Address verification software will help a merchant reduce fraudulent transactions and increase revenue. It is essential software for any business that processes credit card transactions.
In this technologically advanced world, the internet has become a popular way to shop for products and services. Merchants that accept credit cards online, over the phone, and through the mail, understand that there is a certain level of risk of credit card fraud. On the internet, it is easy to assume someone’s identity using a stolen credit card. Fortunately, there have been many improvements in credit card processing security features to reduce the instances of fraudulent transactions. Address Verification Software (AVS) is a method used by increasingly more credit card processors to verify that a customer’s ordering address matches the address database in the customer’s record. By using this type of technologically advanced software, the merchant will promptly discover if the credit card does not belong to the customer and take action to stop the transaction process.
1. When using address verification software, the credit card owner’s name, billing address, ZIP code, and shipping address are checked against the credit card billing information of the cardholder to make sure they match. The verification software can use single address processing to search a single address, or the software can employ multiple addresses processing which enriches entire databases. High tech verification mechanisms confirm whether the addresses match up.
2. When entering a sale manually into the sales terminal, there will be a prompt for the customer’s address and zip code. Upon receiving the prompt, one will then enter the street number for address verification.
3. The credit card terminal will automatically dial out to attain address confirmation and approval. The ZIP code and numerical billing address will be compared to the registered physical address account information of the actual credit card holder.
4. Once this information is verified, the merchant will receive a reply to the AVS request confirming the validity of the card holder’s address. The AVS code will be displayed on the terminal display screen and if there is an electronic printer attached to the terminal, an AVS code or message indicator will be printed on the customer’s receipt.
5. When there is a discrepancy in address verification, the merchant will be alerted so the transaction can be stopped. This will ensure a merchant does not become a victim of credit card fraud. This will save the business money as they will not lose out on sales and they will also not ship products of which they have not received payment.
6. Often when filling out address website forms, delivery and billing addresses entered are incomplete or incorrectly formatted and need to be verified before the transaction can go through. High tech verification software can resolve any website form mistakes by automatically locating the address. Address verification software also provides the merchant with more verifiable address information prior to shipping products as well as completing the transaction.
With over 248 million people in North America surfing and shopping on the internet, it is essential that a company, no matter how big or small, take security measures to protect their online customers as well as their own business. Unfortunately, there are criminals trolling the internet looking to steal credit card information and other personal financial data for their own personal illegal use. Fortunately, address verification software is one tool that will help stop criminals from using stolen credit cards. This type of software provides an extra layer of security to prevent fraud and loss of revenue. Using advanced Address Verification Software from a leading merchant solutions company will mitigate the risk of the instances of fraud. The result will be increased customer trust and loyalty which will ultimately increase revenue.