Five Terrifying Myths About Payment Processing

For most people, nothing is more frightening than reviewing their bank statements and getting something unpredictable. However, extra costs and credit card balances are not the only structures that may be concealing in your financial group. If you also trust the myths about your ‘friends, co-workers’ who had the theft of their organs in Mexico, or that Walt Disney cryogenically iced, then you may want to know five terrible myths about payment processing.

Five Terrible Myths About Payment Processing

Myth. 1 The issuing bank will take liability for fraudulent transactions on your online merchant account.

Fact: The only factor terrible than a jester with a knife is a jester with a packet full of chargebacks. After October 1st, 2015, the responsibility for in-store fake fraud moved from the issuing bank to the front borders, Now if either the customer or the online merchant has not familiar with the new EMV chip technology, then they are ready to face the disappeared funds from the account.

Before the EMV responsibility diversion, credit card issuers had taken on the primary liability for preventing fraud on customer accounts. And it implies they would refund the customer, not the merchant. After that time, the responsibility for in-store fraud was diverted to the member that had not embraced the new chip technology.

In most situations, the card issuing bank will still be refunding customers to accelerate the procedure. But they will attempt to get those funds from the merchant if they were not ready to receive EMV chip technology.

Apart from your personal opinion of that, the EVM's responsibility diversion is not a laughing fact.

Myth. 2 Biometric protection is safer and more protective than passwords.

Fact: Biometric protection system is not as sure as we expected it would be.

However, Halloween is the only time it is receivable to deliver your guest's severed thumbs as finger food. We all have watched movies where a smart spy takes help from the hand of a crashed-out protection cover to get into the confidential room. While most of us are not aware of someone severing our thumbs to order a burger or pizza on our credit card. So, there are wider significances to using fingerprints and retinal inspections.

The major issue with biometrics systems is also their largest benefit, they are almost impossible to modify. This is related to the fact that it is effortless to send and accept digital images of our eyes or fingerprints. When Target marts had their notorious data breach in 2013, people shuffled to cancel credit cards and receive new cards. If they had preferred fingerprints for validation, they would have been in the record as well. This would also put every person at risk for their whole life, after a single theft at one location.

So, if you have a security system that can be impossible to duplicate and change is the perfect system for a horrible movie.

Myth. 3 Compensating a robbed credit card assures that it can not be used for fraudulent activities.

Fact: Investments can be conducted via contactless transactions, months after the credit card has been revoked.

Just like setting a “do not disturb” indication to assure that no frauds or scammers can reach you, canceling a credit card does not assure that no one will make payment by using the same card details. Some banks still process details and automatically withdraw funds without confirming their cancellation status. This occurs when a transaction is conducted offline or a contactless transaction. This signifies that various payments are kept in a queue and executed by the bank after some time.

Customers can inspect their accounts to verify if there are any doubtful transactions or not. There is no favor for merchants who are just ready to take the risk when they initiate offline payment processing.

Myth. 4 Payment fraud only emerges with retail customers

Fact: Transaction fraud with B2B payments is rapidly growing to zombie apocalypse stages. However, it is growing. Most frequently, the fraudster settlements a legal business email, either via social network or a computer virus. When they can simulate an employee, they persuade a victim at another business to transfer the payment for a regular bill or solution to a new account.

Zombie fraudsters are savvy enough to prefer the same method of payment as the firm in question frequently uses, such as a wire transfer or a paper check, to keep the doubts low.

Myth #5 Your customers require more payment methods on your checkout platform.

Fact: Most customers like to prefer their selected alternative payment methods such as a credit/debit card or eWallets.

Greedy customers do not worry about variety. They don’t need fruit bars and chocolates. They want to get cold candy.

Similarly, your consumers usually like to prefer their most common payment methods such as eWallets or credit/debit cards.  But the presence of a variety of multiple payment methods can boost conversions. And putting every payment option on the checkout platform can easily threaten cardholders more.

Easy support for single-click payments, subscription payments, and global sales are some of the most significant investments that you can perform on your website.

Conclusion

So, be careful not to trap in these financial myths. Threatening people at Halloween is fun and enjoyable. But threatening your customers can charge you your hard-earned money and loss in your online business. WebPays take complete care of its merchants and their customers. To get a more secure online payment processing platform and operate your business securely, contact us now.