What are my risks when processing payments online?

There are certain risks you may face when processing payments online. Each of these risks can lead to financial or regulatory penalties and potentially affect your ability to process online payments altogether. 

  1. Fraudulent Transactions: A transaction where the consumer attempts to use stolen card or payment information to make a purchase.
  2. Chargebacks: An investigation controlled by the card networks when a consumer disputes a transaction that they either do not recognize or believe was processed fraudulently.
  3. Carding: payments attempted through an easily accessible payment form in an effort to validate stolen card information.

It is essential to understand these risks so that you can determine how to minimize them when processing payments through your Portal.

Must know:

  • There are many risk tools available within your portal to help minimize the risk when processing transactions. These tools can be used to strengthen the information required from consumers and automatically reject payment attempts that do not meet your standards.

Good to know: 

  • Continually monitoring the activity on your portal is an excellent way to protect yourself against suspicious transactions.
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