5 Tips To Help Protect Your Business From Credit Card Fraud

It is always important to safeguard your business. This includes taking steps to protect against credit card fraud. Check out these 5 tips.

Tip #1: Make sure your business is EMV Compliant
Chip technology is a superior alternative to the magstripe predecessor, making it harder for criminals to clone credit cards and preventing thieves from using a skimmer to copy card data during a swiped transaction. While this safeguards your customers, if your business is not EMV compliant, you could be at risk. If you process a fraudulent charge in a non-EMV-compliant terminal, you accept the liability which could equate to thousands – or even tens of thousands of dollars.

Tip #2: Establish Card Present Transaction Standards
As a business, purchases for goods and services are primarily made in person. Although face-to-face transactions make it easier to identify potential red flags when it comes to fraud, it is still best practice to maintain certain standards. Always inspect the credit card to ensure it has not been tampered with. Double check the expiration date and ensure the card carries a signature. If you are uncertain, ask for photo identification. Maintain the card throughout the transaction and verify the account number on the terminal matches the account number on the card.

Tip #3: Create Protocols for Card-Not-Present (CNP) Transactions
Especially in the landscape of the pandemic, there are times when you may not be able to accept credit cards in person. When the card is not present, always be sure to capture the CVV2 code, billing zip code and street address associated with the card. (Capturing this information also reduces your transaction fees!) Take note of orders that are larger than normal for your business, orders that include several of the same items or a request for a rush or overnight shipment to help identify potential fraud and protect your business.

Tip #4: Keep All Records Organized and Current
It may sound redundant but keeping detailed records of each transaction in an organized manner will help you in the long run. Should you receive a chargeback, you will easily be able to pull that transaction’s information in order to dispute it. This means maintaining receipts, sales orders, invoices, purchase orders, shipping information, confirmation emails and other additional transaction records.

Tip #5: Stay in Regular Contact with Your Merchant Services Provider
Staying in regular contact with your merchant services provider is always a great way to help prevent credit card fraud. They are there for you through customer service and technical support and can always lend a hand when it comes to explaining EMV compliance, how to dispute a chargeback and more.

At OTM Payments, we are more than a team of industry veterans. We are family-owned and operated and take our role as your partner very seriously. Our customized and technology-driven processing solutions are distinctive, and we make sure they fit every unique business environment and their specific needs.

Ready to start accepting credit cards with ZERO fees? Contact us for more information on how we can help [email protected] or give us a call at 732-270-7702.


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