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in this episode Dan Eaton, Progressive Property Investor 2018 who has a portfolio of more than thirty properties and specialises in the Serviced Accommodation space explains how the changing face of e-commerce impacts on operators of SA.

He highlights the risks and importantly provides great practical and detailed advice on how the systems work and how you can take action to keep yourself safe when dealing with customers for your serviced accommodation.

This is an episode that anyone in the arena of serviced accommodation should be listening to as Dan highlights in detail the positive actions you can take to keep yourself safe rom fraudulent transactions.

 

KEY TAKEAWAYS

• You must think about e-commerce and the worldwide travel industry.
• If you are a victim of fraud as a consumer you are protected. As an operator who is a victim of fraud it is unlikely you will get any money back.
• The highest risk is the cardholder not present or keyed entry.

Minimising the risk

• It’s vital to collect all the information you can because;
• If there is a claim you can provide detailed information  
• If you are a fraudulent booker then a request for detailed information is likely to act as a deterrent to completion of the booking.

What to collect

• Cardholder name – make sure the name as it appears on the card is the name of the person booking
• Make sure the expiry date is the same as the one appearing on the card
• The billing address where is this card registered?
• Card security code
• Get a photo of both sides of the card
• Check the alignment of the numbers on the card they should be symmetrical, in alignment, evenly spaced
• Card numbers always start with a specific numeral such as 4 for  a MasterCard
• Check the hologram is correct
• Signature strips – visa have lines through the strip, MasterCard has dots or MasterCard written through the strips.

What are providers doing

• 3d secure is a protocol which offers good security but people often can’t remember the password. It’s not very customer friendly
• There has to be a balance between protecting the customer and enabling them to make payment easily.
• 3d secure version 2 is designed to build better security along with better customer experience.
• As consumers, there are additional steps to go through.
• As operators we need to build in additional authentication steps into our payment check outflow, our business models need to change.
• Ask your channel manager and payment gateway what they are doing about security and ensure you are looking at everything as a complete package.
• The aim is to protect the business from fraudulent transactions but balance it with your customer experience.

 

BEST MOMENTS

‘When you start asking for detailed information along with a photo of the card and photo id you will get rid of a lot of fraudulent people’

‘It’s a difficult balance and banks are going to give security precedence over customer experience’

‘Look at the new technology on offer and how you can integrate it into your business’

 

VALUABLE RESOURCES

The Serviced Accommodation Property Podcast

https://propertysoldier.co.uk/

 

ABOUT THE HOST

Your host Kevin Poneskis enjoys public speaking, travelling, exercising and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.

 

Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.

 

CONTACT METHOD

https://en-gb.facebook.com/propertysoldier/

[email protected]