subject: Accepting Credit Cards Online [print this page] Today's consumers are continually turning to the Internet for a more convenient lifestyle, whether they need quick directions or enjoy doing their holiday shopping online. Online credit card processing is a smart move for any business that wants to achieve growth and success in a challenging economy. From e-commerce sites to online bill payment options, there are credit card merchant account services that allow any business, big or small, to accept credit cards through secure payment gateways and give their customers the convenience of online payments. Read on to learn about the benefits of online payment processing, as well as security features and what consumers should know about Internet payments.
Benefits of Online Payment Processing:
By accepting credit cards for business online, you offer your customers the convenience and flexibility of making payments from their comfort of their home. Retail stores can increase their customer base and sales by offering special online promotions or by offering certain products exclusively online. The ability to accept credit cards for bill payments is also a convenient service that reduces late payments and allows customers to control and manage their own accounts. Online bill payments also help save money by cutting costs associated with paper billing.
Security Features:
Accepting credit card payments online has many benefits, but it also requires compliance with PCI standards to keep sensitive information safe from fraud. Because online payments involve card-not-present transactions, security features must verify authenticity through measures besides signatures and identification. Address Verification Systems, or AVS, prompts users to submit their billing addresses in order to verify that the user is, in fact, the true account holder. Card Verification Values (CVV or CVV2) are codes located on the front or back of credit cards that verify the customer has the actual card in hand rather than a stolen account number.
An additional security feature, called tokenization, replaces credit card numbers with a random code during the transaction process, reducing liability for merchants and protecting consumer information should a security breach or fraud occur. It allows merchants to have a non-identifiable number to process, while the actual card number is encrypted and stored in secure databases.
What Consumers Should Know:
Customers should be aware that fraud and identity theft can occur when making payments online and should take the proper precautions when entering information on the Internet. Using only trusted, reliable sources and websites is the first step. Consumers should also keep passwords, login information and account numbers safe and they should never give out information through e-mails or untrustworthy websites.
by: Julie Henaghan
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