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Cleared Funds: Cut Risk of Credit Card Fraud

Credit card fraud is a common phenomenon with devastating consequences for all parties affected. A payment system that only accepts cleared funds greatly slashes the risk of credit card fraud which often entails monetary losses.

PRLog - Oct. 8, 2012 - SYDNEY, Australia -- One way of greatly reducing the risk of credit card fraud is to utilise a payment system that only accepts cleared funds. Technocash, a leading provider of a quality payment strategy for over than a decade is built on the tenet of security because reliability is important for businesses who need to send and receive cross-border payments. "We do not accept credit cards because of the risk of chargebacks for our valued clients," Paul Monsted, Managing Director of Technocash Limited says. Visit http://www.technocash.com/pages/credit-card-fraud-prevention.cfm for further information on credit card fraud prevention tips to protect your business’s interests.

Tips on Keeping Your Business Secure

There are several ways that businesses are able to stay safe against credit card fraud. Credit card and other relevant information such as credit card numbers, addresses, names and transaction history are valuable details that may be misused by frauds. Credit card bills for example contain a lot of such information and should be destroyed securely.

As international B2B credit card payments are completed in different countries, these transactions are made “card not present”. This opens up questions as to whom in fact sent the money, and with what authority.

Sending cross-border payments to business partners? Use a payment system that only allows cleared funds from verified account holders, such as Technocash because it greatly reduces the risk of reversed payments as a consequence of a disputed or fraudulent transaction.

Credit Card Chargebacks are Detrimental to Businesses

Chargebacks allow credit card companies to demand a reverse of the payment credited to businesses in the event of a disputed or fraudulent transaction. If your business exports goods overseas and accepts credit card payments, there is always a risk of the received payment being reversed.

The chargeback period for a payment generally spans a few months, which means that the payments received may be recalled in that period of time, if disputed or deemed fraudulent. This is hugely problematic if you have already shipped goods or closed a business deal. With Technocash, only cleared funds are accepted - these include funds deposited through Internet banking, international wires and Australia Post (via cash or EFTPOS) to boost security. http://www.zimbo.com.au/worldwide/credit-card-fraud-preve... offers more information on a quality payment strategy that facilitates cross-border B2B payments.

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Phone:+612 96871900
Location:Sydney - NSW - Australia
Industry:Business, Security
Tags:credit card fraud prevention, fraud, technocash, B2B payments, security
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