How can I reduce the risk of accepting bad or fraudulent credit cards?
As a reminder when you process a transaction and you see the approval code, doesn’t mean you will recieve those funds. The system is set up to detect that the credit card has available credit and is in good standing and hasn’t been reported stolen to the credit card issuer. If your credit card was stolen and you were UNAWARE it was stolen the person who stole it can rack up credit card charges until you have reported it stolen. The person who loses in this situation is the merchant. They lose the merchandise as well as the money for the purchase as it is returned back to the cardholder. This is why it is really important to make sure you ensure that the person using the card is the owner of that card. One real easy way of knowing is to see if the name matches the description of the person. For example it is unlikely a male will use a card if the name says Jennifer on it. Simple checks like this will reduce credit card fraud. Imprint the credit card – Imprinting the credit card is simpl
