Almost half of small businesses fall victim to payment fraud at some point in their business
cycle. These frauds have cost such businesses an average of $110,000+ per occurrence.
Asides from the regulars such as hacking and phishing, accepting a fraudulent payment could
make you responsible in the eyes of the law for any resulting loss. Engaging in a fraudulent deal
coupled with the charge-back process and the potential harm it could do to the reputation of your
business, is something that you want to avoid.
Fortunately, there is an outline of steps you can take that will massively help minimize risk and
offer protection to you and your customers from digital fraud practices.

Types Of Online Store Fraud

Before we delve right into how you can minimize risk and protect your ecommerce store from
fraud, it’s vital to grasp some tactics used by these digital scammers.

Several types/kinds of online frauds exist in the online space. However, they can be categorized
into the following groups:

Account Takeover: Majority of eCommerce stores provide customers with
accounts that help store personal information, purchase history and financial data. The
perpetrators of this kind of act usually hack into these accounts through phishing
schemes. One of the most commonly used tactics be these hackers is to send emails to
trick customers into giving up their usernames and passwords. They then proceed to log
into the customer’s account, change the password and then carry out unauthorized
purchases. Bots have been rampantly used in recent times to obtain confidential
information from customers.

Identity Theft: Although most businesses take a proactive approach when it
comes to securing customer data, fraudsters still somehow find a way to hack into
databases and then steal confidential information.

Hackers usually sell credit card numbers to scammers, who then open merchant accounts with
eCommerce businesses and use the stolen numbers to complete purchases.
This type of fraud is usually hard to discover because a whole lot of people don’t monitor their
credit card statements thoroughly, and also because the victims usually have no idea that an
online account has been opened in their name.

Your Commerce Store and PCI Compliance

As businesses work to protect themselves and also their customers from digital fraud, the
Payment Card Industry Security Standards Council (PCI SSC)- a forum of global brands such as
Visa- has developed a set of universal best practices to ensure the maximization of security.
PCI Compliance is not optional for any online business. It follows a strict enforcement.

Managing Your Risk

Though the possibility of occurrence of online fraud is high, you don’t have to give in and
consider it as a cost just yet.

By utilizing the correct tools and processes, you can drastically reduce the chances of an attack
(especially when accepting concurrency payments), ensure both your customers and business
are safe, and slice down your chances of losing revenue and getting caught up in large charge
back fees.

Constantly Monitor Transactions and Reconcile Bank Accounts Daily

The person who really knows your business totally is you. You know your biggest spending
customers as well as their spending patterns. Monitor your accounts as well as transactions for
various red flags such as the physical location of your customers, inconsistent billing, etc. Use
tools that track IP addresses and be on the lookout for IP addresses coming from countries with
high base of fraudsters.

You should also check to see if your customers are using free email addresses such as yahoo, as
there is a higher chance of fraud being committed with these free services rather than paid ones.

Spending Limits Should Be Considered

Based on your revenue trends and order history, you might need to set limits on the amount of
purchases and total dollar value you are willing to accept from an individual account in a single
day. This helps to keep exposure to the barest minimum should fraud occur.
Address Verification Systems (AVS) Should Be Used
These systems help to compare the numeric parts of the billing address stored on the credit card
to the address on file at the credit card company. AVS is usually included in most online payment processors.

Request For The Card Verification Value

It’s most likely that you are familiar with three to four digit security code inscribed at the back
sides of credit cards. What you might not be aware of however is that PCI rules prevent you from
storing the CVV along with credit card number and the owner’s name. That’s what makes the

CVV so unique and effective. Fraudsters can only have access to it if they have the physical
credit card. You should use a payment processing tool that requires the CVV before checkout.

Take Password Requirements More Seriously

Hackers have access to powerful tools that can run all permutations of a password. It doesn’t take
them long to crack simple passwords. Standard practice these days is to request for an eight-
character alphanumeric password that requires at least one special character and one
capitalization. Customers might complain at first, but they'll eventually realize that it's for their
own good at the long run.

You customers should be made aware as to exactly why you require better passwords and you
may even gain loyalty points for being so customer- focused.
Platforms and Software Should Be Constantly Updated
You should ensure that you’re running the latest version of the operating system, as updates are
usually made by providers concerning security patches in order to prevent fraud and shield you
from newly discovered vulnerabilities, as well as the latest viruses.
Furthermore, you need to install and regularly make updates to business- grade anti- malware
and anti – spyware software in order to prevent digital attacks that exploit outdated software.
Free consumer – strength and limited- feature antivirus programs are grossly insufficient.
If you would like to learn more about the tools we use to helps business’s with online fraud.
Contact us to learn more.

