Accepting card payments in your shop is convenient for customers, increases cash flow, and provides many other benefits. Protect your business by learning best practices to implement fraud prevention techniques effectively.
When accepting card payments, it is essential to learn more about Roles & Responsibilities, Protecting Your Shop & Mitigating Fraud, and Card Payment Retrievals & Disputes.
We recommend that you read through all three linked articles as they will help you better understand card payments through Shopmonkey Payments.
Roles & Responsibilities
Familiarize yourself with foundational elements of using Shopmonkey Payments in your shop. Review best practices for card-present and card-not-present environments, as well as section IV of our Terms of Service.
Protecting Your Shop & Mitigating Fraud
Navigate through the changing landscape of payments with best practices such as obtaining relevant details at the time of sale, using e-signatures, recognizing early fraud warnings, avoiding fraud, and spotting suspicious transactions.
Card Payment Retrievals & Disputes
Gain clarity on retrievals (inquiry on a transaction), disputes (consumer complaint), authorizations, the dispute life cycle, what it means to accept a dispute, and the dispute decision.
Review detailed information on debit vs. credit card disputes, friendly fraud, receiving dispute notifications, common dispute reason codes, and the process of responding and providing evidence.
Understanding the risks associated with accepting card payments will help you protect your business. Fraud in payments can negatively impact your finances due to loss of product, costs associated with disputes, and, in some cases, fines from card brands if the allotted threshold is exceeded.