A company that accepts credit cards must take steps to prevent fraudulent transactions. Otherwise, the business will end up losing money to thieves and criminals. A company, when using merchant accounts, must take a few steps to prevent fraud. Luckily, there are a few things one can do when using a credit card processing account. One of the best ways to prevent fraud and put fear into criminals is to use an address verification service. Here are three reasons why an AVS helps the company avoid fraud.
Fear: When obtaining a credit card through illegal means, one will fear that a company will catch on and contact the authorities. This is especially true when a criminal must put in the billing address of the cardholder. In fact, this stops most fraud from every occurring as most smart and seasoned criminals realize that the merchant will ask for the billing address and will verify that information in its entirety. This is a huge benefit when using merchant accounts as a company should try to prevent fraudulent transactions from ever occurring.
Easy: Often, a criminal will steal the financial and credit card information of a consumer. When this happens, the thief can usually use the card to buy gas or go to a store. However, when going online, most criminals will struggle if they do not have the address. Without a doubt, one cannot use the card online when they do not know the billing address. This is a serious benefit since it will prevent the crime from ever occurring and will cause the thief to move on to vulnerable targets.
Fast: Some companies take a long time to verify customer information and end up alienating clients in the process. When using a credit card processing company, one can verify that address of the customer quickly. This is a monumental advantage since most buyers bore of waiting on a cumbersome verification process. When making sure that the address matches up, a company can rest easy knowing that they did not aggravate customers. This is crucial since many online shoppers will simply head to another store that does not ask for too much information.
An address verification system is a formidable tool in the fight against fraud, and every online store owner must use this step to save their company time and money. Without it, a company will fight an uphill battle against criminals.