If you are a business owner, you know the great annoyance that can come from chargebacks. Maybe a customer claims to not have received a product or they say there is a problem with the product and a chargeback is issued. Chargebacks can also happen due to actual cases of fraud in which someone’s card information has been stolen. Many business owners believe that chargebacks are just an unavoidable part of running a company and so they have come to accept it as a necessary evil.
When your business starts seeing growth, it can be exciting. But with the excitement of new growth comes the need for financing. And not just any financing, you will need the right kind of financing to best fit the specific needs of your growing company. This being the case, it is a good idea to examine the different kinds of loans available for your business. Getting the right kind of funding can be difficult and it can be hard to know what will best suit your needs.
When you are running a small business, there are many considerations that need to be made when it comes to the financial side of things. From a budget standpoint, there are numerous factors that come into play from inventory and equipment costs to payroll expenses. That is why it can be very beneficial for you to apply for working capital to ensure that you have enough cash flow to successfully run your business.
Fraud is increasingly becoming a problem in the online world as online shopping has become more and more popular. But fortunately, as more and more internet criminals are making fraudulent purchases and costing companies money, more and more advances are being made in the technology used to fight this epidemic. Technological advances in the area of machine learning are helping to stop these fraudulent charges before they start. This can be a powerful risk management tool for business owners as they look for ways to protect themselves and their livelihood.
There is a general misconception among consumers who hold credit cards that credit cards are like bank checks. When you write a check, it goes to the bank of the recipient, passes through that bank and a clearinghouse, and then through your bank to get paid. With modern technology, the check can clear both banks and the clearinghouse within minutes, hours or just one day, given the electronic devices that send signals through the banks and the clearinghouse to get the check through.
Most employees and business partners are honest, loyal, and committed to doing a great job. Yet insider threats remain among the most significant security threats businesses face today. Whether intentional (an employee steals and sells your customer data because they’re mad they didn’t get a raise) or unintentional (a hacker used social engineering to trick them into forking over a password), most data breaches today begin with insider threats — threats from your own employees, partners, or vendors.
You’ve seen the advertisements. Sign up for a merchant account with XYZ Merchants and receive a FREE* credit card processing terminal! Sign up today for FREE* Tablet POS System! Sounds like a great deal, right? Sounds almost… too good to be true! That’s because, unfortunately, it is. As any business owner knows, everything costs money. If a business were to purchase t-shirts, for example, and sell those t-shirts for less than the purchase price, they’d likely go out of business (very quickly).
One of the more unknown credit card processing options available to merchants is “Multi Merchant Processing.” Multi Merchant Processing allows several businesses to share a single credit card terminal. The major advantage of a multi merchant setup is that barbers, attorneys, or independent consultants my work out of a single shared space but share the same credit card terminal. An easy example is a hair salon, which could get a machine that serves up to twenty different merchants.
Let’s imagine you’re driving your car and all of a sudden it stops. You might be inclined to immediately assume the cause of the problem is a defect in the manufacturing of the car, like the engine. But what if the problem isn’t the vehicle? You could have just run out of gas. This same principal applies to your credit card terminal; while there are numerous issues that can result from your terminals hardware these are not the only issues that you should worry about.
If you’re just hearing about EMV now, then I have some bad news for you. EMV rollout started about a year ago and has since passed one major deadline, Oct 1st 2015, for merchants. This deadline dictated that the merchant is now responsible for chargebacks and fraudulent transactions. During the rollout of EMV many business owners were slow to adopt the technology. Especially in restaurants where we still see that most if not all are relying solely on magstripe.
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