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When running a business, there is a risk you may receive fraudulent transactions online. In this article you will learn how to mitigate this happening, through five effective dispute and fraud prevention strategies; when using TimelyPay as your online payment provider. For more information on common dispute types and specific guidance, see our help guide Common dispute types and prevention strategies.
Capture their billing address
Fraudulent disputes can be lost if only minimal client information is collected at the time of processing an online payment. Collecting as much information from your client as possible upfront will reduce the risk of malicious activity and increase your chance of winning a fraudulent dispute.
Timely tip: we recommend you turn the option to require billing address on, by clicking edit > and toggling the slider to on. Then when you are ready, click save to apply your changes.
Use easy to recognise statement descriptors
If the cardholder can easily identify where the transaction was made, they are more likely to contact you directly rather than dispute the transaction straight away.
Timely tip: we recommend adding a bank statement descriptor to help your clients recognise where the charge originated from. You will then be able to enter a statement descriptor that will be easy for your clients to recognise by clicking edit > and when you are ready pressing save to apply your changes.
Create clear and easy to read terms and conditions
Rather than simply linking the client to your terms and conditions during the online booking process, provide a full version of them that they have to agree to when making a purchase online. Your terms can be added under setup > online payments, then you can add and edit these under your cancellation terms.
Verify your client’s Identity
The easiest way to do this is by enforcing client login. When using client login, your client’s will need to provide their mobile number to be sent a one-time code that allows them to verify their identity. You can do this under setup > online bookings, then selecting client must log in.
Contact and refund any suspicious transactions made
If you have a client book and pay online and you are suspicious of this transaction based on their name, number, email address or never having met them before; try reaching out to them directly to confirm their appointment. If you suspect the transaction is fraudulent, refund this payment immediately and note the client’s file for future reference.