Category Archives for "Minimizing Risk"

What to Do If You Have a Data Breach

You see it all the time—news stories about huge brands that are targeted in a data breach. As a consumer, you likely feel anger or at least annoyance each time a big business admits that a hacker has accessed your account. But as a small business owner, maybe you felt something else, that nagging fear in the back of your mind that it could be you next. Small businesses are the victims of around 43% of data breaches. Yikes! When it happens to you, it can feel like an insurmountable challenge. Getting hacked is bad, yes. But it’s manageable—as long as you know how to respond. First: assess the situation. If you need to freak out, set a timer and […]

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Avoid Credit Card Fraud With Our 8-Step Checklist

Have $46,000 to spare? That’s the average total of direct and indirect costs of SMB businesses trying to recover from credit card fraud. The scope of the problem Typically, the hackers and scammers who specialize in credit card fraud use one of two tactics: Focusing an attack one large company, as when Target suffered a data breach involving 70 million credit and debit cards. Striking at multiple ATMs and small businesses, affecting thousands of people, one card at a time. That second tactic is where your business potentially becomes a victim. For solopreneurs or small-to-medium-sized business (SMB) owners who don’t have the financial cushion of larger corporations, recovery from credit card fraud can be financially devastating. The effects are long-ranging, […]

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reducing credit card declines

How to Reduce Customer Credit Card Decline Rates

According to a survey from CompareCards.com, 12 percent of all credit and debit card users in the US experience a card decline each year. The cost to the merchant was significant: 2.6 percent of all income orders and 3.1 percent of all orders over $100. Even worse, a third of customers who were declined blamed the merchant for the decline, regardless of who was actually at fault. Yet many of those payment declines had no relation to the customer’s honesty, credit, or bank balance. For example: The card provider or the processing service might have experienced downtime or some other internal problem. A customer may have made a purchase that was “out of character,” leading the provider to flag a […]

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