(4) Avoid the walk of atonement Want to be compliant when accepting payments online? Be sure to work with the High Sparrow of PCI compliance and not against him (Margaery Tyrell learned her lesson and so should you). In order to secure and protect cardholder data during a transaction, the Payment Card Industry Data Security Standard (PCI DSS) enforces a baseline set of requirements for any party wishing to process, store or transmit cardholder data. What this ultimately means is that you must either be PCI Compliant yourself or find somebody who will be able to do this for you when accepting payments online. (5) Be watcher on The Wall Make sure you are well armed to protect The Wall in the North to keep the White Walkers (fraudsters) from attacking. Fraud is every online merchant’s nightmare. It is a common cause of chargebacks, which results in billions of dollars lost in revenue for merchants each year. Some red flags of fraudulent transactions for your Night’s Watch to look out for at The Wall include: large value or rushed orders, usage of multiple cards or buying in bulk, and a mismatched between the shipping address and the issuing country of the card. (6) Use the Night’s Watch (3D Secure) to keep your business safe One way to keep the fraudsters out of world of online payments is through the usage of 3D Secure. Introduced by Visa and MasterCard in 2001, 3D Secure was originally created to help decrease fraud with Visa and MasterCard debit and credit transactions by adding an additional layer of security to the transaction process. Visa and MasterCard implement 3D Secure through “Verified by Visa” and “MasterCard SecureCode”, respectively. Not only does this extra security layer work to reduce the losses incurred from chargebacks, it also transfers the liability from you to the card issuer, a major benefit for merchants like yourself. The three-eyed raven predicts that cross-border shoppers are coming with their spending to reach £28.5bn in the EU this year. Be prepared to sell, align yourself with the right house and the Iron Throne of ecommerce can be yours. Best of luck and remember… the world is large and full of payments.
Dustin Gallagher is a digital marketer at Avalaunch MediaDon’t miss the Game of Thrones guide for building a successful business.
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