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Mitigating the Risks of Remote Access for Small Business Credit Card Processing

Merchants are constantly searching for new ways to make the purchase process easy for consumers. Today, many are introducing small business credit card processing in the form of remote access payments. While this practice may relieve some customer anxiety, it's not without its dangers for businesses. Let's take a look at some of the risks of card-not-present transactions and how companies can mitigate them:

Fraudulent purchases
Whether purchases are made online through an ecommerce portal or via telephone, businesses need to be aware of the possibility of counterfeit transactions during the processing steps. Fraudsters make it their priority to locate and use people's sensitive information, including card number, date of birth and CV2 identification. To combat these instances, companies can implement additional verification steps to ensure data hackers don't get away with false buys. The key to discerning false transactions can often be found in the billing address of a client. Organizations that enable remote access should make sure to verify the billing address with the customer and also check to see if it and the shipping address match. (1) In addition, service representatives should pay close attention to the email address on file. If emails don't match or if the address seems suspicious, it could be a sign of fraudulent activity.

Lacking system security
Workers can only do so much to identify customer safety issues. Merchants rely on their small business credit card processing systems to locate the majority of security problems. If these solutions aren't in order, however, or don't meet certain protection standards, companies can find themselves facing serious consequences, including expensive fines. The main requirements entrepreneurs should adhere to are the Payment Card Industry Data Security Standards. The standards offer organizations both basic and in-depth actions to take to ensure their consumers' data is securely processed, stored and transmitted. (2) From creating a privilege policy to updating firewalls and antivirus software, the PCI DSS compliance helps businesses protect their customers, data and reputation.

Fraudulent transactions and poor system security are two of the largest risks for small business payment processing. It's important for merchants to mitigate these dangers to ensure their consumers' data is safe and secure during remote access or card-not-present purchases. Doing so will help business owners avoid expensive penalties and loss of reputation due to data security issues.

  1. http://www.businessnewsdaily.com/6206-tips-accepting-online-payments.html
  2. https://www.pcisecuritystandards.org/documents/PCI SSC Quick Reference Guide.pdf

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