Thirty years ago, when you wanted to charge a customer’s credit card, the individual had to physically hand you the card so you could make a copy of it using carbon paper and a manual swipe machine. My how the times have changed! Today, the use of computers and the internet means that merchants and consumers don’t have to be in the same location, or even the same country, to complete a transaction.
While e-commerce has opened new avenues for business growth and success, the popularity of card-not-present transactions has largely shifted the burden of fraud prevention and chargebacks from the banks that issued the card onto the shoulders of merchants. This is a heavy burden to bear. We, Benjamin Grossman and Nicholas Ruggieri, the founders of Pinpoint Intelligence, found this out firsthand as we attempted to build businesses of our own, and were frustrated by the money that flowed out of our pockets due to fraud and chargebacks, and the threat that we would lose our merchant accounts. (In case you are curious, Benjamin was working as COO of one the world’s largest online auction sites; Nicholas held a number of executive positions in the financial services, medical, biotech, communications and utilities industries.)
So, in 2013, we launched Pinpoint Intelligence as a company that would focus on protecting merchants from credit card fraud and scams. What makes our perspective unique is coming at this problem from the merchants’ perspective, since most fraud prevention companies focus on protecting consumers and banks. That’s why companies that hire us get so much more value from our services than they do by hiring our competitors or by working on fraud prevention in-house.
Don’t get us wrong, there is absolutely nothing wrong with focusing on protecting the consumer, but when you do that, you leave a lot of money on the table. Plus, the results for your consumers are not significantly better when you go with a traditional fraud prevention plan. In fact, your customers are arguably worse off, since you run the risk of losing your merchant account status and alienating the segment of customers who were relying on making purchases via credit card.
Pinpoint Intelligence’s system is superior from a merchant’s perspective because we take a three-pronged approach to protection.
- Pinpoint Alerts is a chargeback prevention system that works to alert you that something is amiss and a chargeback is likely. This gives you the ability to take action to address the potential problem before it impacts your bottom line or threatens your merchant account status.
- Pinpoint Secure is a high-tech, customized fraud prevention system integrated into the checkout page on your website in order to prevent fraudulent orders from being processed.
- Pinpoint Representments is a fully customizable chargeback defense program that helps you fight back against unfair and fraudulent chargebacks.
Implementing these systems has saved our clients millions of dollars.
If you are ready to stop relying on the same credit card chargeback and fraud prevention techniques that were developed when we were all still using carbon paper in manual swipe machines, and to take your business’s credit card chargeback and fraud prevention system to the next level, we urge you to contact us today to learn how you and your consumers can benefit from the Pinpoint Intelligence system.