Why Do Card-Not-Present (CNP) Transactions Matter?

It's critical to provide your in-store and online consumers with a variety of payment options. Your customers want choices, and it's critical to match their demands in order to eliminate purchasing friction. Did you realize, however, that not all payment methods are created equal?

Card holder data transactions and card-not-present transactions are the two types of transactions. The distinctions between these two sorts of payments are more significant than many shops know, and your decision on whether to accept might have a significant influence on your business.

What are Card-Not-Present (CNP) Transactions, and how do they work?

Any transaction in which the magnetic stripe isn't swiped, the EMV chip isn't inserted, or a mobile wallet isn't tapped against a physical terminal is referred to as a CNP transaction. This means that any purchase conducted over the phone, online, or by fax qualifies as a card not present.

Fraud Risk from Card-Not-Present Transactions

1. Make use of a safe payment gateway

To begin, make certain that your online payments are processed over a secure connection. Investing in technology that protects your customers' data will pay off in the long term for your company.

2. Collect vital customer information

Then, at the moment of checkout, double-check that you've gotten all of the relevant information from your consumer (which includes more than just a credit card number).

For high-value transactions, customer contact information such as phone number, email address, billing address, and shipping address is very vital.

Card information should include the name as it appears on the payment card, the expiration date, the credit card number, and the CVV (or card security code). Collecting this information allows you to confirm that the consumer actually owns the credit or debit card.

3. Comply with PCI standards

Businesses that handle credit card information, whether or not a card is present, must be PCI compliant. All company processes must adhere to the payment industry's security regulations.

4. Make use of a service that verifies addresses (AVS)

An AVS (Address Verification Service) does exactly what it says on the tin. It's a fraud-prevention technology that double-checks that the billing address supplied by the shopper matches the account's billing address.

Comments

Choose us for simplify payment , communication and community management

Thousands of groups throughout Canada and the United States have benefited from Ivrnet's Central software platform, which includes communication, community management, and payment components. Central lowers costs, improves efficiency, and improves customer satisfaction. Through a variety of technologies, Central's complete communications suite allows enterprises to efficiently communicate with customers. By integrating data into a single unified platform, community administration for homeowner associations (HOAs), professional organizations, omni channel and membership-driven associations is simplified. Telepay is a PCI DSS certified SECURE over-the-phone payment programme that can be incorporated into current contact center operations or used as an efficient auto-attendant payment solution. Ivrnet will provide value to your business by simplifying processes, regardless of the solution. Ivrnet's Central software platform includes communication, community management,

Membership Management Software – Integrated And Automated Systems

With a complete database management system, organizations can proffer high-quality, effective services to their customers/members. Earlier, the systems were created to store/edit information. These systems were also utilized for communicating with a member. However, the modern membership management software solutions from Software-as-a-Service (SaaS) providers equip fully automated features to reduce workload, increase efficiency, and provide better controls to the members. Let us have a look at the latest features that these software packages must include: Easy onboarding – Member registration should as simple, quick, and easy as possible. Rich interfaces and navigation-friendly applications allow anyone to register themselves and create a membership account without external help or guidance. Multi-level access – Membership levels may differ at various organizations and hence different controls are provided to the members. These notes for privileges, facilities, private access a

How Community Management Software Can Benefit Your Business

Community management is the process of growing a company’s business network and platforms. It is all about optimizing brand partnerships by communicating with an engaged audience through a digital medium. The purpose of community management varies significantly from company to company based on services, products, reviews and creative conversations all relevant to your brand. A community management software aids companies to handle interactions with their clients by allowing brands to manage, assist, and engage with customers using a number of modules that promote and standardize community management practices. With the help of a community management software many organizations get an online platform to build and maintain digital forums where community members can directly communicate their views, opinions and issues with one another and with the business. Effective Communication Through Two-Way Text Concierge Service - By using community management software your business will run

Ivrnet Inc.

Search This Blog