NBC News reports that consumers are expected to spend over $800 billion during the holiday season in 2016. The shopping season traditionally starts from Thanksgiving.
On the one hand, consumers spend more during this period, on the other hand, there is an increase in payment processing fraud. Also, credit card processing fees usually go higher during this busy shopping season.
Take the Right Payment Processing Steps for Your Business
Equip your business with the latest EMB technology so to prevent fraudulent charges. Also, look for the best merchant processing options for your business to ensure success for your business.
Consider turning to a reputable payment processor like emerchantbroker.com. EMB is voted the #1 high risk payment processor in the United States and boasts an A+ rating with the BBB. EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated “A” by Card Payment Options.
- Approval within 24/4 hours
- High risk rates as low as 2.99%
- Top high risk Account specialists
- No application fees
- No setup fees
- No annual fees
- No gimmicks
Since the EMV liability shift in October 2015, today almost all merchants have a chip card reader. Most of the credit cards from the bank use the chip technology, but not all companies have adopted the technology and implemented new card readers. That’s why they may easily be affected by payment processing fraud.
Based on a study by The National Cyber Security Alliance, 60% of small businesses shut down within 6 months because of a data breach. It is highly important to find a merchant processor that offers the latest technology and terminals to ensure EMV-compliant and secure transactions for your company.
Do Not Overpay for Processing
Not overpaying for payment processing is another important factor to take into account to guarantee safe and secure transactions for your business during the holiday season. According to a study by one of the merchant processing companies, over 30% of business owners pay high merchant processing bills without being aware they could pay less or without paying attention to the varying monthly charges to save more.
52% of participants in the survey believe they are paying more for merchant processing on a monthly basis. 32% of respondents either don’t pay attention to their bills before making a payment or don’t know anything about their merchant processing account. Since so much money is being spent during the holiday shopping season, do research regarding a monthly rate for merchant processing to make profit during the boom in holiday sales.
Be proactive during the busiest shopping season of the year to protect your profits and cut extra expenses. While you may not be able to control data breaches, you can make the right decision regarding your merchant processing provider. Take time to investigate your options for EMV compliance. Do not think your monthly credit card processing invoice should necessarily be confusing. You can easily avoid paying higher bills each month. Make your holiday shopping season is safe and profitable.