Credit card fraud is not an occurrence without its share of repercussions. If you run a business, then you know this in a hurry. But what options do you have? After all, you don't want to move to cash and check only, because you limit the convenience to your customers and the reach of your business's profitability. It's far better to enter the shark infested waters of commerce and fight to be the top fish in the sea. To do so, you'll need to be mindful of the ways that thieves operate, and you'll need to stay ahead of the game when it comes to defeating their efforts. If not, here are some ways that credit card fraud can affect your business for the worst:
1) Chargeback results
Chargebacks are perhaps a business owner's worst nightmare because they represent a sale lost along with missing merchandise. When a chargeback victimizes a business, it means that business will not be getting the money for the merchandise, and it will also lose the merchandise itself so the possibility of eventually getting a sale on that particular item are null and void. Chargebacks occur more often than anyone would prefer for them to, on account that many businesses are not equipped to deal with the issues of alerts and warnings. They cut corners on technology, and as a result they receive outdated information that could have helped them avoid the transaction altogether.
2) Bad reputation
If you burn your potential customers by serving the people, who are stealing and using their cards, then you quickly develop a reputation as a business that is lax on customer protection. If a person does not feel safe doing business with your company, then he won't. But the carnage doesn't end there. A dissatisfied or scorned potential customer will tell 10 others not to do business with you, and pretty soon your loss of one transaction becomes a loss of 11. Proactivity is a much better suggestion if you are looking to accept credit and debit cards for your business.
3) Diminishing sales
The harder that you lose the fight against credit card fraud, the fewer sales that you will end up making, and that will ultimately kill your business. While credit card fraud may only take up a small percentage of the transactions that you encounter on a given day, how you deal with them is of the utmost importance. Fraud is like a cancer to a business. Refusal to treat it will only result in the spread of its damaging effects.
When you take a proactive stance, you stand in favor of your customers, and when they see that, you will have more of them to stand up for.
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