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

Know the Features of HOA & Membership Management Software

HOA Management Software: Association management software package offers concepts for enhancing their presentation and communication with the purchasers. This software is based on web so that the user can access it from anywhere and it also support content management in websites. Management can strengthen or weaken the performance of the members in the association. Quality customers and partners can be attracted to the management by presenting pleasing and worthy ideas. In order to impart high performance effective communication and cooperation is needed. It is important for an HOA Management Software service to provide individual attention to each member of the community. What is Membership Management Software & Its Feature? Membership management software may undoubtedly be the simplest aid so that you'll be able to assist yourself in improving potency in your organization or a startup workplace. That’s as a result of such a computer program certainly effectively mix the fun...

An overview of business phone number texting

Business text messaging and calling solutions are becoming increasingly popular among companies around the country. Using simple platforms, business clients save money while enhancing customer service, speeding up response times, communicating more effectively, and increasing sales. Small businesses can use business phone number apps to separate personal and work-related calls and text messages. This also aids believability and improves the likelihood of being remembered. While some applications are free to download and provide you with a free business phone number, they may charge you to make or receive calls. What are the best ways for a company to use a business SMS service? This is a difficult question to answer. Text messaging is subject to well-defined regulations and legal dangers that organizations should be aware of. While businesses should be aware of these issues, you should use your common sense. Sending business text messages to th...

Membership Management Software - All Purpose Built-In Platform For All Your Association Needs

Membership management software is essential for any company that wants to grow its members or create a community. With the help of advanced software solutions, offline membership groups, clubs, societies, and activities can be easily controlled in the online digital space. A membership management software is a comprehensive solution for centralizing a membership organization's administrative and communication activities. The software provides a digital space where members of the community can communicate with managers and each other, as well as solve all organisational issues. The core objective is to streamline the process by allowing the stakeholders, residents, members and customers to manage the organization effectively. Ivnet’s membership management solution is designed so as to address the specific needs of the community. At Ivrnet.com, we offer a complete database management software to to communicate with stakeholders, customers, and employees through a vari...

Ivrnet Inc.

Search This Blog