Larger businesses sometimes have entire departments dedicated to preventing fraudulent actions from occurring, but small businesses have to often rely on their own wits. Fortunately, there are a few things you can do in regards to fraud prevention for small businesses.

Always Check Large Transactions

Most thieves don’t want to risk more than they have to if they can help it. This means that they’re going to want to get as much as they can at once in order to cut back on how much risk they take of being detected. This also means that many fraudulent actions involve large transactions.

So, if you look extra carefully at large transactions, you’ll reduce your risk of being the target of fraud.

Watch for Bad Addresses

In transactions where the card isn’t present, also called “CNP,” it’s important to be particularly careful about getting bad addresses. Many fraudulent actions involve a criminal giving an address not connected to a card since the card is stolen, or in order to receive items at an address not connected to the account.

Therefore, if there’s anything strange about the address connected to a card, it’s a good idea to look into it further.

Get Electronic Help

One of the best approaches to avoiding fraud is to use a payment processor that offers fraud and risk protection as part of their offering and who also has experienced dealing with fraud themselves. They will have resources in place to help you fight fraudulent activities, which is something that you may have more difficulty doing on your own.

For more information on finding such systems, please contact us today.

There are several types of hidden fees payment processors can charge you. If you don’t look out for them, then you might wind up paying much more than you first anticipated.

One source of such fees deals with ownership. Will your business own the payment processors or will you merely be leasing them from another business? If you own the payment processor, then you just have to pay for the initial purchase. But if you lease it, you’ll probably have to pay a monthly or yearly fee.

Before buying a payment processor, you should ask everything you can about ownership and related hidden fees. Here are four questions that a recent Small Business Computing article suggests:

  • Are they providing the equipment as a rental?
  • Do they want to lease it to you?
  • With sufficient cancellation notice, can you return the equipment without being charged for it?
  • Can you purchase the equipment outright (ahead of time)?
  • Cancellation is an important one. You’ve probably already dealt with this at one point or another with your cell phone provider. Businesses love to create contracts that trap you for a long period of time. If you decide to lease your payment processor, then you might unknowingly enter such a contract. You can avoid this by asking about their cancellation policy first.

    The lesson here is always to ask before signing anything. When you buy a payment processor, you need to know whether you own it or whether you’re entering a lease.

    To talk more about payment processors for small businesses, or anything else, please contact us. Thanks.

    The key to finding the right payment processor for your small business is to locate businesses that have the kind of security that you’re looking for. The current age is one where cyber security breaches are common, so it’s important you find only the most secure payment processing companies to ensure the security of your customers’ data.

    High BBB Rating

    The Better Business Bureau (BBB) represents a non-profit entity that provides a neutral, third-party assessment. It’s important to not just look for the BBB seal when you’re assessing payment processing companies, but to actually click on it as well to make sure the seal really goes to a BBB website.

    Once there, it helps to check the grading scale. If a business gets an “A+” rating, this usually means that they are dependable and that the BBB has determined that they go the extra mile to solve disputes and complaints customers lodge against them, including security issues.

    This page should also give you a phone number and an address for the business so you can further confirm they are legitimate.

    Encryption

    Another important feature to look for is that the payment processing company has end to end encryption. This should include an encrypted method for collecting sensitive data. This data collection could occur either in-person or at an online portal.

    The main point is that your organization doesn’t have to store the data personally, and all of the customer’s data is stored and protected by the payment processing company itself. This makes it so that breaches that occur into your company won’t have any chance of leaking customer data to hackers.

    For more information on finding the best payment processing companies, please contact us today.

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