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Sit up and Take Notice — The Best Known Ways to Avoid Card Not Present Chargebacks

Card not present fraud prevention

Slowly but surely, the world is moving towards the ease and convenience of digital payments. In the year 2013 in America alone, digital transaction constituted more than 50% of the bulk of total consumer payments. Statistics show that, during the same year, more than 70% internet users participated in at least one digital transaction. All these signs point to the inevitable catching on of digital payments, and consumers and businesses around the world need to be aware of its characteristics, benefits and risks.

The number of card not present transactions is rapidly increasing, and more and more people prefer to conduct their purchasing from home using the internet. As a part of the massive e-commerce boom, secure payment solutions are making it possible for merchants to collect transaction funds without physically handling the transaction. There is, however, an element of risk in all this. As the number of card not present transactions skyrockets, the number of card not present chargebacks can also keep mounting. This is a lose-lose scenario for merchants, and it is smart to have in place a safe, secured and well thought-out process to prevent such chargebacks.

Card not present chargebacks can be filed for a number of different scenarios. Let us analyze the most common ones and suggest ways to mitigate such circumstances —

Over and above all, consider the use of a highly secure payment processing service with built-in measures for chargeback prevention.

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