How to Be Safe when Using Credit Card Processing Service Providers

Did you know instances of cybercrime exceeded 280,000 in 2012, according to the FBI? Whether you are accepting credit card payments in store or online, criminals may be laying in wait. They want to see if you or your clients make a mistake that can open you up to their tricks.

Credit Card Processing Service Providers Can Help

According to the Federal Reserve System, electronic payments now account for more than two-thirds of all non-cash payments. Now more than ever, credit information is ripe for the picking. Reputable credit card processing service providers can educate you on cards so you know how to be safe. For instance, did you know that you can tell who provided a credit card by looking at the first two numbers? 34 or 37 denote American Express, 4 is Visa, and Mastercards start with 51 through 55. Discover Cards begin with 6011.

How You Can Educate Your Consumers

• Tell Them Why You Prefer Debit

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You are likely aware that asking your customers to use debit instead of credit can result in low cost credit card processing. According to CardFellow, those lower rates are the result of debit networks being more secure than their credit counterparts. Explain to your customers that they are much less likely to have their information stolen by using debit in your store. This saves you on credit card processing service providers fees, and it protects your customers.

• Do Not Accept Unsigned Cards

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When you receive a new credit card in the mail, you are instructed to sign your name on the back. This is an anti-fraud measure meant to keep both businesses and consumers safe. If your customer’s card is unsigned, explain to them that you cannot accept it. Tell them you are trying to protect them.

Also, if their card is signed, make sure that the signature they provide on their receipt matches that on their card. This can save you, not to mention your customer, a lot of pain and frustration.

• Educate Them on Safety Wherever They Are

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Did you know that it is more likely criminals will steal private information from your mailbox than from your computer? The key is ease of access. That does not mean it never happens. That is why all credit card processing service providers comply with PCI compliance companies that provide the best protection to businesses making use of electronic payment solutions. Explain this to your customers.

The magnetic strip on the back of cards is made up of tiny bar magnets about 20-millionths of an inch long arranged in a plastic film. This strip is where all of the card’s information is kept. Criminals have come up with ways of scanning this information from afar thereby granting access to that account. Recommend your clients utilize specialized RFID blocking wallets, like those sold by Identity Stronghold, to keep their info secure.

Using high quality credit card processing services that stick to Pci compliancy is an important step in protecting yourself and your clients. Educate your customers on these three issues in order to be sure you do not add to crime statistics in the U.S. Get more on this here.