Tag Archives: creditcard processing services in London

Are You Ignoring Your Payment Processing Fees?

card processing fees radiantpayAny merchant or online seller is well aware of the payment processing cost that he has to bear in order to accept credit card payments from customers and buyers. Typically any credit card processing fee snatches away almost 2% of the total sales value of the merchant. This fee often differs from one credit card Company to another. For a merchant who is selling products with limited profit margins, giving away 2% of the sales value can prove to be costly. While there are a lot of ways to tackle this menace of payment processing fees, a lot of merchants are still oblivious to the payment processing amount of money that they end up shelling out to the credit card companies.

 

If you’re one such merchant who’s successfully running an online store, or even just running a regular store that accepts credit cards for payments, you need to understand and be aware of the number of funds you’re giving away annually towards payment processing fees. Once you realize and are made aware of the amount of your hard earned money that is being given away to credit card companies, you will probably want to do everything in your power to reduce the payment processing costs that you’re paying.

 

One thing that is recommended to every merchant who accepts debit and credit cards as payment is that he should keep a proper record of all the processing costs that he ends up paying. Don’t just go about paying payment process costs blindly without getting educated on the matter. There are countless ways that one can actually tackle and reduce the payment process costs that they are paying. Find credit card companies that charge lower payment processing fees. Always keep in mind that the profit you make from your sales is your hard earned money and you should do everything you possibly can in saving a large chunk of it.

 

What are the New Techniques used for Credit and Debit Cards Frauds?

Credit Card Processings

Now- a-days Credit and Debit Cards Frauds are increased. It’s the threads that is growing and surfacing by every business persons. Although some years ago, many banks and credit unions were enforced to cancel and redistribute thousands of cards as a result of the TJX breach. A recent incident analyses that, banks located in Indiana saw accounts breached from ATM or debit card transactions. Indiana Law enforcement and the FBI are investigating breaches from at least 10 banks, after more than 100 customers reported money missing from bank accounts at the start of June 14. The foremost withdrawals of money from few hundred dollars to a few thousand dollars were dispatched in Nigeria, UK, Russia and Spain.

This year, there are more cases of larger losses of frauds: An Investigation by FBI cyber- crime agent Mr. Albert Murray shows 2 persons, who made hundreds of fraudulent withdrawals from New York City ATM’s, of this year of getting $ 750,000. Although the Industry has made great advances steps in lowering the Credit/ and Debit Cards Frauds. A data called, “Consumers Frauds and Identity Theft Complaint Data” analyses from 2007 shows the complaint database developed by the FTC acknowledged more than 800,000 consumers frauds and identity thefts complaints. Consumers complained loss more than $ 1.2 billion. A Credit Cards fraud, at 23%, was the most common form of reported identity theft.  New schemes are emerging and calls for greater analysis and inspections for institutions and their customers.

Some, of the New Frauds are:

  1. Spear Phishing:

 

In this situation, people accumulate some amount of personal data from several related severs to concept a more direct individual communication that seems very reliable to the customers. Security vendors VeriSign recently shown a study stated that more than 15,000 individuals have been spear phished in this last 15 months.

 

 

  1. Counterfeit Frauds:

 

This is the most top frauds reported for both debit and credit cards. “Particularly skimmed counterfeit frauds.”