In your daily business practices, it is important to know that though card payments make paying easier for you and the consumer, they do not ensure that payment will occur. In order to protect your business against fraud, customer disputes and charge-backs, there are a few risks and suggestions for protecting against them you should keep in mind. 

Always be wary of customers who wish to pay with numerous cards from the same bank. You can know that the cards were all issued from the same bank if they have posses the same first six digits. Though it is common for buyers to have multiple cards, they are usually issued from different banks as it would not be wise to have numerous credit cards open from a single bank. 

Furthermore, when dealing with customer purchases over the phone, don't just ask for the card number. A fraudster may be utilizing a card number, but does not know what type of card they are using, so always try to ask for the card type when taking a cardholder's information. 

"There will always be a need for a multi-layered fraud prevention strategy to enable effective fraud management across all channels," PYMNTS.com writes. "Without understanding what new fulfillment channels are in the pipeline, it could be hard for those organizations to remain competitive against their peers."

Contact Vantage today to learn more about our credit card processing services for businesses like yours. If you utilize our services already, call us if you are evenly slightly suspicious of a transaction and we will make sure to contact the credit card-issuing bank so it can verify if the transaction is authorized.