News By Tag
News By Place
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.
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/