Why do businesses need credit card processing companies?
If that’s a question you keep asking yourself, here’s the answer: Credit card fraud.
Yes, in business, credit card fraud is a real thing—and it’s not pretty. In fact, if left unattended, it may even cost you your business.
Well, according to recent studies, billions of dollars are actually lost annually because of this problem. And considering the trend—this problem is bound to get bigger within a very short period of time.
So, the question now is: Are you and your business prepared to handle the problem?
Credit and debit card fraud is a reality that many businesses have to prepare for.
To say the world has gone digital-crazy would be an understatement.
Look around you: What specific aspect of the world is not “connected” nowadays?
People—from the young and the old—are using the Internet for a myriad of purposes. And although that isn’t necessarily bad, the problem is that most of them don’t really care about their online security.
Virus-infected emails, Malwares hidden in downloaded files, stolen computers or mobile phones—these are just some of the ways hackers are able to get your information and use them for their own dark, criminal purposes.
Simply put: Data breach is actually the main cause of credit and debit card.
And the main cause of data breach? People simply neglecting to take care of their online information.
Yes, the problem stems from a very simple issue.
However, its consequences are nothing to laugh at. In fact, data breach can be fatal to your business.
You don’t think so?
Here’s something to ponder about: Last year, approximately $16 billion in losses were incurred globally due to credit card fraud (yes, that’s “billion” you’re reading there).
Unfortunately, with more people going digital and using the web (it’s become even more interesting after all)—and more hackers looking for easy money—more and more businesses will become vulnerable to data breach and credit card fraud. And that includes you.
In other words, it won’t be a question of “if” anymore. It’s actually a question of “when” will credit card fraud put your business at risk.
This is where credit card processing companies come into play.
A credit card processing company ensures that your business is equipped to handle risks pertaining to credit card fraud, debit card issues and other related risks.
They will make your payment transactions more efficient—and safer too!
Besides, did you know that the law actually requires business owners like you to be equipped against credit card fraud?
In fact, if you don’t comply with certain regulations—you might end up paying for losses (due to counterfeit credit cards), and may even be made to pay hefty fines.
Sad news, I know. But it’s actually not new.
Since October 1, 2015, businesses are actually required to set up EMV readers for credit card transactions. In addition, you also need to be PCI compliant.
What does this all mean?
You need to set your payment processing methods in place.
Unlike before where banks who issued the credit card where ultimately held liable for losses (due to credit card fraud)—today, businesses who don’t have the necessary EMV readers and PCI compliance will be held liable.
Yes, that means you lose money and you get penalized (even if you weren’t the one who committed the fraud), simply because you failed to be updated.
And it doesn’t matter whether you know about such requirements or not.
Of course, don’t ever think of stopping yourself from accepting credit card payments, as that would really be a big, costly move (how many customers would you have to let go if that happened?).
The key here is to know more about EMV readers and being PCI compliant.
Familiarize with the new rules and regulations.
And simply try to understand how it is to do business in this new credit-card-driven, digital world we are now in.
Fortunately, credit card processing companies like RedFynn know what to do. And we really can help you.
Do you want to know if you’re PCI compliant? Are you seriously contemplating on making your credit card transactions more secure? Call (888) 510-9871.