Tips for Business - Prevent Fraud

  • Red flags for fraudulent purchases include: bulk transactions, first time shoppers, big ticket items are being purchased, rush delivery, shipping is requested to a different address than the customer or the shipping address is listed as an overseas address, large purchases are being made with numerous credit cards and shipped to a single address, separate purchases are being made but they are coming from a single Internet Protocol address.
  • The customer should be required to give you the three-digit number on the back of the card. This will ensure that the purchaser has the card in his or her possession.

Find out more information for Tips for Consumers - Preventing Fraud.

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Tips for Consumers - Prevent Fraud

  • Keep in mind that a criminal does not have to be in possession of your card to make fraudulent purchases. A criminal can obtain your credit card information and make card-not-present transactions by just knowing your credit card number. You should always shred or burn your credit card statements. To protect yourself even further, you should always keep your bills and credit cards in a safe place away from the eyes of anyone who enters your home.
  • Be patient when you are making card not present transactions. Most businesses are now requiring that you give additional information when you make purchases to ensure that you are indeed the cardholder.

Find more useful tips for Business to Prevent Card Not Present Fraud.

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Virtual Terminal Transactions

VerePay Technologies offers a secure browser based payment processing gateway for business merchants online. The virtual terminal acts as your POS (Point of Sale) terminal which replaces the credit card swipe machine.

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American Express CID - Card Indentification

The modern day of shopping is getting an overhaul. Today, consumers are discovering that they can purchase products and services over the Internet, saving time, money, and fuel costs. However, with these great advancements come higher security risks. Because of the potential for credit card fraudulent activity, American Express has instituted their American Express CID security plan. The American Express CID security consists of a four-digit number. CID stands for card identification number, and this number verifies that cardholder’s in fact have the card in their hands and are not just using a credit card number. Using security programs such as the American Express CID security number helps to prevent credit card fraud, misuse, and abuse. Using other security measures as well as the American Express CID security number can help ensure that your customers will enjoy the greatest security possible when completing their credit card transactions online.

American Express is committed to the security of their cardholder’s. This is why they have enacted the American Express compliance stature. American Express expects all merchants who accept their credit cards to agree to the American Express compliance rules and regulations. In fact, if your business uses a different IT structure, and your site doesn’t comply, you will need to contact American Express and find out what you can do to meet American Express compliance rules satisfactorily. It is the responsibility of the merchant service provider to make sure that they are following American Express compliance rules to limit the chance of hacking or other fraudulent activity.

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Credit Card Processing Transaction Fees

These fees are charged per single transaction, and are used to pay the credit card companies for their services. In most cases, these transaction rates are less expensive for the retail stores than they are for the internet stores. This is because internet business poses a higher risk, so the credit card processing transaction fees are typically higher in order to cover that risk. A transaction fee usually consists of a discount rate, which is a percentage of each transaction (usually ranging from 2.10% to 2.40%), as well as a per transaction fee. This fee is usually anywhere from $.25 to $.40 per transaction. All of these fees will be shown on the merchant’s monthly statement so they will be able to see and track their charges each month. While it may seem like this is a high price to pay, it is absolutely worth it for merchants to be able to easily accept credit cards as payment.

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Credit Card Processing Statement Fees

Visa® and MasterCard are both credit card companies that are governed by the rules and regulations of the banks unlike AMEX and Discover card, which are both privately owned credit card companies. Merchants must obtain a merchant account in order to accept these cards as payment. With this account there are several fees, including credit card processing statement fees, and credit card processing transaction fees. The statement fee is usually charged every month. This fee is exactly what it sounds like, a fee that is charged to cover the cost of maintaining and sending all merchants a statement each month of their transactions and charges. In most cases, the merchant service provider charges around $10 to $15 each month for credit card processing statement fees.

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Credit Card Processing for Merchants

For example, with American Express, the card itself has a 4 digit number above the credit card number to manually add before credit cards are processed. Using Visa, MasterCard or Discover? There is a 3 digit number that will need to be manually entered as well, ensuring that the credit card is real.

Some information to keep in mind about online credit card processors like PayPal and other companies is they have higher processing fees than most Credit Card Processors because they have a set amount per charge per processing fee, unlike Credit Card Processors that can some times negotiate the processing fees.

Most important to the merchant, make sure you research whom you are going through. There are a lot of flashing advertisements out there quoting a specific amount for processing. Make sure it is true. Most of those are for companies that have a very large processing amount. Or process a lot of cards. Protect your self and at the same time that will ensure security to the consumers that want to purchase the goods and services your company provides.

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A high percentage of people don't carry cash anymore.

With businesses today, ninety percent of people pay with credit cards. And a majority of those use a Visa or MasterCard logo ATM bank card. The need for carrying cash is fading quickly, and the measures that credit card companies are taking now to make sure every transaction is safe, gives people a sense of security.

With Fraud Protection, credit cards companies reverse fraudulent charges with no repercussion to the customers’ credit card. With all the information required, usually the monies used in the fraudulent purchase are refunded with in 24 hours.

The ease of using a credit card at most locations is making it so even fast food restaurants are making it possible to use credit cards instead of only cash. Gift cards are now available in credit cards instead of going to a specific store, making those holiday credit cards a huge success.

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