The post Learn How To Protect Your Ecommerce Store appeared first on Merchant Services Vancouver, Canada - Best Online Credit Card & Payment Processing Canada.

Credit cards play a vital role in our daily lives. Having a credit card is an important step that everyone can make to use for emergencies, to build credit, for fraud protection and many more benefits.

However, there are essential things you need to keep in mind if you’re dealing with credit cards. First, you need to understand the pros that you’ll realize when handling your finances since your finance occupies a significant portion of your life, meaning you need to get most out of it.

But why do you need to accept credit cards in your business? Worry no more! I have the right for you.

In this article, I will cover the top ten reasons to accept credit cards as discussed below:

1.   To legitimize your business

Accepting credit cards give the cardholders a sense of trust in your business. This is because every time you display the logos of the accepted credit cards at your website, POS or register, you grab the attention of the cardholders.

Every cardholder trusts these credit cards enough up to the extent of carrying them in their wallets. Other than this, the trust gets transferred to the merchants, hence building up their confidence to accept them.

2.   To boost your sales

Significant broadening of the potential customer base is a common effect whenever a business stops cash on delivery services and accepts credit and debit cards instead.

Also, it goes that there are high chances of making additional sales if you increase the rate of grabbing your potential customer’s attention.

3.   To remain on the competitive level

In every business you start, your main aim is to remain competitive and generate more returns. To realize this, you need to offer the same services as your competitors.

Therefore, if the competitors accept credit cards, you also need to offer the same services to remain competitive and profitable.

4.   To enhance impulse buying

Quick and easy completion of the transactions without having to run to the ATM or writing a check is one of the aims of the potential customers. This is essential since it limits the expenditures they make to their available funds.

As per the latest research, customers spend more when they’re making payments with credit cards, hence another main reason to accept credit cards.

5.   To improve cash flow

The transactions for credit cards are carried out electronically and settled within the shortest time possible. Other than this, the proceeds are primarily deposited into bank account efficiently and quickly.

Therefore, with the credit cards, there is less handling of cash, no more collecting from the customers, no more billing, and waiting for check clearance.

6.   It is essential for online business

Nowadays, most of the payments for online transactions are made with credit cards. Therefore, accepting a credit card is not an option if you’re an e-commerce merchant.

7.   To eliminate the risk of accepting a bad check

Another main reason to accept credit cards is that they are always screened while processing them to reduce fraud risk.  

Other than this, you can protect yourself, and your customers from identity theft and data breach by relying on the reputable merchant service provides such as TSYS for the delivery of secure credit card processing.

8.   They are the most convenient and beneficial for customers

Every customer desires to go for the most convenient and beneficial method of payment.

Other than being easy for use in a variety in the wide range of capacities, credit cards also offer rewards, points or mileage that play an essential role in encouraging the cardholder to use the credit cards whenever buying something.

9.   They are a relatively cheap business expense

Processing of the credit card is one of the most competitive industries. The rates for this processing do not cost high, meaning that every business can accept credit cards.

As per the discoveries made by many merchants, an increase in sales because of accepting credit cards usually offsets the associated costs, which in turn, makes the account of the merchant to be the best return on investment.

10.                  It is quick and easy to process the credit card

You can process your merchant account application instantly and get ready for processing the credit card sales in less than 48 hours.

The post Top 10 Reasons To Accept Credit Cards in 2019 appeared first on Merchant Services Vancouver, Canada - Best Online Credit Card & Payment Processing Canada.

A Quick Pointer On Online Payment Systems
There are some terms, concepts and systems to be familiar with before getting started with online
payment systems.

ACH Payments simply refers to electronic debit and credit transfers which allows
customers from any part of the world make payments directly from their bank accounts
for mortgage loans, utility bills and generally any other type of bills. ACH stands for
Automated Clearing House and it is common place for most payment processors to offer
ACH payment options to their customers, most especially when it comes to monthly and
subscription- based transactions. Majority of modern payment solutions use ACH to send
money (usually excluding fees) to their customers.

Merchant Account is a bank account which usually allows a customer receive payments
through either their debit or credit cards. Merchant providers are usually required by law
to follow and obey regulations established by various card associations. A good number
of processors act as a merchant account and also as a payment gateway.

Payment Gateway allows different merchants to securely navigate credit card
information between the customer and the merchant and then also between the merchant
and payment processor. The payment gateway can also be seen as the middleman
between the merchant and their sponsoring bank.

Payment Processor refers to the company that a merchant uses to enable him handle
credit card transactions. Payment processors help to implement special anti – fraud
measures to help ensure that both the front- facing customer and the merchant are
protected.

