Here’s a quick primer to get you thinking about protecting your transactions.
Card not present transactions
- Train employees to listen for verbal cues, such as a long pause or hesitant answers.
- Obtain the cardholder’s billing address, and day and evening phone numbers. Compare “ship to,” “bill to,” and “mail to” addresses, if possible.
- Compile a list of bad actors (names, addresses, postal codes, credit card numbers, companies) and note any areas that are high-fraud locations.
- Pay very close attention to unusual orders (e.g., high dollar amount, special requests, wire transfer requests).
Point of sale transactions
- Swipe or insert cards where possible.
- Only return card when transaction is completed.
- Compare signatures on sales draft to credit card (or ask for additional ID).
- Verify the card closely (e.g., holograms, signatures, clear embossing on numerals).
- Know the security features specific to each type of credit card (e.g., holograms, number of digits):
- Choosing a payment processor
Don’t forget that My StartUp CFIB members get preferred rates on Visa, MasterCard, and Interac payment processing through Chase Paymentech.