Address verification service, also known as AVS, is a useful feature if you are doing transactions without the card present. As you are choosing a credit card processing service for your company, it is important to ensure that this feature is included in your plan.
As a business owner, when you accept a sale using AVS, you put in the street information and zip code. This information is sent with the authorization and checked against the issuer’s database to make sure there is a match.
Benefits of AVS
Why do you need this AVS service? Here are a few benefits you will receive from this feature:
- Lower Processing Fees: Entering address verification helps to minimize the fees that you will pay on the transaction. Entering the address reduces the risk on the transaction, which can be helpful to lower merchant fees.
- Verifying Customer Details: As a business owner, it gives you the peace of mind to know that you are working with a customer who knows their billing information. AVS helps to reduce the risk of fraudulent activity and chargebacks.
Another Part of Address Verification
In addition to entering the address details, the CVV code is considered part of address verification. This small code is a three-digit number on the back of the credit card near the signature box. Or, American Express cards have a four-digit CVV code on the front of the card.
This CVV code is very important in transactions when the card is not present because you know that the person has the credit card in their possession. It’s not just a credit card number and expiration date that was found somewhere or stolen.
Protect Your Business
Verifying these details on the card helps to reduce the risk in your business. You can sell the product with confidence knowing that the transaction isn’t fraudulent. The more information you have at the time of sale, the better it will be for your company. Keep yourself protected by choosing a merchant account that offers these services.
Do you have questions about accepting credit card payments? Call or email me anytime to learn more about the options that are available for your company.