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E-payment control and riskfactors for credit card processing
According to it-analysis.com ,the commercial requirement to
accept many and various forms of electronic payment provides a
range of challenges for business owners. Primarily, these are
security and control issues, as well as additional costs, and
accounting matters.
Internally, the biggest security risks revolve around
prohibiting staff access to customer credit card information.
Credit card processing information has to be maintained in a
confidential environment to ensure employees are unable to
access it. This may be done internally, using credit card
machines that have security systems built into them, or,
externally though outsourcing the security processes. E-commerce
business should be mindful that when they are storing or moving
credit card information, they are liable for that information.
Both Visa and MasterCard can levy very high fines and even
revoke the card facilities "in extremis", if information is
hacked and compromised.
Externally, the major security concern resulting from e-commerce
is the risk of fraudulent transactions, where the card being
used is not that of the person making the purchase. E-commerce
security may be improved in a number of ways including
validating the billing address, blacklisting international
locations that have a high reputation for fraudulent credit card
processing and e-commerce transactions; or requiring that the
person enter the code that appears on the back of the credit.
There are two types of authorization processing: Batching and
real-time. Without exception all merchant account providers
charge a fee every time you accept a credit card payment on your
website. If you want to do business online, you do need to
accept credit cards. But these machines aren't too helpful for
internet businesses, where you don't have the customer's card to
swipe; you'd have to get pretty good with the keypad. You might
have to pay higher start-up fees, per-transaction fees, and
discount rates. Remember that price should only be one factor in
your selection process. In industry parlance these are called
independent sales organizations.
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