With so many payment service providers becoming payment facilitators, how many are actually prepared to stop a payfac thief?
The risks associated with being a payment facilitator include:
Fraud: When a fake company gets approved as a sub-merchant and uses stolen credit card numbers to run fraudulent transactions.
Data Theft: Without proper sub-merchant validation of PCI compliance the exposure for a data breach exists.
Charge-backs: If a sub-merchant runs out of money and has outstanding orders then charge-backs will result.
These risks can be significantly reduced by having the right underwriting and monitoring procedures in place, utilizing the best fraud prevention tools, and implementing sound risk management policies and procedures.
MAPP Advisors can help you stop a PayFac thief with our extensive PayFac, Risk and Compliance expertise. Contact us at 615-656-0315 or [email protected] for a complimentary consultation.