Friendly Fraud in Credit Card Processing: Online business is growing day by day in this century. In a world full of competitors, every merchant wants a high position in the market. Position yeah!! It really matters a lot. This shows the goodwill in the market, trust factor in the customer’s heart.
Nobody knows the pain behind the success story of the merchant’s work.The proper working of the E-commerce website depends on many elements. Majorly the nature of the business, credit cards the processing unit and complete knowledge of friendly frauds.
What Is Credit Card Processing?
The process of purchasing a product or service from a merchant is called a credit card processing. The whole process takes place with the help of the payment gateway.
What Is High-Risk Business?
High-Risk Business is one that operates in a high-risk industry and has the risk of failing transactions, for example dating sites, seminar brokers, multi-level marketing, finance companies, internet adult sites, etc.
These segments are considered as high-risk businesses. They tend to be managed very carefully.
What are Friendly Frauds?
Frauds that are hard to find and are hidden in the faces of customers are friendly frauds. Friendly frauds are instantly created at the scene and are self-made by the customers just to get the products for free.
In this case, the merchant should have full proof of evidence of the transaction that helps them to fight `the chargebacks.