Q. What is a CVV2 Code?
A. CVV2, or card verification value, is the 3 digit (Discover, MasterCard, and Visa) or 4 digit (Amex) number located either on the back or the front of the card that is not included on a card’s magnetic strip.
In the card-not-present (when you don’t have the physical card in front of you) sales environment, the CVV2 is an excellent tool for verifying that the customer has a legitimate card in hand at the time of the order. Merchants who use CVV2 data benefit in a number of ways:
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Enhanced Fraud Protection
Because card-not-present merchants are at greater risk for stolen account number schemes, you need to be extra diligent in your fraud control efforts. CVV2 data can help a merchant differentiate between customers and fraudsters.
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Reduced Chargebacks
Using CVV2 data can also reduce fraud-related chargebacks. Reduced fraud-related chargebacks translate into maximized profitability.
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Improved Bottom Line
For card-not-present merchants, fraudulent transactions can lead to lost revenue and can also mean extra processing fees that further decrease profit margins. Though entering the CVV2 is an extra step when accepting credit cards, it can help you avoid unnecessary surcharges and transaction downgrade fees.
Q. I recently opened a new bank account and I need to update my bank info, what should I do?
A. You are required to send us a Banking Information Update Form with a copy of your new voided check and signature attached. You may fax it into us directly or send it to your sales representative.
If you have a starter or temporary check, an account verification letter from your bank is required. The bank letter needs to include your full routing number and account number along with a bank representative signature on bank letter head.
For more information on CVV2 Code and/or updating bank information, please contact our Customer Service Department.
