Are you a small business owner who accept credit card payments for every sale you make? Do you know even a single act of negligence would cost a lot of your credibility and profit? You might not be aware of the number of sales you make every day. But you should definitely be aware of the security risks and associated things to prevent many unwanted things to happen. When you face a security threat, your customer information is stolen that lead to fewer customers buying your products and even credit card companies cutting off some privileges that would otherwise be available to you as a privileged customer.
It is mandatory for all credit card transaction processing companies that they should follow PCI Industry security standards. It is to maintain the secrecy of the information of the customers that payment card industry security standards have been introduced. Suppose, if you buy things from a shop and pay for that through credit card, your information is passed on to the store or shop who stores it and pass it on to your credit card company. As per rules, the store or the shop should maintain the secrecy and should refrain from passing your personal information to others.
What is a credit card security risk? Come on, let us understand. From this discussion, you would get to know what are the 5 credit card security risk faced by every small business. They are:
1. Train yourself and your staff: If you own a small business it is quite natural that you will not be very
much familiar with the credit card transactions and how it works. It can also happen that you are putting
your own business at risk. So, first before starting to handle the credit transaction, know all the
procedures in and out. Teach your staff also how to handle the same properly. This will save you from
future complications and embarrassments.
2. Be alert to avoid processing, fraud payments: If you process for a large number of people in a busy,crowded day, there are chances that you dont notice that one of your customers have made a paymentusing a fake credit card. What you have to do to control such practices is to check for the magnetic strip on the credit card. If it is tampered or damaged, it is definitely a fake card.
3. Ask for credentials if no signature on the back of the card: If one of the customers present you a card that doesnt have a signature at the back of it, ask for ID proof to prove that he is the real owner of the card. Fake cards usually dont have a signature at the back.
4. Never store credit card data to charge later: If you have a practice of storing customers credit card
information to charge him later, it could be very harmful to you. You may be liable to punishment for
fraud and will be asked to pay huge fines.
5. Never accept returns for purchases made on CC: Sometimes what the fraudsters do is to make
purchases using a stolen credit card.Later they come and say they want to return the items purchased.
Unknowingly, you will return the money to the customer for the things which they bought using a stolen credit card.
These are the five credit card security risk you should definitely know.
It is mandatory for all credit card transaction processing companies that they should follow PCI Industry security standards. It is to maintain the secrecy of the information of the customers that payment card industry security standards have been introduced. Suppose, if you buy things from a shop and pay for that through credit card, your information is passed on to the store or shop who stores it and pass it on to your credit card company. As per rules, the store or the shop should maintain the secrecy and should refrain from passing your personal information to others.
What is a credit card security risk? Come on, let us understand. From this discussion, you would get to know what are the 5 credit card security risk faced by every small business. They are:
1. Train yourself and your staff: If you own a small business it is quite natural that you will not be very
much familiar with the credit card transactions and how it works. It can also happen that you are putting
your own business at risk. So, first before starting to handle the credit transaction, know all the
procedures in and out. Teach your staff also how to handle the same properly. This will save you from
future complications and embarrassments.
2. Be alert to avoid processing, fraud payments: If you process for a large number of people in a busy,crowded day, there are chances that you dont notice that one of your customers have made a paymentusing a fake credit card. What you have to do to control such practices is to check for the magnetic strip on the credit card. If it is tampered or damaged, it is definitely a fake card.
3. Ask for credentials if no signature on the back of the card: If one of the customers present you a card that doesnt have a signature at the back of it, ask for ID proof to prove that he is the real owner of the card. Fake cards usually dont have a signature at the back.
4. Never store credit card data to charge later: If you have a practice of storing customers credit card
information to charge him later, it could be very harmful to you. You may be liable to punishment for
fraud and will be asked to pay huge fines.
5. Never accept returns for purchases made on CC: Sometimes what the fraudsters do is to make
purchases using a stolen credit card.Later they come and say they want to return the items purchased.
Unknowingly, you will return the money to the customer for the things which they bought using a stolen credit card.
These are the five credit card security risk you should definitely know.