It’s hard to believe that something as small and subtle as a credit card could destroy your business. But, we use credit cards for all sorts of reasons in our everyday operations, and we need to be careful with them. One slip-up might just cause damage beyond repair.
It’s not just your business credit card you need to think about. It’s the credit cards of all the other clients you deal with, and how you treat the data you collect.
Here’s why a credit card could destroy your business.
Unless you and your staff are trained effectively in knowing how to spot fake credit cards, you might miss them. A fake transaction can cause severe havoc to your business, especially if you’re selling a high-priced product. Brushing up on the warning signs of a fake card might just save your business from bankruptcy.
Theft & Loss
When you make a purchase with a business credit card, you’re ultimately opening yourself up to theft. This is particularly the case with online transactions, where an unsecured purchase can wreak havoc. The same can be said for cards left lying in unsafe locations. They should always be left in a safe place, and old cards should be scrapped. In the case of the latter, solutions like Intimus industrial shredders can destroy them for good.
The rules surrounding business credit cards are different to the rules surrounding personal ones. Theoretically, it could be easy for a company to raise the interest rates on your business account. Depending on your financial position, this could put you in a bad state moving forward. This is why some companies ignore credit cards entirely, favoring other methods of financial transactions.
When you make transactions with a credit card, you’re passing confidential data from one place to another. In terms of taking that data from your customers, you have a duty to keep it safe. But, instances of hacking are all too prominent, and keeping it safe isn’t as easy as it might seem. If you want to prevent confidential data from getting into the wrong hands, you need to be prepared. This takes the form of prevention tactics like antivirus software and more.
Breaking The Law
The type of details you’re allowed to take from a client’s credit card can vary based on where you’re located. But, ultimately, if you take more than you need, you might just end up breaking the law. It’s important to be aware of laws surrounding customer data and how you use it. Don’t just consider the transaction — it’s what you do afterward that counts, too.
If there’s a missing signature on the back of the card, it’s a warning sign you need to be aware of. This ultimately means one of two things: they forgot to add it, or theft is at the forefront of their mind. If you find yourself in this position, ask the person in question for photo ID. This is the best way to determine whether they made a simple mistake, or whether they had malicious intentions.