subject: Merchant Account Sales Training in Identifying and Stopping Fraud [print this page] Merchant Account Sales Training in Identifying and Stopping Fraud
There are two factors that can turn your company from a desirable client for merchant services to a high risk business. First and basically the major factor is the chargeback or contingent liability risk when a consumer asks for a refund of his purchase for whatever reason. The second is fraud. Because of advancements in credit card verification technology, as well as inmerchant account sales training, fraud can easily be detected and stopped these days, but it can still happen. A retailer needs sufficientmerchant account sales trainingto detect credit card fraud.
As a retailer, you need to be cautious when the customer purchases large orders of your items online. This is especially true if your products are non-necessary items (for instance, luxury items like designer bags or expensive shoes). You should be extra cautious when these large orders are requested to be sent overnight. This measure is to allow the fraud to know when the items will be delivered to the mailing address of the credit card holder.
Merchant account sales trainingshould give you the insight when an order is suspicious. The best solution here is to do an independent verification. Call the card holder or, at the very least, send him an email.
So what should you do when you think the customer is using a credit card that isn't his?
Verification is the key here as blind accusation can only lead to trouble.Merchant account sales trainingwould teach a merchant that the best first step here is to ask the supposed card holder his name, address and phone number. Most identity thieves wouldn't know these basic facts; hence, identifying the fraud and preventing unauthorized usage of credit card. You can also require the suspicious individual to enter the three digit code that can be found at the back of his credit card. Many merchant accounts have advanced verification functions, so take advantage of these if you are in a high risk industry.
As for online businesses, according tomerchant account sales training, it is best to set up fraud detection procedures that can block fraudulent buyers according to their location and the nature of their purchase.
