ONLINE PAYMENT RISK AND HOW TO MANAGE IT?
ONLINE PAYMENT RISK
P
ayment risk is considered as a loss if a merchant or a company handles a high volume of payments and they fail to comply with the contract.
THERE ARE MANY TYPES OF OPERATIONAL RISKS: Inadequate and Failed Information Systems Fraud and Chargebacks Processing Errors Breaches in Internal Sources and ControlCommercial Disputes Unforeseen Calamity.
MANAGEMENT OF RISK: A merchant needs to have a quantitative approach about the risk management to identify and manage it in online payment processing
Understand The Risks And Train The Staff – The staff should know what risks your business may have to deal with and plan for it beforehand. Everyone in the business structure needs to understand the types of risks inherent in online payments. Ensure Information Security – Information here includes customer databases, buying requests, payment process. etc. It should be made sure that Information is not leaked nor hacked into.
HEADING1-A Use Collective Efforts To Minimize
Losses – You have control over most types of chargebacks and especially the ones resulting from processing errors. A welldesigned collection system can help recover unwarranted chargeback losses. Display Effective Policies And Rules – Your website must list your privacy, shipping, return and refund policies on each page. Customers should not be forced to search for them.
Risk Evaluation – Fraud and any type of risk when occurs should be evaluated in first priority, by this approach the business has a guarantee of getting a sound data and planned structure to put up for future risks.
We provide specialized assistance for various issues including high-risk merchant account, offshore merchant account, merchant account, and online payment gateway. You can contact us using the toll-free number +1 (888) 622 – 6875 or visit app.merchantstronghold.com for more detail.
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PHONE NUMBER 1 (888) 622 - 6875
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ADDRESS 10300 49th Street N Suite 427Clearwater, Florida 33762