Always Take The Time To Encrypt Card Information

Category: Finance, Credit.

In an ideal situation, credit card processing service ensures that customers get the goods they purchased in good order. Each get their end of the bargain in a satisfactory manner.

In addition, it also assures merchants that they get their money's worth of goods. But in the real world, transactions do not, however go smoothly. These problems could originate either from the customers, or from the, from the merchants credit card processing company. Aberrations occur along the way. And let's face it. The credit card processing company can and will take care of fraudulent transactions. Merchants have practically no control on the kind of customers- -- whether they be honest or deceitful- - that patronize their business.

Likewise, merchants have no influence or control over the credit card processing system. Listed below are some credit card processing pitfalls that could put merchants' business in jeopardy: )SKIMMING. This leaves one controllable factor that merchants can manage well: how they conduct everyday business. The unscrupulous act of capturing card data and then using the data to manufacture counterfeit credit card is called skimming. They use their own personal digital assistant( PDA) with a card reader to secretly swipe and obtain credit card data. )STORING UNCRYPTED CARDHOLDERS' DATA. Too often, a dishonest salesclerk or a desperately disgruntled waiter would resort to it.

It's very convenient to type credit card information and store these data in your PC without any form of encryption. Always take the time to encrypt card information. If you do, you are opening the door wide open to identity theft and forgery. It's a must. Just because they work for you does not necessarily mean you grant any or all employees access to your computers. And if you want to back up your credit card data files, do so with the encrypted form. )UNRESTRICTED ACCESS TO COMPUTER.

Any one of them could potentially steal important credit card information. Merchants must keep transaction receipts and records. To prevent this, only allow a select few and trusted employees to gain access to your computers. ) KEEPING RECORDS ONLY FOR A SHORT TIME. But sadly, most merchants keep these records for a limited time only- - some one month, and the longest, others three months is six months. What to do? This unproductive practice could jeopardize your business.

Well, keep credit card transaction receipts for at least three years. You could easily produce the necessary supporting documents in case of card disputes even though the transaction occurred two or three years ago. While this may sound a tall order, doing so could save you a lot money and headaches. Be sure your accountant keeps all the transaction receipt files within the given period. )IGNORING CARD TRANSACTION SECURITY REQUIREMENTS. These charges are called" pass- through fees" . Major credit card companies will charge you a fee if you ignore to use built in card transaction security requirement- - Address Verification Service, or the three, for instance digit security code.

The amount is added to your discount rate. Supposing one customer disputes a credit card transaction. You could end up paying a large chunk of revenues if you ignore card transaction security requirements. )GIVING LATE ATTENTION TO RETRIEVAL REQUESTS. He or she initiates a retrieval request Your credit card processing company then requests that you furnish the necessary receipts for the disputed transaction. But if you are busy or have a hectic schedule, you tend to put off this task some other time. Normally, you should do so at the earliest time possible. Again, this is counter- productive.

As you well know by now, accumulated chargebacks could put you out of business for good. If you fail to provide your processor the documents within a specified length of time, you will be liable for a costly chargeback.