The verification system is used to determine whether an online merchant can be trusted and protected by the online payment services provider or merchant account provider. While the payments processing services have strict rules in place regarding frauds, hackers and the like, verification is an important component in the overall protection of your merchant account. The verification process is also an important component in deciding which online payment systems are most suitable for your business and which ones you should avoid.
Before you settle on a payment gateway, be sure to do some preliminary research so that you are able to understand the verification process. The fraud-fighting feature is a point of discussion for merchants because many merchants do not know about the fraud-fighting feature that these payment gateways provide. You should be aware of what is the most effective and efficient way of dealing with the fraud prevention aspect of the verification process.
As far as fraud-prevention is concerned, the verification system is the first step towards prevention of fraudulent activities and damages. It is the entire process of keeping track of online transactions to make sure that the identities of the clients are safe. The identity of the client cannot be altered and their right to pay is maintained.
In order to protect your business from fraudulent activities, the actual amount paid by the client should be the first thing that you check before considering any other data. It is better to make use of a credit card verification site to do this rather than relying on the online payment service provider’s data provided by the merchant account provider. If you are satisfied with the website data, then the next step is to look at the confirmation page.
When you enter the payment details of the client, you need to verify the data provided by the online payment service provider first. The verification site will check the data provided and if there is no match, it will automatically redirect you to the merchant account provider site and let them provide further information.
It is good to get the information on the screen but it is also necessary to make sure that you enter the data on an unguarded page. It is quite common for some fraudulent activities to occur because of unguarded data.
In the verification process, the merchant should be aware of what is required to provide sufficient data for the verification process. If the data provided by the online payment service provider is incorrect, the confirmation page will be redirected to the client and they will have to provide more information. This makes it easier for the fraudster to pose as the online merchant.
You can opt for various ways of using the fraud-prevention system. The fraud-prevention features can be included in the basic security program and if you choose to do so, you may be able to prevent the fraudulent activities that happen due to human error.