Entries tagged with “Payment Security”.
Did you find what you wanted?
Apr 14 2015
You’ve worked hard to keep your credit clean, and your business should be rewarded for it. One of the top credit processing trends of 2015 is for payment processing companies, a quickly proliferating industry, to offer rebates and rewards as an enticement to clients with good credit who deserve to cash in on the rebates and rewards. It’s similar to the way personal credit card companies monitor and reward clients with good credit who pay on time. This may come in the form of an initial rebate, or a percentage back at the end of a pay period. Personal credit card offers can suck people in with point systems that dupe some customers into rationalizing overspending because they are earning points or airline miles. There’s not the same risk with payment processing providers since your rebates and rewards are contingent on transactions you were already processing; it’s simply a smart way to capitalize on your system for accepting payments and processing cards. There’s no reason not to take advantage of these offers. With so many options in the payments industry vying for your business, there’s also no reason to compromise. Find a rebate and rewards program that works for you.
Capitalize on Rebates and Rewards
Savvy businesses are capitalizing on opportunities such as rebates and rewards to create new revenue streams. When you’re looking for a payment processor, choose one that offers rebates and rewards that help you maximize your investment. Use a payment processor that gives you something in return for your business and rewards you for being conscientious about your credit. If you’re managing a business, you know that being scrupulous about your financials is its own reward. Payment processing rebates are just a way to cash in on smart business practices.
Picking the Right Card
It’s essential to do your homework and find the card that’s right for your business. Pick one that’s easy to use and fits your financial style. Check the interest rates and the fees. Make sure you know what you’re getting in return for your business. Do the math—obviously, if the fees are more than the rewards, it’s not a good fit for you. For most businesses, a slow-and-steady approach wins the race. Consistent rewards for paying on time and staying within processing limits are usually the best way to go. Watch out for enticing deals that come with your initial sign-up, but peter out before they provide much of a benefit to you.
ProPay offers a nice rebate in the form of a processing credit, which you can earn after the first 90 days of activating your account. When you sign up for a ProPay account and process $600 in credit card sales in the first 90 days you’ll earn a processing credit worth $29.95. This processing credit covers all of the fees you would normally have paid to ProPay as you process credit cards or transfer funds from your account after receipt of this rebate. It’s a handy way to take care of some of the fees associated with processing cards.
Targeted Reward Programs
As the payment processing arena gets more competitive, expect to see rebate and reward programs becoming more and more specific to customer needs and spending patterns. Strategy& observes the following:
“In the technology sphere, we see opportunities for companies in the payments industry to mine customer data and create analytics that can support increasingly sophisticated merchant-funded rewards programs. These programs are becoming more and more pervasive, offered by an ever-broader assortment of national and local retailers, and their success in an era of ‘big data’ is determined by how well they are integrated with the consumer’s path to purchase. The customer’s location — physical store, mobile computer or desktop, smartphone or tablet — as well as recent purchase history, browsing habits, checkout completion rate, response to marketing impressions, and type of credit card used are among the many data points that payments providers can help retailers evaluate to make rewards programs more relevant to individual consumers. This, in turn, should increase sales per active customer and improve retailer marketing ROI.”
This is a promising trend for business owners who rely on the payments industry for their day-to day credit card processing. As their offers are fine-tuned to meet your needs you’ll best be able to capitalize on a rebate and reward program that recognizes and appreciates your good credit.
Feb 20 2015
Fraud prevention can seem like an overwhelming subject for those who run small businesses, especially if they’ve just opened up shop. Fortunately, there is no need for the massive layers of security or huge teams that are often associated with giant companies. Instead, fraud prevention for small businesses is best done by using common sense and a careful eye.
Find Out What Country Orders Really Came From
This is a big help for preventing fraud. Sometimes, an order will come through that seems to be from a legitimate location, but something might seem just a bit amiss. Perhaps the order is for more items than are usually sold, or there’s a comment in broken English, or there’s some other tip-off that all is not what it seems. That’s when you need to use the IP address of the customer to see where the order really came from. If your shopping cart software provides this information, just copy it and paste it into a reverse IP lookup site. A Google search will reveal plenty such sites. Once you enter the IP into the lookup site, the site will tell what country it’s located in. Don’t ship if it isn’t the country the customer gave in the order.
