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.

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