Incorporating an e-commerce solution into company operations is something every organization is wrestling with. As the world becomes more digital, the online platform becomes more powerful. However, there are several challenges that come with accepting credit card payments through the web that your company may not be aware of.
A recent article from Business News Daily examined some of the top things that companies need to be aware of when it comes time to incorporating online credit cards. The most important piece of advice is that even though the customer isn't within the walls of a brick-and-mortar, companies are still required through PCI Data Security Standards to keep customer information safe.
First up, businesses need to ensure basic information like verifying the billing address and seeing if it matches the shipping address. In many instances, this can be the first clue that fraud is afoot. This is important because with the online platform, retailers are fully liable.
"With purchases made online, the retailer is 100 percent liable for fraudulent purchases," Don Bush, VP of marketing for Kount, a fraud prevention and risk management technology provider, told the news source. "Neither the bank that approved the transaction nor the payment-processing service that reviewed the transaction are held responsible for fraudulent purchases. It's all on the merchant. That means if your company accepts a bad or stolen credit or debit card, the total liability of the loss is yours."
The online platform is part of the future and with the help of card processing software, any business can make sure it remains secure.