Re:CC companies don't care about, name, address & zip verifi...
by dangrossman on Saturday September 28, 2013 @08:15AM
(#6461624)
All you need to move money from a credit card to your bank account is a card number. You don't have to collect, let alone verify, anything else at all.
If it turns out you don't have permission to do that, because the person presenting that card number is not the owner of the card, you'll lose that money, pay a fee, and your ability to accept other cards will be at risk.
AVS and CVC checks are tools to help you decide what payments you want to accept or reject. They're inputs for your fraud scoring algorithm. With some processors, you also get a discount for making use of them, as the processor and card network would both prefer not to have to drop you for getting too many chargebacks.
If it turns out you don't have permission to do that, because the person presenting that card number is not the owner of the card, you'll lose that money, pay a fee, and your ability to accept other cards will be at risk.
AVS and CVC checks are tools to help you decide what payments you want to accept or reject. They're inputs for your fraud scoring algorithm. With some processors, you also get a discount for making use of them, as the processor and card network would both prefer not to have to drop you for getting too many chargebacks.