E-commerce: Turn Plastic Money Real
This none-too-pleasant topic results in the tedious task of fraud prevention. If you don't have in-house knowledge, it can take years to build the experience required to effectively fight online activity by a determined fraudster, social engineering hacker or organized crime group. Worse, your company's reputation is on the line and no company can afford the bad PR associated with fraud. The fact that an e-store's success is based on "card-not-present" transactions exposes you to all sorts of attacks from fraudsters. Make sure you have a fraud prevention solution in place to avoid both a financial and PR nightmare.
While it's true that credit cards facilitate a large part of the several hundred billion dollar global e-commerce market, they can also eat up a lot of an organization's resources. Make sure you understand all the challenges involved in creating a full range of credit card resources on your e-store before tackling it on your own. Credit cards are the dominant global payment method today, but due to increasing regulations and fees, managing the credit card acquiring business is much more complex and costly than it once was.
Joe Schnaufer is global director of customer support at German-based e-commerce software and services provider cleverbridge. Reach him at firstname.lastname@example.org.