A friend of mine who has just signed up with a new merchant account is rejoicing because he confided in me how high his profits soared when he decided to accept credit cards. Knowing how crucial obtaining a merchant account is to one’s e-Commerce business, you should waste no time acquiring one through the right providers as long as they meet your business needs. However, with great benefits come pitfalls that may threaten to destroy your online likelihood.

Here are 7 tips to merchant account safety that every online merchant can benefit from:

1. Be careful who you trade with
We’re not saying it’s okay to be discriminating but sometimes it pays to be extra vigilant when doing business with traders from foreign countries. Online merchants need to acquire a discerning eye to spot inconsistent details in transactions that may be fishy enough for them to terminate the trade.

2. Beware users of free email addresses
Whether the customer uses Hotmail, Yahoo! Mail or even Gmail, bear in mind that it can be difficult to track down the senders using free email accounts so you may need to deal sparingly with them.

3. Retrieve CVC2 and CVV2 numbers
Most merchants do not realize that doing so can be a great method to prevent excessive chargebacks. Statistics show that at least 1 out of 4 chargebacks can be avoided if you employ this tactic. It may sound simple but if you took the time to request for customers to produce these little codes found at the back of their credit cards, you can certainly save yourself time and cost without suffering from too many chargebacks!

4. Be strict and focus on enforcing security measures
Sometimes all it takes to prevent fraudsters from taking advantage of your e-Commerce site is by letting the whole know where you stand when it comes to security measures. Be firm and tell customers the many steps that you are taking to eradicate fraud and perhaps the fraudsters will get the message and stay clear away from your site! It’s that simple.

5. Request for copies of ID and credit card in use
There is nothing wrong with asking customers to fax copies of their credit card or licenses when and if you smell something fishy. Just think of this as yet another security measure because after all, you cannot be too careful!

6. Collect signatures
This is also another form of security method. Be specific and ask that they delivery service you use collect signatures of your customers on your behalf.

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