Businesses Need to Protect Themselves From Credit Card Fraud

Written by Business magazine. Posted in Credit card chargeback process, Merchant payment gateway, Moto transactions

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Retailers and others lose out on sales by not accepting credit cards. Most people favor the convenience of credit cards and don’t carry around a lot of cash. Though some small mom and pop retailers forgo accepting credit cards because of the fees and liability, most businesses do accept them. Of course, doing so opens business owners up to some potential problems.

One of the biggest issues with accepting credit cards is the potential for fraud. Despite advances in security, credit card fraud remains a huge problem, costing consumers and businesses an estimated $16.3 billion in 2014. Half of that fraud amount, or $8 billion, occurred in the U.S., largely because the U.S. was far behind other countr