Online Credit Card Processing Fraud – Avoid It
We are all familiar with credit card fraud, and as a merchant who may get caught up with the bill, you need to be very careful. The first place to be cautious is long before you accept electronic payment from your first customers. When setting up your credit card processing account online, be sure to avoid scams. Review your options as carefully as you would open any bank account for your business.
When opening an online merchant account, you may be required to disclose your personal business and financial information. Under the current credit crunch we are experiencing, more personal information will be required from business and corporation owners and officers to obtain all types of credit, including business accounts and online card processing.
Given these security concerns, completing a merchant account application online may not be as secure as a local credit card agency or endorsement. Keeping your own information secure is the first step in avoiding credit card fraud and potential personal identity theft.
If possible, going to a brick and mortar bank may offer you greater protection. Banks help keep information secure by using extensive anti-fraud software and procedures.
While banks may charge a small application fee that web-based merchant accounts may not to attract your business, the extra expense may be worth it instead of handing over all that vital data to an unknown entity online.
If you’re looking to save money on your online transactions, you might be surprised at the rates that traditional merchant service companies can offer. The fact that a service is found and offered online does not always make it cheaper or a better deal.
When applying for a merchant account, you may need to have certain information ready for your application.
These things can include:
* A business tax identification number and/or your social security number.
* Details about the business; name, address, time in operation.
* Annual business made and how many dollars of that would be credit card.
* A current bank statement.
* And if you already process credit cards, a copy of your current statements showing volume and charge history.
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