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WHY the Smiley? Lots of people ask us “What in the heck does a SMILEY FACE have to do with Credit Card Processing and why does everything TMC does, have a Smiley attached to it?”- we love the question and here is the simple answer. MOST business owners do not find JOY in working with their credit card processor- in fact, quite the opposite! So when we decided to take care of businesses and their processing needs, we knew we had to be different. The SMILEY FACE sends a certain message: We are glad to see you, hear you, work with you and to be of service. We CARE about you and we will do everything we can to put a smile on your face. Credit card processing is one of the products we provide but Taking Care of People and delivering a SMILE WORTHY experience is who we are and WHY we do what we do.
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WHY the Smiley? Lots of people ask us “What in the heck does a SMILEY FACE have to do with Credit Card Processing and why does everything TMC does, have a Smiley attached to it?”- we love the question and here is the simple answer. MOST business owners do not find JOY in working with their credit card processor- in fact, quite the opposite! So when we decided to take care of businesses and their processing needs, we knew we had to be different. The SMILEY FACE sends a certain message: We are glad to see you, hear you, work with you and to be of service. We CARE about you and we will do everything we can to put a smile on your face. Credit card processing is one of the products we provide but Taking Care of People and delivering a SMILE WORTHY experience is who we are and WHY we do what we do.
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Credit Card Fraud is a 52.8 BILLION dollar industry; Organized Crime!

We have all heard the stories of individuals having their credit cards compromised or businesses somehow losing all of their customer’s vital credit card information. The card associations have many suggestions and mandates related to the prevention of Credit Card Fraud and this section will give you some great tips as well!!

It PAYS to be careful so you can prevent credit card fraud BEFORE, DURING & AFTER the sale! We hope the information listed here will help you minimize your exposure.

Preventing Credit Card Fraud Before, During & After the Sale!

As a merchant, you want to make sure you are taking the necessary steps to prevent credit card fraud BEFORE, DURING & AFTER the sale. We hope the following information helps you minimize your exposure to fraud!!

BEFORE

Knowing the credit card processing industry is the very best way to prevent fraud BEFORE you ever process a transaction. The industry as a whole has garnered a shady reputation for over promising and under delivering in many areas related to a merchant account!

 

Most businesses need to accept credit cards in today’s economy. Take care that you choose a company that you can depend on for honest information and ongoing service so you do not become a victim of credit card fraud BEFORE the sale!

DURING

Once you begin processing, you now have the ability to prevent credit card fraud during the sale. Keep in mind that there is both external and internal fraud! You need to be aware and do your best to prevent both!

Internal Fraud: Keeping credit card data safe so employees do not misuse the information is very important. Make certain that your system does not show the full card information. You will also want to be aware of any Returns processed through your system. Processing a return to a credit card is one of the easiest ways to commit internal credit card fraud. It is a best practice to consider not allowing ‘unmatched’ returns or returns that do not coincide with a previous sale.

External Fraud: This type of fraud happens when customers identify your weak spots. Consider these tips when processing in a:

RETAIL- FACE TO FACE ENVIRONMENT

  • Check For Matching Signature
  • Do Not Accept Unsigned Cards
  • Cardholder Info MUST Match Signer
  • Familiarize Staff with Card Features
  • Watch Purchasing Habits
  • Look For Distracting/Rushed Behavior

MAIL / TELEPHONE / INTERNET ORDERS

  • Obtain Imprint When Possible
  • Use AVS/CVV2 Fraud Features
  • Require Faxed Copy of Signature/Copy of Credit Card on Large Purchases
  • Use EXTREME Caution on International Orders
  • Use VERIFIED BY VISA Program (Prevents the 'It Wasn't Me L' Excuse)
  • Call Processor for Card Issuing Bank Verification Before Delivering
  • Use Delivery Confirmation

AFTER

Many business owners think of credit cards as ‘money in the bank’ and most of the time they are right. But a large part of credit card fraud happens AFTER the sale. Not taking the proper steps during the transaction can lead to accepting fraudulent cards but even when you and your staff do everything right, you are still at risk for losses.

A consumer has the right to dispute any charge on their statement up to 6 months past any implied warranties. (This is the main reason businesses have to be approved to accept credit cards). When a dispute occurs, it is called a ‘Chargeback’ – here are some tips for:

CHARGEBACK MANAGEMENT

  • Set proper customer expectations (under promise-over deliver)
  • Have all of your refund/return policies in writing
  • Take care of customer issues or complaints promptly
  • Respond promptly to Retrieval Requests
  • Use processor for Retrieval Requests & Chargeback Submission

Even in cases of fraud, the merchant is ultimately responsible for the validity of each and every transaction.

Preventing credit card fraud BEFORE, DURING & AFTER the sale is definitely possible! Be diligent, be aware and you will save yourself from being victimized! Please contact our team if you need any staff training on Fraud Prevention or Proper Card Acceptance!

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