More advanced systems debit money immediately from the customer's checking out to ensure that the check will cover the funds. Using a merchant verification system costs money.
The cost of the system varies depending on the services it offers and the business in which a merchant is working. Someone with a high risk merchant account will have to pay more because the risk of bad checks is correspondingly higher. It is typical to pay both a monthly maintenance fee and a per-check fee for merchant verification processing.
In the other sense, merchant verification is used by sites which act as marketplaces, listing goods from multiple vendors. These sites ask their vendors to verify their identity and to provide current and accurate contact information.
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Your Money. Personal Finance. Your Practice. Popular Courses. Key Takeaways The Address Verification Service AVS is a tool that enables merchants to detect suspicious credit card transactions and prevent credit card fraud.
AVS response codes are returned to the merchant during the authorization process and help the merchant determine the next action, which could be transaction approval, exception, or decline. Payment gateways should use AVS in conjunction with other fraud detection methods, such as CVV validation codes, IP address verification, biometric analysis, and device authentication. Article Sources. Investopedia requires writers to use primary sources to support their work.
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Related Terms Card-Not-Present Fraud Definition Card-not-present fraud is a type of scam that is committed without a physical card being presented to a merchant. The Value of Bank Identification Numbers A bank identification number BIN is the initial set of four to six numbers on a credit card that identifies the institution.
Chip Card A chip card is a plastic debit card or credit card that contains an embedded microchip. The chip encrypts information to increase data security. Payment Gateway A payment gateway is the front-end technology that reads payment cards and sends customer information to the merchant acquiring bank for processing.
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