Fraud is one complication a business may face when beginning to accept credit payments. There are many ways to reduce the chances of experiencing a counterfeit transaction when using Independent Sales Organization or ISO merchant services. The most important component of avoiding fraud is being alert at the time of sale. Invalid payment methods should never be accepted. Each individual merchant transaction needs to be handled carefully. If there are complications, ask the customer to use another card or form of payment. Online processing requires specific security precautions for rejecting the transaction if information is not valid. While you cannot completely stay away from these instances, a few simple steps can make their occurrences very minimal when using ISO services. Try the below tips when accepting cards at your business locations.
ISO Services: Preventing the Acceptance of a Fraudulent Card
ISO services are very beneficial to business sales. Today, charging is the most popular form of payment for goods or services. If you shy away from this payment type many profit opportunities could be lost. How do you protect yourself from being a victim of fraud when this payment form is being processed daily? A little precaution and smart practices can make all the difference. It is common for the register employee to grab the card, swipe it, and be on their way to the next transaction. Teach your staff to be a more thorough with each transaction. They should inspect the card when it is handed to them. Most major credit cards start with a specific identifying number. Have a reference list of these numbers available at the counter. Visa in particular uses the number four as the first digit. They also have an embossed number which should include the first four digits of the account number. If something seems suspicious, you can contact the provider directly to determine legitimacy. Any time the provider tells you to keep the card, try to retain it from the customer. Some customers may be irate when they find out it cannot be used. In these instances, return it to them and request another form of payment.
ISO services recommend only running the transaction once. This should be done in the required direction of the credit terminal. The last four digits will appear on the terminal and should match the embossed number or other form of identification used by the issuing financial institution. If everything matches, they can proceed with the transaction. Call messages on the terminal require the issuer to be contacted. Verify the signature upon signing the receipt. As the customer is signing, flip over the card and ensure they both match. When a consumer provides an unsigned card, ask them to sign the back in front of you. Then require an additional form of identification for signature verification. Matching signatures is the final step in completing the transaction. The issuer should be called any time the signatures do not match. File the signed sales slip to finish the process. Taking these tiny precautionary steps during each transaction can increase the overall benefit of ISO merchant services and reduce your risk of credit card fraud.