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Chasing A Chase Credit Card?

Credit cards indeed have become one of most indispensable tools in managing finances nowadays. Aside from being an effective way of obtaining credit, credit cards also make it easier for people to spend their money the right way. That is why making the crucial decision of choosing the right credit card should be paid more attention.

One of the most popular brand names of credit cards in the market today is the Chase credit card. Like any other credit cards, Chase credit card is a brand name of credit card like MasterCard or Visa that is accepted worlwide. Aside from Chase credit card, the company also offers travel cards, Auto & Gas cards and student cards. Indeed, there are a number of ways in which Chase credit card can be advantageous and beneficial. Probably, the best feature Chase credit card has is the convenience it offers to busy and working people. A Chase credit card is also perfect for customers who are comfortable online. Aside from making it easy for the customer to maintain their account online, Chase credit card lets you check your balance and pay your bills through a secured web site.

Having a chase credit card is quite convenient for the customer because it lets the credit card holder purchase goods easily and quickly whether they buy it directly, over the phone, or even on-line. Since Chase Credit cards are international cards, it is beneficial for people who travel a lot because they can use it all over the world wherever they see the Chase credit card logo.

More and more people are choosing a Chase credit card because it offers a lot of credit card processing alternatives. Because Chase credit cards offers a wide array of processing options, many people appreciate it compared to other brands. One of the most enticing offer Chase credit cards has is that it is available in numerous places. Chade credit  cards also offer many deals and promotions like lower introductory APRs and waived membership fees that allow the holder to save more money.

There are alos many types of Chase credit card that offer reward programs for every purchase the holder makes. For instance, one type of Chase credit card allows you to earn travel miles for every dollar spent using your your Chase credit card. Another type of Chase credit card also allows you to earn reward points for every dollar you spend. These points will then enable you to purchase from a Chase credit card catalogue and they will have your chosen item shipped to right next to your doorstep! These reward options you get from using a Chase credit card are great because it will give your tangible gifts and rewards, free trips and wonderful merchandise without spending a single cent. A Chase credit card is handpicked by many people because its company makes sure that they give good customer service to its customers. Aside from getting all the great deals the card offers, having a Chase credit card can also give the holder instant access to customer support around 24/7. This will enable the customer to contact someone if his or her Chase credit card is stolen. Apart from this round-the-clock feature, Chase credit card also protects its customers from identity of thieves.

When you apply for Chase credit card, some of the benefits include 0% intro APR on all purchases and balance transfers you make for up to six months. Chase credit card does not charge any annual fee so it will fit your budget and, a Chase credit card have interest-free grace period as long as you pay your bill in full each month. Having a Chase credit card also allows the holder to earn cash rewards on purchases and cash rewards. Apart from these, chase credit card has no balance transfer fee for balances transferred during the introductory period and you have the privilege to apply online over a secure server.

Although it offers a lot of advantages, bear in mind that a chase credit card it is still a credit card. And like any other credit cards, there are also a number of ways in which chase credit card usage can be less positive.

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How Merchants Can Reduce Credit Card Fraud

If you operate a retail or ecommerce business, accepting all major credit cards and electronic checks is a required method of customer payment.   However, when you decide to accept electronic payments, business owners must also consider the potential cost of fraud.   Studies have shown both traditional and online merchants have lost billions in fraudulent transactions.  Today, technology provides proven methods for identifying and preventing fraudulent transactions.

Fraud can come in many forms. Needless to say fraud is bad for business.  If you process a fraudulent customer order by the time you find out the credit card was stolen you have already shipped the product.  Fraudulent orders usually result in a customer credit card chargeback to your business.   Unfortunately, by that time, you have delivered and lost your product, you have lost the income from the sale and to top it all off; you will receive a chargeback fee from your credit card processor.   I’m sure we can agree there is a strong need to identify and stop a fraudulent order before you deliver your product.

Fortunately for the merchant, there are many steps and processes that can be implemented to reduce and eliminate credit card fraud.

10 WAYS TO REDUCE CUSTOMER CREDIT CARD FRAUD

1.    Address Verification Service (AVS) - is a simple and easy to implement process to decrease your chances of accepting a stolen credit card. When you process a credit card transaction; make sure you capture the card holder’s billing address and zip code.   Manual non-swipe (Internet and MOTO) transactions will require you to capture card holder information.  However, card present (swipe) transactions will not.  Once you capture the card holder’s billing address and zip code you’re ready to process the sale.   Your point of sale system will verify AVS with the card issuing bank.  You can receive a street address match only, a zip code match only or a match on street address and zip code.   If you do not receive an AVS match you should consider declining the transaction.  Approximately 80% of fraudulent transactions in the U.S. are AVS mismatches.  Keep in mind, most AVS systems can be configured so be sure to check your AVS settings.  Implementing AVS can have a major impact on reducing credit card fraud.

2.    Card Verification (CVV/CVV2) – is similar to AVS.  CVV is the 3 digit code on the back of a credit card (4 digits for American Express).   Like AVS, CVV is entered at the point of sale.   The card holder’s CVV code is verified by the card issuing bank when the credit card sale is being processed.    If you do not receive a CVV match you should consider declining the transaction.  Online merchants should make CVV a required field.

