A List of Credit Data Services Offered Today

If you're planning on starting an online business, you will need to apply for a merchant account that will allow you to accept credit card payments from your customers, and you should know that a merchant account not only allows you to accept credit card payments, but usually offers many types of credit data services that will prove invaluable to your business. Therefore, here is a list of some of the most popular types of services associated with online merchant accounts.

Ability to Accept Credit Cards

Online merchant accounts will allow you to accept credit cards and debit cards as payment for products and services on your company's website. Therefore, you can quickly expand your reach and possibly get access to a much larger market for your products and services.

Fraud and Risk Management

These days, almost all Internet credit card processors offer a large number of security tools to help you validate online credit card transactions. These fraud management and security tools offer ways for you to verify certain types of information associated with a credit card transaction.

For example, when a customer enters his/her credit card information on to your websites payment form, and then submits the information to pay for his/her purchase, online credit card processors can now effectively match the customer's name, and billing or shipping address to the customers individual credit card account.

Most payment networks now have the ability to match entered information with the cardholders issuing bank. Therefore, this will help your company avoid costly charge backs associated with fraudulent transactions as well as help you avoid shipping products to customers that are not entitled to them.

In-Depth Reporting

Online merchant accounts also provide a number of very detailed and helpful reporting options associated with credit card transactions. Most online merchant accounts will provide you with the ability to search and analyze daily sales as well as individual sales. Furthermore, you can view monthly sales totals by card type, transaction amount range, date range and any other number of specified criteria. Having access to quality report data will always allow you to view sales trends and help you gauge what types of products and services are performing well for your business.

Dispute Resolution Services

In years past, if your business was involved with a credit card dispute, it usually meant that you had to incur a lot of time and expense. However, many online credit card processors now offer a convenient way for both customers and merchants to quickly resolve disputes and settle them accurately and fairly. In fact, a credit card dispute that used to take weeks or months can now be can now usually be initiated and settled within a couple of days.

Online dispute services also allow merchants to quickly provide information to the processing bank that can help the small business avoid costly charge and inventory losses due to unscrupulous consumers who try to abuse the chargeback process.