Just as a cheque from a less than reputable customer may bounce, there’s no guarantee that credit card you accepted isn’t stolen – so how do you protect your business from fraud?
Credit cards not only provide customers an incredible convenience, but they also offer holders a good measure of protection in the case of fraud.
It’s designed so that the legitimate cardholder can dispute potentially fraudulent charges at any time – and the weight of protection falls on the merchant.
As a business which accepts credit card payments, you hold the risk of a cardholder simply saying ‘I didn’t pay for that’, and initiating a chargeback process through the bank.
That means the cash you thought you got for providing a good or service simply vanishes if the use of the card is found to be fraudulent.
For Newsagents, that can be a killer.
It’s all part and parcel of being in the business world, but there are things you can do to lessen your chances of the dreaded chargeback.
Here’s how: Log in to read more