Two New Attacks on Credit Card Information

Mar 14, 2014

Business owners and Customers show little concern

Perhaps the most noticeable fallout from Target’s massive credit card security breach last year is how little impact it had on small business owners. Data protection, a recent poll reveals, is still on the back burner for small business owners—who have barely any interest in the Europay-MasterCard-Visa (EMV) chips that are reputed to be a more secure choice than the normal magnetic-strip credit cards.

Even customers seem to be in large shrugging off the recent credit card security breaches. A recent poll indicated that of 1,400 customers that responded only 33% were concerned with their credit card security. Over a 2/3 majority of customers questioned were not aware of the alternative EMV chip credit cards.

Two new Credit Card Information Leaks

Two more businesses have been breached and have had their credit card data compromised. Sally Beauty Holdings Inc. and J.M. Smucker Co. both have shut down their online stores in response to compromised credit card information.

Sally Beauty has over 2,000 stores across the United States and early reports peg the number of compromised credit cards at over 280,000. Smuckers, a famous jam and jelly company, was also afflicted with a malware program that stole customer information prior to encryption. The malware was in contrast to the more direct attacks on Sally Beauty.

Both companies have shut down their online stores and are hiring independent investigators to look into the attacks. Yet even in the wake of Target’s credit card crisis and with more recognizable brands falling victim on a consistent basis, customers and small business owners appear to have their attention fixed on other issues than credit card security.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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