As an online merchant who takes credit card payments, you need to be aware of a number of security issues to keep your business and your customers safe. At the moment, "AVS" and "CVV" are the two most important parts of credit card security for credit card processing. Both allow credit card transactions to be done anonymously over the internet, and any online store that takes credit cards should ask customers for both types of information.
Service for checking an address
"AVS," which stands for "address verification service," checks to see if the address a customer gives matches the address on their credit card account. This makes it more likely that the person entering the credit card information is the owner of the card. Even though the AVS is not required to process credit card transactions, when it is given, the transaction processor will send back information about how much of the address given matches the address on the credit card.
Even if the address is wrong, the credit card will still work. It is up to the merchant to decide what to do if the address doesn't match at all or only partially. You can say no to the sale, ask the buyer for more information, or give them a chance to change their address before you go through with the transaction.
Card Verification Value
The "CVV," or "card verification value," is a three- to four-digit number that can be found on the back of American Express, MasterCard, and Visa cards. This number is sometimes called the "CVV-2." It's on the card, but not on any credit card statements. This means that if someone finds a credit card statement in the trash, they can't make a purchase that needs the CVV code for verification. When a customer can enter the CVV code, it's a good sign that they have the credit card in their hands. This makes it more likely that the credit card belongs to the person trying to use it to buy something online.
Most credit card fraud online happens when a thief finds a discarded receipt or credit card statement. If the merchant asks for the CVV code, this type of fraud can be stopped.
If a wrong CVV number is entered, the credit card company will not let the transaction go through.
Giving customers the best security
If you're going to let people pay for products or services on your website with credit cards, you need to give your customers a guarantee that their credit card information will be safe.
When a credit card is processed, the customer's information is usually sent around four times. This means that there are four times when someone could get their information.
When a customer sends you their credit card information for the first time, either through your checkout or a web form. At this point in the credit card transaction process, you, as the online merchant, are the only one in charge of security. Customers' private information will be protected and encrypted if you have a secure server, a valid security certificate, and the https protocol.
Use a reputable processing company to make sure that the credit card processing software you use for your business is safe.
As information about customers moves in and out of a database during a transaction, the security must be top-notch. This is made possible by choosing a reputable company that offers encrypted software for this part of the process.
Lastly, it's important to make sure security when you or your employees look at or handle customer credit card information.