3.    Use a Threshold Management Service – Threshold management allows the merchant to set parameters for the transactions they will accept.  For example, transactions can be screened based on the amount of money charged per transaction, the number of transactions charged, transaction frequency, average user ticket, etc.  Transactions that are marked as a potential fraudulent transaction will require additional review by the merchant.  Threshold Management services are usually available an add-on service.

4.    Scrutinize Orders from Free email accounts – Fraudsters and thieves like to hide.  One of the easiest ways to hide the identity of a thief is to use a free email account.  Most fraudulent transactions use a free email service.  Merchants should not decline all transactions from a free email service.  However, you may want to provide those orders with more scrutiny.

5.    Scrutinize Orders with a different Ship to address than Bill to address – The thief with the stolen credit card may have the owners billing address and zip code.   If so, you will receive an AVS and CVV match on their order.  However, in order to receive your product they will request the order to be shipped to a different address.   Merchants should review all orders with a different ship to and bill to address.   If the ship to address is a foreign country pay even more attention to the order.

6.    Scrutinize International Orders / Foreign Credit Cards – If your business model requires you to ship to foreign countries you should obtain an International merchant account.   Since non domestic orders have a higher rate of fraud than domestic orders, having an International merchant account will provide you with a higher level of protection.  In additional, an international merchant account will allow you to settle in the local currency.  If you require a domestic and international merchant account you should use a payment gateway with load-balancing.  Load-balancing provides the merchant with the ability to use multiple merchant accounts in a single payment gateway account.

7.    Understand that an Authorization Code does not mean the credit card is not stolen – An authorization code is provided when the transaction has been approved.  However, an authorization code simply means the credit card is valid and has the available credit to process the transaction.  Ultimately, as the business owner, it is up to you to decide to accept or reject the transaction.

8.    Use an Advance Fraud Protection Service – Advanced Fraud Protection services allow the merchant to block transactions by IP address, Country of Origin and other fraud filters.  Advanced fraud protection services are usually available an add-on service.

9.    Use a PCI Compliant Data Storage Service – Merchants who have a requirement to store the customer’s credit card data should use a PCI Compliant Data Storage Service.  A PCI Compliant Data Storage Service allows merchants to transmit and store the customer’s payment information in a Level 1 PCI certified data facility.  Once the customer record has been securely transmitted and stored the merchant can then initiate transactions remotely without having to access credit card or electronic check information directly. This process is accomplished without the merchant storing the customer’s payment information in their local database or payment application.

10.  Review and Implement PCI (Payment Card Industry Standards) Policies – Merchants can review PCI Standards online at pcisecuritystandards.org.   If you’re using a PCI Compliant point of sale solution and you do not store payment data you’re already in good shape.  However, merchants should contact their merchant account provider for more information.

Fraud prevention is a necessary activity for traditional and online merchants.   Exposing your business to fraudulent transactions and high chargeback ratios is bad for business and could cause you to lose your merchant account.   The leading real-time payment gateway services provide advanced fraud protection tools.  However, many fraud prevention techniques can be implemented at no additional costs.

Top Real-time Payment Gateway Services

1.    Planetauthorize (Domestic USA and International)

2.    Authorize.Net (Domestic USA)

3.    PlugnPay (Domestic USA)

4.    Skipjack (Domestic USA)

5.    eProcessing Network (Domestic USA)

Criminals got a new trick. Look how you can protect yourself from being ripped off. Are you a victim of credit card scam? Share your experience on www.complaintsboard.com
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What Is A Credit Reference Agency?

The name ‘credit reference agency’ is a UK term, and can change when you leave the country. Other countries have adopted the following names:

- Credit Bureau

- Fair Credit Reporting

- Consumer Reporting Agency

- CRA

What does a credit reference agency do?

They are a company that provide credit information about individuals upon request by companies in which the individuals have signed permission for the said company to contact and lookup the individual’s background. This credit information usually being history of ability to pay bills, any existing or past existing loans, history of delinquent debts, or currently standing debts. This shows the company whether the requested individual is capable of paying for the company’s service.

Individuals can get hold of their own credit report themselves. There are things a consumer can do to improve their rating, and reviewing a report is the first step toward correcting the problems. Sometimes credit can be declined on the basis of one area of your report, so it is useful to identify that area to aid taking positive steps toward fixing the problem.

How does the credit reference agency work?

A credit reference agency has many partnering 3rd party companies which report all data to the credit reference agency. The agency stores files of all of these people whether they have current requests to report them or not. Some of the companies which contact the credit reference agency are utility companies, loan companies, creditors, courts, collection agencies, and much more. Typically the companies that request the information from the credit reference agency are mortgage companies, lenders, credit card companies, rental companies, or anyone who would need a factual outside source other than the individuals’ word to properly assess whether they are capable of paying or managing credit. Some examples of credit reference agencies are;

- In the UK - Experian, Equifax, and Call Credit, partnering with the Trans Union.

- In the US - Experian Business, Equifax Small Business Financial Exchange, and Dun & Bradstreet.

- In India - Credit Information Bureau Limited, Trans Union, and Dun & Bradstreet.

How does a credit reference agency create a score?

A credit reference agency uses specific methods of mathematics to create an average of the person’s ability to pay their debts and rates the overall score with a single number giving the companies requesting to view the credit score an easy to understand factor to judge the persons’ financial stability and ability to commit to repayments.