High risk merchants must be constantly vigilant and on guard against fraud. Proper use of your payment gateway fraud protection tools is important to mitigating the risk of fraud and the potential loss of revenue that result from fraudulent transactions.
Payment gateways include tools and strategies such as commercial fraud risk scoring systems, positive and negative database lists, and automated decision systems using rules based settings. Risk settings should be automated and tailored to the specific dangers of fraud within particular industry types and specific criteria of an individual business.
Automated decision systems are highly effective and will reduce manual order review loads while making that the reviews that do occur are more effective and efficient by consolidating all available decision data for manual review.
In industries where risk of fraud is exceptionally high, merchants can consider outsourcing fraud management control to outside vendors who specialize in managing merchant account fraud. If you do not have the expertise necessary to set and maintain fraud protection parameters and controls, the money spent for outside management will more than repay itself in increased orders and peace of mind.
Proper use of your payment processing gateway helps mitigate processing risk. Implement the fraud fighting tools available to you within your gateway to safeguard your business operations.
Are you using all the tools available in your payment gateway?