19 Jan Why Using Address Verification Service (AVS) Is Important
When one runs a company and accepts payments online, he or she is taking a risk. Yes, a lot of people steal credit card information and use it to buy products or services from the internet. When this happens, a company is going to be out some money, at least temporarily. However, while one should try to use techniques to save them from trouble, it’s wise to avoid wasting the time of clients as one wants to keep their customers. For this reason, one should use address verification tools as it’s a great way to avoid problems.
Quick: Without a doubt, when looking to verify account information, one can do so quickly if they use an address verification setup. Instead of asking for their personal information such as social security number or other stuff, one should, instead, simply ask for the address. Then, when running the credit card processing, a company can determine if the person is who they say they are. Yes, merchant accounts are able to determine this quickly, and a company can proceed with the transaction with little to no slowdown in the process.
Automated: When running a credit card processing transaction, one will want to automate it as much as possible. Otherwise, when requiring a phone call, merchant accounts are going to slow the whole process, which will make many clients walk away. For this reason, one should consider an address verification as it’s possible to do it all online. This is true whether one wants to verify the information at three in the morning or in the middle of the day.
Cheap: When spending a lot of money to verify information, a company will waste money on something that will only catch a few bad guys. On the other hand, when looking at address verification techniques, one can see it doesn’t cost much money. Think about the average setup, and one will realize that they don’t really need to spend any money to verify information. This is in stark contrast to other methods that cost a lot of time and money. In the end, address verification is great as a company owner won’t have to worry about anything.
When looking to save money and avoid fraud, one should use address verification techniques. In the end, this is the most cost-effective method to verify that the buyer is not committing fraud with a stolen card.