Dr. Glenn Gearhart CEO of World Market Vendor Services, Inc. provides News and Commentary

Eliminating Online Payment Fraud In Global Ecommerce Sales

Eliminating online payment fraud and maximizing profits in Global eCommerce Sales!


Global ECommerce


In a standard credit card transaction the merchant accepts a credit card payment and the charge is authorized. If the merchant follows the strict rules, they will get paid. In some, but not all, cases the merchant gets paid even if the card was stolen. In general, the liability rules and losses have different rules depending whether a transaction was made in store or online.

The eCommerce environment is referred to as a “Card Not Present” purchase transaction (CNP). A CNP state exists or occurs in all mail order, telephone/fax and online sales (eCommerce) payment transactions. With CNP, the liability for fraud shifts to the merchant or vendor. You, the seller, are normally fully liable for all credit card charge backs, and fraud losses to everyone even if the card processor or participating bank authorized and approved the payment transaction.

As the seller you not only are responsible for all fraud losses and costs, you are also potentially liable for retro-active payment processing rate increases on all prior completed sales, even when no fraud occurred. You may also be liable for immediate and continuing increases in the processing rates and fees charged to you for all future credit card payment transactions. If that does not hit you hard, consider that your right to accept credit card payments could be revoked by the processor or accepting bank.

With increasing processing costs, rate increases, and gateway fee increases, you are losing a portion of your profits. With these fees, credit card payment services are increasing your basic operating costs! Not good news. Even worse, if your rights to accept credit cards for payment are revoked, you could be out of business.

To keep the operating cost under control and processing rates from being increased, most online store merchants and vendors operate various procedures to prevent fraud. The experts claim, correctly, credit card fraud can never be completely eliminated. Therefore with credit card payments, merchants and vendors must attempt to balance between preventing fraud and not creating so many inhibitors that valid and great customers are not chased away.

Credit card fraud is an evil that all eCommerce merchants and vendors would love to have eliminated. Is that possible? Is there a payment system that would eliminate credit card fraud? If so, would it allow all potential customers to make online store purchases and not impose fraud on the selling vendor?

The answer, and good news for all vendors, is yes. By using World Market with Pay-Online-With-CASH™ as the payment gateway for your eCommerce selling, you win. You gain both global market access and, most importantly, elimination of credit card fraud and all of the costs and liability risks associated with credit cards.

No one else can bring you online cash paying buyers from over 235 countries and territories, covering up to 2.4 billion internet users and one billion smartphone users! All 2.4 billion can be buyers with NO credit card fraud risks.

That is an enormous fraud free expanded market for your business. I strongly urge you research and consider this online cash-based payment opportunity.






Global Sales without Fraud

 

References:

http://www.wiscocomputing.com/articles/ccfraud.htm