimize chargebacks, and recover revenue for themselves. More importantly, this system aims to reduce false declines to increase acceptance rates. Since there is no need for third-party integrations, this system is easy to set up. By allowing merchants to receive refunds smoothly, Ethoca has proven to be a great way to save money while greatly enhancing customer satisfaction.

Fraud prevention should utilize modern technologies

Fraud prevention is a priority for any business to ensure that unnecessary payments are not made. You can create a safer environment for your business by using the proper steps and digital tools. When you use those methods, you’ll notice fewer chargebacks and other negative effects. Businesses need to take preventative steps as soon as possible so they do not become victims of fraudulent chargebacks.

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