Online Credit Card Processing Fraud - Avoid It

We are all familiar with credit card fraud and as a merchant that can be stuck holding the bill, you need to be extra careful. The first place to be cautious is long before you take your first customers electronic payment. When setting up your online credit card processing account make sure to avoid scams. Review your choices as carefully as you would opening any bank account for your business.

While opening a online merchant account you may be required to disclose both business and your personal financial information. Under the current credit crunch we are experiencing, more personal information will be required from owners and officers of companies and corporations to obtain all kinds of credit including merchant accounts and online card processing.

Keeping these security issues in mind, completing a merchant account application online may not be as safe as a local back or credit card agency. Keeping your own information safe is the first step in avoiding credit card fraud and possible personal identity theft.

If possible, going into a brick and mortar bank may offer you greater protection. Banks help keep information safe by using extensive ant-fraud software and procedures.

While banks may charge a small application fee that web based merchant accounts might waive in order to attract your business, the extra expense may prove worth it rather than turning over all that vital data to an unknown entity online.

If you are looking to save money on your online transactions you might be surprised at the rates traditional merchant services companies can offer. Just because a service is found and offered on the net does not always make it cheaper or a better deal.

When applying for a merchant account you may be required to have some information ready for your application.

These things might include:

* A business tax I.D. number and or your social security number.
* Specifics about the business; name, address, time in operation.
* Annual business done and how many dollars of that would be credit card.
* A current bank statement.
* And if you already process credit cards, a copy of your current statements showing volume and charge back history.