Check Your Records
If someone irately writes you demanding a refund, do a simple record check and make sure that the person ordered anything from you. Sometimes it’ll turn out that they did not. Of course, a dedicated criminal won’t just go away when you tell them that, so your next step is to tell them that you don’t give refunds until you have the item back. Don’t let them wear you down on that policy. Refunds given before items arrive are nothing but gifts for criminals.
Use a Merchant-Friendly Payment Processor
Many criminals work their frauds by demanding refunds from their credit card issuers instead of from you. Some payment processors always mindlessly side with the “customer,” and crooks take massive advantage of such policies. Look for a processor that is not so “customer-centric” that they end up becoming your adversary. Of course, you’ll still need proof that you upheld your end of the deal, so be sure to use trackable shipping.
For more tips on fraud prevention, just contact us. We’ll be glad to help you thwart criminals and ensure that all of your merchandise is not only bought, but paid for.
Feb 12 2015
Posted by snelson
Industry News, Mobile Payments, PCI DSS
A British retailer, known in the United Kingdom and around the world for its wide selection of fashionable footwear recently experienced a security breach. Over one million customers were affected, and this is the latest examples of cybersecurity hacks.
Compromised data includes customer contact information and website passwords. The retailer had security measures in place, but the hacker was able to enter the company’s network through an unencrypted database that had been scheduled to be decommissioned. The attack happened last May, but was just recently reported. A warning has been issued to customers to keep an eye on possible account compromises.
In documents provided to British authorities, company executives say that the shoe retailer retained historic customer data because the company thought that removing it would be complicated for the retailer’s operations. They now realize those complications were overstated, and the data did not need to be retained. The servers that were affected have now been decommissioned.
Officials say that companies need to have stronger measures in place to prevent similar breaches. Businesses should:
- Have policies governing how customer data is stored
- Regularly assess how customer data interacts the IT infrastructure
- Test website and servers on a regular basis
For more information about cyber security measures, contact us.
Jan 28 2015
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.
Jan 15 2015
Posted by Sara Davis
Data Security, Industry News
In the world of merchandise processing, there are two different types of transaction processing: swiping and keying. With the constant accessibility to mobile devices such as tablets, smartphones, and laptops more and more merchants are using swiping, but why? In order to fully understand why more merchants are swiping cards versus keying them in, let’s take a look at the difference between swiping and keying credit cards.
Swiping vs. Keying Credit Cards
The difference between swiping credit cards and keying them in is pretty self explanatory, when swiping you have to have the card present and it typically requires either a mobile device with a swipe adapter such as ProPay’s JAK, or a computer/register with an internet connection. Whereas when you key a credit card in, merchants have to hand enter every card number and the credit card doesn’t actually have to be present. So, why are more merchants avoiding keying credit cards? Three reasons: fraud, savings, and convenience.
The biggest reason not to key in credit cards is plain and simple: fraud. Because merchants don’t actually have to have the credit card present with keyed payments, the chances of fraudulent transactions are a lot higher. Because most thieves steal credit card numbers instead of the card itself and then make by-phone or online orders, the card itself is never seen. Avoid these types of no-swipe fraudulent transactions altogether and only allow customers to pay for merchandise when they have the card present.
Because there is a higher fraud rate for credit cards that are being keyed in, credit card processors charge a higher rate for keyed transactions compared to swiped transactions, in order to protect themselves against any false transactions. How much more money do they charge? About .5% more per transaction. For example, credit card processors typically charge around 3.5% for keyed transactions, whereas ProPay only charges 2.29% for keyed transactions.
Have you ever had to hand enter someone’s credit card only to realize you misentered one number and you have to start all over? With swiping, you never have to worry about that problem again. Also, you can swipe anywhere, at anytime—giving you the freedom and mobility your business needs in order to stay prevalent in this economy.
To learn more about swiped rates visit ProPay online.