Lesson Category: Mod 7

7 Review

SUMMARY 1. Once a merchant account is up and running there are problems that may arise that hinder the ability to process, or puts the account in jeopardy. Networks crashing, change in bank policies, and unusual account activity spikes are all common problems experienced by merchants. 2. A chargeback occurs when a dispute on the …

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Mistakes Merchants Make 2

FAILURE TO AUTHENTICATE TRANSACTIONS (CARDHOLDER & THE CARD) Failing to verify the cardholder identity and to make sure the credit card and card transaction are valid NOT READING MERCHANT AGREEMENT The Merchant Agreement is a legal binding contract and should be understood fully. INADEQUATE CUSTOMER SERVICE This opens the door to customer disapproval which can lead …

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Mistakes Merchants Make

UNAUTHORIZED CASH ADVANCES Making cash advances to themselves or someone else by entering credit card sales into their merchant accounts or running their personal credit cards through their merchant account. INCOMPLETE SALES DRAFTS Failure to fully complete all sales drafts submitted to their merchant bank. Those particular sales can later become chargebacks and the merchant …

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All people should know and be able to detect fraud practices to protect themselves, their business and their customers.

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