By Fernanda Mathias
Fraudulent activity is still a significant threat to merchants who own online businesses. Cybercriminals are more creative in their attempts to steal customers’ information and money and the merchant’s revenue.
- A report recently stated that in 2019, unauthorised financial fraud losses across payment cards, remote transactions and cheques in the UK totalled £824.8 million.
- The same study indicated that fraud losses on UK-issued cards totalled £620.6 million in 2019.
When any customer commits fraud, your business becomes prone to the risk of chargebacks, leading you to become classified as a high-risk business. Such companies have difficulties obtaining online merchant accounts, or if they do already, their fees may increase dramatically. Moreover, from a customer standpoint, such a stigma can negatively affect your merchant reputation.
Luckily, some great tools and tactics can help merchants to reduce fraud actions on their businesses significantly, such as compliance. To be compliant means that you set processes and rules in your organisation to ensure that the company and its employees abide by its internal rules of conduct and regulations.
Benefits of being compliant
Compliance is a great tool that a company can rely on to ensure every employee is honest in their dealings and follows the organisation’s rules and regulations. The main benefits of being compliant are:
- Build trust among employees and customers
- Improve safety and efficiency
- Reduce fraud risks and chargebacks
Research shows that 78% of consumers consider it vital for a company to be transparent. The trust you build with your clients is one of the most critical tools to increase profitability. When you comply with the proper regulations, customers know that you care about transparency and safety, so they keep purchasing.
You also ensure that your company reduces fraud risks because you take actions in advance and precautions to avoid fraud in your organisation.
At iPayTotal, you will find a committed team that complies with the proper regulations and rules, and that can help you reduce fraud risks by providing advanced security tools for your business.
We offer customised solutions for high-risk businesses who want to expand and increase profit with the help of a reliable payment gateway. iPayTotal‘s application process is fast, easy and transparent.
Contact us today at iPayTotal and talk to our team of experts to find out more about our solutions.