Credit Card Processing: Is It a Scam?
Credit card processing scams are a new, but swiftly growing, form of crime that targets businesses using credit card processing. These scams can target online merchant accounts and physical, in-store accounts. Since the potential for loss is so high, it’s important for business owners to protect themselves against the most common forms of credit card processing fraud.
Hidden Fees and Over Charging
The most common credit card processing scam involves charging a business too much for their merchant service rates. This is typically done by adding charges to the bill or overcharging for the services provided.
To avoid hidden charge scams, a business should carefully review its list of charges every month. Compare each transaction on the charge statement to your financial records.