The Risks of Credit Card Processing for your Business
Millions of retailers and service providers accept credit card payments on a regular basis, and with this exchange of sensitive information comes risk for both the merchant and the consumer. These risks can include fraudulent transactions, and unverified chargebacks.
Sensitive business information could be stolen
When a business opens an account with a credit card processing company, it should have a payment gateway programmed into your web page software. This is a secure method for the consumer to input credit card data and have the transaction sent to the processing center. Although careful measures are taken to ensure that all data is encrypted, the information is still viewable once it is in the hands of the merchant account service.
Remember that a merchant account involves transferring funds from the customer’s account to the business’s bank, so there is a risk for all parties involved.