PCI Compliance refers to when a merchant or a payment gateway sets their payment
environment up in a way that ensures they meet the Payment Card Industry Data Security
Standard (PCI DSS). The PCI DSS standard was created by the Payment Card Industry
Security Standards Council in order to increase the security of cardholder data and to help
reduce fraud.

Following immediately are the 10 top- notch online payment systems.

1. PayPal
PayPal is arguably the most widely used payment system in the world. PayPal has successfully
processed over $4 billion in payment since 2011. Payments with PayPal are made using the
existing account of a user or with a credit card. Money is usually sent directly to an email

address, this making the user sign up for a new PayPal account. In addition to it's services of
taking payments, PayPal also gives it's users access to the services of sending money through,
which is a feature that only few payment processors also offer.
Pricing: PayPal takes 2.9% + $0.30 as transaction fees. It has no set up or monthly fees. Source;
PayPal.com

2. Authorize.Net
Authorize.Net is a Big name in the Payment industry as is one of the biggest payment gateways
online. Having a user base of well over 300,000 merchants, Authorize.Net down the years has
been the go- to method for a lot of e- commerce sites that need a gateway to accept payments
from all around the world. Popular and widely patronized e- commerce platforms such as
Magneto, Volusion and X- cart are set up to accept payments using Authorize.Net.
Pricing: Authorize.Net has a set up fee of Free-$99, $10-$20 monthly fee and takes $0.08-$0.10
as transaction fees. Source; Authorize.net

3. Amazon Payments
Amazon Payments allows its users to receive payments using its API. It also allows users send
out money using ACH. Popular crowdfunding sites make use of Amazon Payments.
Pricing: Amazon payment fees begin at 2.9% + $0.30 per transaction for payments over $10. For
payments under $10, the fee stands at 5.0% + $0.50 per transaction. Source: Amazon.com

4. Google Checkout
Google Checkout is more or less Google is the answer to PayPal. This payment processor allows
users to pay for goods and services through the account connected to their Google account. The
major benefit that Google Checkout has is that millions of internet users use Google for different
services, making a purchase using this processor far easier.
Pricing; Google Checkout fees start at 2.9% + $0.30 as transaction fees for sales less than
$3,000. The percentage they take goes down depending on sales volume for the month.

5. Dwolla
Dwolla is a direct competition to PayPal. Though one of the newcomers in the third-party
payments space, it is already processing up to $1 million per day. Setting up a Dwolla account is
similar to PayPal. However, it does not have the name recognition that PayPal has.
Pricing; Dwolla does not charge any fees for transactions less than $10. For transactions above
$10, it charges $0.25 per transaction. Source: Dwolla.com

6. Stripe
Stripe helps to provide an excellent solution for web developers looking to integrate a payment
system into their projects using Stripe’s robust API. By bypassing the traditional signup process,
stripe acts as a merchant account for its users.

Pricing; Stripe charges 2.9% + $0.30 per transaction. It has no setup or monthly fees.

7. Braintree
Braintree is an online payment gateway and merchant account solution notorious for working
with popular tech startups such as Airbnb.
Pricing: It has no start-up or monthly fees. It charges 2.9% + $0.30 for transactions for qualified
cards. Source: Braintree official website.

8. WePay
WePay is a payment processor that allows internet merchants to accept bank account and credit
cards payments online. WePay is focused on individual users and has recently added e- store
pages to their services in order to help customers take in payments.
Pricing; It charges 3.5% transaction fee ($0.50 minimum) for credit card transactions and $0.50
for bank payments. It has no monthly or set up fees. Source: WePay fees.

9. 2Checkout
This is another payment processor that combines a merchant account and payment gateway into
one which allows users receive both credit card and PayPal payments. The company offers
international payments, shopping cart stores and also recurring billing features.
Pricing; $0.45 transaction fee and $10.99 monthly fee.

10. Virtuous Payments
With us at Virtuous Payments we have made handshakes with many payment gateways
and payment options as listed above. Which means volume discounts and with lower
monthly fees ranging from $10-$25, alongside that we provide a Low-Cost
pricing program. Which can be a lot better then some of the biggest companies that offer
above 2.50% per Swipes.

Conclusion
There are a lot of online payment systems that can help you in your business or service venture.
You can choose anyone that sits best with you and your business objectives. Should you like to
learn, Don’t hesitate to reach out.
The list above is in no way definite and exhaustive. Us at virtuous payments take pride in helping
business owners

The post 10 Top-notch Online Payment Systems in Canada RIGHT NOW! appeared first on Merchant Services Vancouver, Canada - Best Online Credit Card & Payment Processing Canada.