Entries tagged with “Payment Security”.
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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.
Dec 29 2014
Posted by Sara Davis
Your payment processor may be outdated – if so, then don’t hesitate to get a new one. The latest merchant trend according to Tech Co, is mobile payment processors. Some of the hottest, up-to-date payment processors offer a very quick and easy process for getting your small business to accept mobile payments. One simply has you sign up online, and you’re mailed a card reader – you then just need to connect your tablet or mobile phone to the card reader and start accepting mobile payments instantly from your customers.
Another popular online payment processor, subsequent to you signing up and linking your tablet/mobile with their card reader, allows you to “track cash, send invoices, [and] check and track payments.”
As smartphones get more and more popular and sophisticated, more and more of the younger demographics will prefer to pay with them. Thus, it’s only reasonable that you get ahead of the game and start offering your consumers the mobile payment option.
ProPay accepts mobile payments and allows you to track and check all of your transactions. We have been in the payment processor business for many decades. Our network includes thousands of merchants and more are joining each day. By allowing mobile payments, you can potentially open up your consumer market to the younger age groups, no matter what products you have. Some people buy things, solely because they are convenient to purchase. If you’d like to learn more about finding the right payment processor for your small business, contact us today!