Learning the ins and outs of protecting your customers and your company financially from hidden fees related to payment credit card processing is vital as you seek to establish your company successfully. In order to do that we have provided some advice that will come in handy as you shop around for the ideal payment processing provider.

Do Your Research

Before you open any kind of merchant account, you should gather as much information as you can about the payment processors and the kind of services the company will provide.

- Look at everything they offer

- Find out what the rates are

- Try to find charts that will allow you to compare and evaluate

- Look at the online reviews and feedback from other customers

While you are doing your research, you should look at the terms of service agreement. This may seem obvious, but not everyone takes time to read the service agreement before signing a form or submitting a form. You want to know how the credit card payments will be accepted and what you will be charged, so you will need to understand the terms that you will eventually agree to.

If you speak to or chat with someone from the company you are considering working with, you will get an opportunity to determine how well or how poor they operate their customer service. If you have questions or concerns about payment processors and fees, do not hesitate to contact us. We are here to help you.

Cyber security breaches regarding financial data are serious business. If your business doesn’t take steps to secure its financial transactions, you run the risk of data breach.

This affects small businesses, large corporations, and governmental organizations. Everyone has their eye on cyber security from the top to the bottom. Benjamin Lawsky, New York Financial Services Superintendent, recently stated that cyber security is one of his biggest concerns regarding the viability of financial institutions:

“A question we often get as financial regulators is: ‘What keeps you up at night?’ The answer is ‘a lot of things.’ But right at the top of the list is the cyber security at the financial institutions we regulate…. I am deeply worried that we are soon going to see a major cyber attack aimed at the financial system that is going to make all of us to shudder.”

Lawksy is referring to a major breach, but there are real cases of cyber crime that affect small businesses every day. Cyber criminals typically select small businesses as their victims since they know that they won’t have sufficient security measures. Your risk of cyber crime is much higher if your business accepts credit cards. If you deal with digital financial transactions, then you need to put some security measures in place.

The best thing you can do is purchase a payment processor. Not only do these expand your options in terms of accepting credit cards, but they also protect your financial transactions. In addition, you can track individual transactions in case a payment doesn’t go through. Don’t wait for cyber criminals to find out that you don’t protect your financial transactions.

To talk more about cyber security breaches regarding financial data, or anything else, please contact us.

The high-profile corporations have definitely seen their share of the headlines on television, in newspapers, and in magazines regarding credit card and customer fraud. However, as much as small businesses have endured schemes, scams, and frauds, they are not always profiled or talked about in the news. These crimes have major impacts on small businesses, and the end results can be devastating.

Fraud prevention for small businesses should be discussed so employees, customers, vendors, and suppliers will feel educated on how to recognize potentially fraudulent activities. Fraud prevention plans should be implemented in every business, and you should consider the following:

- Create a way for employees to quickly report suspicious activities

- Provide up-to-date information to employees and customers regarding fraud protection measures

- Work with your employees to train them on a monthly basis to prevent fraud

You have to monitor your small business credit report, your financial accounts, your credit accounts, and other documents. When you are actively monitoring these documents, you are ensuring that fraud will be detected. Look through all of your transactions to be sure that you will not see anything out of the ordinary. Your business may have online credit card activity; if so you should pay attention to the purchase history of your customers. If you notice a particular customer, and you think the velocity of charges and the purchase history seem odd, then you may want to monitor this situation for fraud.

Preventive measures are available to help your business feel safe and secure; these measures and resources are also effective. Contact us on ways to help protect your business

One of the biggest changes affecting fraud prevention for small businesses in 2015 has to do with credit cards. For years, U.S. businesses have only had to worry about “swipe” cards. That’s all about to change, and we’ll explain why that’s a good thing.

First off, if you’ve traveled outside of the U.S. recently, then you’ll know that we’re a little behind on this. Western European countries have already started using “chip and PIN” credit cards because they’re more secure in comparison to their swipe counterparts. The U.S. is finally ready to make the switch. According to a recent Forbes article, U.S. businesses will have to be ready to accept the new credit cards, which means upgrading their technology:

“The United States is finally catching up to other countries by adopting widespread use of “chip and PIN” credit cards in 2015. The switch will mean a big change for businesses across the country, as it will require an upgrade to technology, including purchasing new credit card terminals and making software changes. And businesses that don’t make the switch could be at risk.”

We’ll start off with the good news. “Chip and PIN” credit cards beat swipe cards in just about every facet. They’re just as easy to use but are significantly more secure. Both businesses and consumers will benefit from more secure cards. The bad news is that your business has to upgrade its technology. You need to purchase a payment processor that can accept both types of cards (you need to give customers time before they switch over). Payment processors add another layer of security for your financial transactions. They also track and provide more information about your transactions. You just need to find the best one for your business.

To talk more about fraud prevention for small businesses, and new industry changes, feel free to contact us.

Finding the right payment processor for your small business is an extremely important part of getting everything set up so that you can make a profit. It used to be that this meant selecting the right company to provide a merchant account and payment gateway, but now, you need to consider all of the different ways in which your business will be accepting credit cards and how many payment processors you will need.

Payment Processors at Your Business

Understanding the needs of your business is vital to making an informed decision about which payment processing company to choose. You need to estimate the volume of sales, quantity of daily customers, and accessibility of payment stations in your business. If you have a storefront and an online business, you need to be sure that your accounting tools and integration of payment processor with online payment technology are working in tandem to update your inventory and sales on a daily basis. There are different sales volume minimums with payment processors, so to ensure that you don’t get hit with hidden fees.

Understanding Processing Fees

As a business owner or manager you are looking for ways to maximize sales and to minimize costs that cut away at your bottom line. In order to ensure that you don’t get hit with unnecessary fees you can be savvy when you determine which processor is ideal for your business. First and foremost, read the fine print. This means, get a price quote from various payment processors and ask to read their terms of use contract. This may take time at the beginning, but it will save your from headaches later on. Secondly, ask about payment processing volume minimums and maximums. That way you can ensure your payment processor matches the size of your company. Finally, determine the physical quantity of payment processors you will need to maximize your business.

We are happy to help answer your questions and prepare your business with these solutions. Feel free to contact us.

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