With the invention of the internet, and with many businesses handling transactions online, ecommerce fraud is on the rise. This type of fraud can be detrimental to businesses of any size, but it is especially hard on small businesses. As a business owner, you likely wear many hats throughout the day. One of your jobs is protecting your business from instances of credit card fraud. Learn what steps you can take to protect your business’ valuable assets.
Contact a Financial Attorney
If your chargeback management system detects credit card fraud, you have a right to contact a financial attorney. Many times, a chargeback is caused when a customer deliberately reports a purchase they made at your business as fraudulent when it was completely legitimate. They do this to get back the money that they spent at your business, and you are left with no profits for the goods that you sold. An attorney can help you fight for the compensation that is rightfully yours, and you could help keep the fraudulent party from continuing this type of behavior.
Gather All Necessary Documents
When you are discussing credit card fraud with the credit card company, you will need to have proof of your side of the story. Make sure that you keep all of your sales receipts and records of transaction history. Keep up with the dates that your chargeback management service first detected the fraudulent act. All of this will help you present a valid case to the credit card company, and you are more likely to get the help that you need.
Contact the Credit Card Company
A credit card company may add the chargeback to your account without ever contacting you about the incident. If this happens, you should ask to speak with a representative at the company. You should ask who reported the charge as fraudulent, and also ask if any type of investigation was carried out. It is important that you fight for your rights as a business, and you need all necessary information in order to make the right decision.
Operating a small business can be a rewarding pursuit, but there are people who would unfortunately take advantage of small business owners. Do not put yourself in a vulnerable position; instead, find ways to protect your business against all types of fraud. Your business will be better for it, and you will have better peace of mind about the security of your assets.