Fraud can cause devastating problems for businesses. What about preventing ACH credit fraud? How can Best Payment Providers help you with the right merchant-processing solutions for your company?
ACH Credit Fraud
ACH (Automated Clearing House) is a nationwide electronic funds-transfer system. It’s responsible for transferring funds between banks and other financial institutions. You deal with ACH fraud when someone accesses an account for unauthorized ACH payments or withdrawals.As for ACH debit fraud, it’s associated with initiated or altered attempts to misdirect or misappropriate funds.
To prevent payment-processing fraud, you need to have fraud-prevention measures in place. To use the most advanced and secure fraud-prevention techniques, you should turn to a reputable merchant-services provider.
You can find a respected processor by working with a payments-comparison specialist like Best Payment Providers. Best Payment Providers is focused on providing merchants with the most honest snapshot of processors at the time of writing.
How to Prevent ACH Credit Fraud
Below you can find the basic steps you need to take to prevent ACH fraud:
- Place an ACH block
Using an ACH block on your accounts is one of the simplest ways to prevent ACH fraud. This way, transactions will get automatically rejected. The transactions will be completed only after you review and approve them.
- Use One-Time Authorization
In this case, you authorize a single transaction by submitting the identification information of your company and the transaction amount. The bank uses this information to verify the transaction, which then gets processed.
- Create an Authorized-User List
An authorized-user list is best for the transactions occurring regularly with a finite list of other parties. In this case, dollar amounts or limits, date ranges, and recurring or one-time use can be specified. In case you receive a request from a company not included in the list, the transaction will get rejected or placed on hold so you can review it.
Preventing ACH Credit Fraud
ACH credit fraud is growing, and this is with good reason. After all, ACH payments are on the rise. The good news is that you can take measures to prevent ACH credit fraud. Also, you can work with a respectful processor to enjoy the latest fraud prevention solutions in the industry. Author Bio:Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the best payment providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people