Does your shop accept credit cards? If so, what are you doing to protect your customers’ credit? SmartBlog on Leadership Associate Editor Sam Taute tackled this issue in a recent article.
“Some of the risks that credit fraud pose to small businesses are obvious: Money lost from reimbursed goods and non-refundable processing fees are two examples that can undoubtedly hurt a company’s bottom line,” Taute wrote. “There are more subtle costs too, however. Fraud can indirectly hurt sales by decreasing customer satisfaction and by damaging a company’s brand.”
To combat this, Taute suggested small businesses craft a plan to decrease their vulnerability to all types of fraud.
He shared five steps owners should take then creating the plan:
- Identify vulnerabilities in your data-management system
- Keep your databases up-to-date
- Monitor areas in your business where goods are exchanged,
- Know your state’s credit transaction laws
- Make fraud protection and ongoing operation.
To read the complete SmartBlog on Leadership article, click here.