Fraud

Accepting Credit Card Payments: Tips for Small Businesses That Do Not Have a Storefront

Apr 16th, 2012
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If you own a small or start up business, there are many reasons that you may want to accept credit card payments from your customers. Cards are easier to use than cash for online purchases and accepting credit cards gives your business a level of legitimacy that will be attractive to potential buyers. It used to be difficult for small business owners to get set up with credit card processing – but there are now many options available for small business owners.

It can be difficult for a small business to find a bank willing to open a credit account. Concerns about fraud and the risk of non-payment have made many financial institutions wary of any business that does not have an established reputation or at least modest assets. for this reason, many larger banks refuse to issue accounts to any small business that does not have a storefront, and those banks that do issue accounts insist on numerous safeguards and limitations.

But do not despair. Maintaining a credit account without a storefront is not impossible. if you have a mail order or other type of home business, the following tips will give you the best chance of establishing a successful credit account with the best bank for your situation:

start small. Look to local or mid-sized banks instead of large, national chains. A neighborhood bank will be more likely to do business with your local small business.

Know how the process works. Make sure you fully understand how credit transactions work and what you will need to do to process each credit card purchase. if you don’t think you will be able to adhere to the credit card company’s requirements, you may want to rethink whether your business should accept credit cards.

Choose one or two cards to accept. when you begin to accept cards, pick only one or two (such as MasterCard and Visa) to accept. Once you get used to the process of accepting credit cards for payment you can decide if it makes financial sense to accept other cards.

Listen to your customers. do you get a lot of requests that you accept a certain card? do your customers complain about the difficulties of using credit cards on your website? Take the steps necessary to make it easy for your customers to pay for their purchases using credit cards, or it makes no sense for you to accept them in the first place.

Decide whether to require a minimum transaction amount. Credit companies charge merchants a percentage of each transaction as a fee. if your business depends on the volume of purchases and not the amount of each transaction, you may end up paying a lot in credit card fees. Consider whether it makes sense – at least when you are first starting out – to require a minimum purchase amount for credit transactions.

Protect your merchant account. Banks are leery of online businesses for a reason; many at-home business owners do not take proper care when managing their card accounts, which results in mistakes, disputed payments and even fraud. do not jeopardize your credit card account with shoddy bookkeeping or lazy adherence to the regulations. you could permanently lose the right to accept cards.

Accepting Credit Card Payments: Tips for Small Businesses That Do Not Have a Storefront

Boynton Beach woman accused of stealing, using dental patient’s credit card info

Jan 21st, 2012
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By Cynthia Roldan

Palm Beach Post Staff Writer

Updated: 1:09 p.m. Wednesday, Jan. 18, 2012

Posted: 11:26 a.m. Wednesday, Jan. 18, 2012

BOYNTON BEACH — A Boynton Beach woman who works at a dentist’s office was arrested for fraud Tuesday after she allegedly stole a patient’s credit card information.

Schenique G. Mitchell, 31, is being held at the Palm Beach County Jail in lieu of $9,000 bond. she is facing 10 counts of fraudulent use of a credit card, 10 counts of criminal use of personal identification information, petit theft, organized scheme to defraud and exploitation of an elderly person.

Mitchell was arrested after telling a Palm Beach County Sheriff’s detective on Tuesday that she had taken a patient’s credit card information for a friend she met "on the block" and knows as "MO."

While Mitchell told detectives that "MO" told her through a text message to steal credit card information from patients, she didn’t give a specific date of when the request was made.

She said that "she does not know what was ordered, where it was shipped or if it was received," the affidavit stated. Mitchell also told the detective that "she has done this same crime approximately four other times with four other separate victims."

Detectives learned of the most recent incident after a patient of Boynton Beach dentist Dr. Edward Broggi reported several fraudulent charges to his credit card, from Dec. 28 through Jan. 2.

Detectives are now requesting the public’s assistance in locating the four additional victims.

In a statement released this afternoon, Sheriff’s office spokeswoman Teri Barbera asked that anybody who has been a patient of Broggi’s since 2011 and has been a victim of credit card fraud or identity theft contact Det. Richter at (561) 357-7053.

Also, possible victims can contact Crime Stoppers of Palm Beach County at 1-800-458-TIPS.

Boynton Beach woman accused of stealing, using dental patient’s credit card info

Credit Card Foreign Transaction Fees : 31Night.com, A World of Entertainment

Nov 18th, 2011
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In the last few years, many credit card companies have begun charging foreign fees for purchases made with credit cards outside of the United States. Many customers have become frustrated, wondering why the banks and credit card companies would charge such fees. while it is easy to say that these companies just want more money, the situation is much more complex than this.

Many of the fees associated with credit cards are charged in order to pay for the costs involved with a variety of different transactions. it is important to remember that there are generally more risks involved with making credit card transactions in foreign countries. when you make purchases with your credit in a foreign country, there are likely to be problems with currency exchange, fraud, or charge backs. because the costs involved with these things can be high, banks have decided to transfer the cost to the consumers.

Most foreign transaction fees are about 3% of the transaction, and this includes any foreign taxes or other fees you may have to pay. it is likely that these fees are permanent, and banks will continue to charge them as long as they are able to pay for the cost of making credit card purchases in foreign countries. Despite this, there are a number of things cardholders can do to avoid these fees. one thing travelers can do to avoid these fees is to use prepaid debit cards. because they are not true credit cards, prepaid debit cards can help you avoid the foreign transaction fees.

However, you may find that many hotels, restaurants, and other establishments may not accept them. if you plan on using a prepaid debit card, it would be helpful to contact these places ahead of time to make sure your card is accepted. There are also a few credit cards that don’t charge foreign transaction fees. before you get a credit card, call the company to find out if they charge these fees. In the past, Discover and American Express didn’t charge these fees, but they are not as well known as Visa or MasterCard, and may not be accepted at some foreign establishments.

Another thing you should consider is traveler’s checks. They are widely accepted in most countries, and you can avoid the fees that are charged for credit cards. though traveling will always be a bit more expensive, you can avoid certain fees if you do your homework.

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Credit Card Foreign Transaction Fees : 31Night.com, A World of Entertainment

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