9 Ways to Cut Your Company’s Payment Fraud Risks
Fraudsters are now focused on business’ alternative payment methods with weak protection. What steps are you taking to fight fraud? Who can help you with a secure and low cost bad credit merchant account? Below you can find several effective ways and a secure merchant services provider to fight fraud with ease.
Prevent Fraud & Get a Bad Credit Merchant Account
82% of companies fell into the trap of fraudsters in 2018, as the Association for Financial Professionals reports. In fact, small and midsize (SMBs) businesses are faced with greater threats in this regard.
Almost half of U.S. small and midsize companies underestimate payment fraud threats. A Vocalink Analytics report shows that nearly 50% of smaller companies think they won’t get awfully hurt if they were ever hit by fraud.
What about you? Are you looking for the right merchant services provider that can help you avoid fraud as much as possible? With the right specialist, you can protect yourself from payment fraud and mitigate chargebacks. A true payments expert can provide you with the most secure and cheapest payment processing services, including the best bad credit merchant account.
How to Protect Your Company from Payment Fraud
Here’re steps that can help you effectively control your potential internal and external risks:
- Educate your employees involved in payment processing so they can know how they can directly/indirectly impact the company’s risk exposures. Each of them should know your fraud risk policy and the consequences that may result.
- Implement internal controls, meaning plans and/or programs aimed at protecting your company’s assets, ensuring the integrity of its accounting records, as well as detecting fraud and theft.
- Build a clear organizational structure, develop written policies and procedures, as well as fair employment practices.
- Use accounts payable automation to keep strong financial controls, reduce headcount, and streamline the manual processes that may result in big internal risk exposures.
- Build your payment process by taking into account the best practices.
- Use automation to get rid of manual phases: this will boost safety by cutting the risks of fraud and those of mistakes.
- Build a uniform, company-wide process to manage payments and centralize all your bank connections to a single system: this will help you enjoy exceptional transparency.
- Keep an eye on payments coming in and going out, have proper checks and balances between them. Monitor the payments being transferred to unknown bank accounts or made without following the normal payment schedule.
- Consider hiring experts who can help you with internal control audits and forensic, as well as with general and basic consultations.
Unfortunately, 48% of business owners of small and midsize businesses think their businesses are small enough to be a target for fraudsters, as a study by a fraud protection company reveals. In reality, small companies with 10-49 employees have had the biggest losses because of fraud.
To sum up, don’t underestimate the risks of payment processing fraud. Work with a secure merchant services provider to protect your online transactions to the best possible extent.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their bad credit merchant account solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.