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Chargebacks are common problems amongst many businesses. With chargeback frauds, the financial performance of your business can suffer, which is why it is critical for such to be addressed in the most effective manner that is possible. With this, the use of card security codes can help in effective chargeback management.
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In an era wherein digital technology has changed our lives in more ways than one, it is important for businesses to keep up and to take advantage of such innovations in order to improve their services. To do this, many are now offering credit card payments, which can be safe, convenient, and hassle-free for their customers. However, there are also drawbacks, especially on the part of the business. For instance, businesses have to deal with Chargebacks, in which the amount that has been paid by the buyer will be returned after they received the product. Chargeback frauds can hamper the finances of a business, which is why it is critical for such to be addressed in the most effective manner that is possible. The management must have a robust plan for chargeback management.
Also known as card verification value, the card security code refers to the three digits that are found at the back of your MasterCard, Discover, and Visa credit cards. For American Express credit cards, on the other hand, they are four digits and can be found in front of your card. This can be used as one of the most effective tools in the prevention of high chargeback ratios.
Card security codes can be used in transactions wherein the card is not physically present, specifically when shopping online. It can be used for the purpose of validation. If the codes match with the authorization request, it means that the account matched with the records of the card issuer, and hence, you can proceed with the transaction.
Using security code to fight chargeback is an easy process. When customers place an order from your online store, all that you have to do is to ask them about the security code of their card.
This should be included in the form that they have to fill up as payment is settled. This is one of the best solutions for fraud management. This can be an excellent chargeback prevention tool since you can be assured that the cardholder is the one making the purchase.
When it comes to online transactions, security is the most important role of card security codes. It will be an effective fraud protection mechanism, and consequently, will help in the prevention of chargeback. If it cannot be provided by the customer, it would be best to have the transaction automatically terminated as there is a high likelihood that the buyer does not hold or own the card. Theoretically speaking, only the owner of the card will know the card security code, which will help in lowering the possibility of a chargeback. Merchants are not actually required to use these codes, but if you want a high level of security and to prevent fraud, it would be best to require the provision of card security code.
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