Get FREE Quote

How to Account for Fraudulent Credit Card Transactions?

Shoppers today see stories of massive data breaches and widespread credit card fraud and wonder whether their financial information is safe when they conduct a transaction. Businesses, too, must also deal with the fraud of stolen and fake credit cards. These fake transactions may negatively impact the company’s bottom line if too many false purchases are sent through the company’s credit card processing partner.

A company must develop fraud prevention measures to ensure that the company doesn’t run the risk of having its merchant accounts closed and can also provide customers with a safe buying experience.

Keep Business Accounts Separate

One mistake that some companies make is that they don’t keep business and personal accounts separate. The company’s merchant account should never be connected to the personal account of the business owner or any business partners. Reducing the impact of fraud means reducing the likelihood that fraudulent purchases might impact companies outside of the business space. Keeping merchant accounts separate also streamlines record keeping and makes fraud easy to spot.

Remain Vigilant and Take Action

Most businesses will come into contact with a fraudulent or stolen credit card on occasion and may fall victim to several deceptive transactions without strong record keeping. The credit card industry has become an expert at catching credit card fraud; however, a company might end up paying extra fees or for the fraudulent transactions if a purchase slips through the cracks for a few months. The longer it takes to recognize fraud, the more likely it is that the business will have problems getting a refund from the credit card issuer.

Cyber Security is No Joke

Businesses are often not liable for fraudulent transactions that occur as a face-to-face transaction, such as at a retail store. However, a business might be financially libel for transactions that occur online or over the phone. Cyber security and advanced shopping cart programming that protects these “card-not-present” transactions is essential for all companies that use credit card processing beyond the retail environment. Fraud prevention measures need to be updated every year with new software and programming.

Credit card fraud hurts everyone, from the businesses that provide goods and services to customers who don’t have money to spare when cards are stolen, and fraudulent transactions occur. Companies must often have funds in reserve to deal with fraudulent credit card transactions, but vigilance and cyber security also help to reduce costs associated with fraud.

Leave a Reply

GET FREE QUOTE TODAY AND START SAVING


Testimonials

It took me a while to decide who I wanted to settle with to handle all of my credit card transactions because every company wants to make it sound like they're offering you the best rates. CreditCardProcessing.com was able compare and beat all of the other offers I received. They were also able to provide me the fairest price on my EMV-compliant terminal. My sales representative and the support team were there to assist every step of the way. Ultimately, I'm looking forward to a long term relationship with this company.

Roland Tran from the Hong Kong Kitchen

It is a pleasure dealing with these folks. Their pricing is fair, their statements are understandable and their employees are knowledgeable and friendly.

John MacMillian from the Great Lakes Baking Company

The service was very professional, my sales person (Steven B.) was very well versed in the product and most helpful in getting our company set up to accept credit cards via my cell phone. Their rates are some of the lowest on the market and their service is unparalleled. I will recommend them to anyone requiring a credit card processing service.

Michael Harper from Deluxe Auto Body

Jonathan C. is wonderful to work with. He is very helpful, accommodating and resolves any issue quickly. It is hard these days to find someone who gives great customer service, but I can say, Jonathan is the best! I would not hesitate to recommend him to any business owner and to assist you in helping to grow your business.

Linda Garner from Regali Da Forno

I called indecisive about getting a device, but speaking to your Sales Consultant completely settled me. He was very professional, knowledgeable and patiently walked me through the process. He always responded to my voicemails and answered all my questions. After I received my merchandise, he called following up to ensure that I had received it. Customer service I would say is 5 stars. Stellar! Thanks Credit Card Processing, I will definitely recommend you.

Sarah Morgan from Vision International Ministries
Call Us Today!

© 2017 CreditCardProcessing.com. All rights reserved. Privacy Policy
CREDITCARDPROCESSING.COM, LLC is a registered ISO of Wells Fargo Bank, N.A. Walnut Creek, CA

*Further terms and conditions may apply. Promotion contingent upon CreditCardProcessing.com's receipt of written competing offer(s).

**Certain restrictions may apply.

Promotional offers brought to you by CreditCardProcessing.com.

EMV™ is a registered trademark of EMVco, LLC. Apple, the Apple logo, iPhone and Apple Pay are trademarks of Apple, Inc., registered in the U.S. and other countries. Android™ is a trademark of Google, Inc.

Call for details.