Most Common Credit-Card Processing Scams to Avoid

The number of people going cashless is growing. Thus, credit-card processing is gaining more and more importance all over the world. For businesses, accepting card payments online is no longer a choice: it’s just a necessity. Let’s look at the common card-processing scams that you should avoid. Also, let’s see who can best help you with RMS retail merchant services.

RMS Retail Merchant Services & Card-Processing Scams

It’s projected that nearly 60 million card transactions will be processed on a daily basis in the UK by 2026. The increasing importance of credit-card payments makes it so much crucial to find the right payment processor to work with.

For this, you just need to apply to a respectable payments-comparison company in the UK that can help you with the best credit-card processing solutions, including RMS retail merchant services. Make sure the comparison expert guarantees the most reliable snapshot of processors at the time writing.

What about the most common credit-card processing scams that you should stay away from? You can find them below:

• Unsolicited offers of ‘wholesale processing’. As a rule, these are expressed via a message saying you’ve been designated a ‘low-risk’ business.

• Unsolicited messages sent by a payment processor suggesting lower rates secured with the card network and that it’s passing the savings on to you.

• Fake-authorization codes used by some customers to make the merchant bear all the responsibility for transaction risks.

• When the credit-card processor claims it can provide you with a pricing quote only after you’ve filled out the application.

• When the payment processor claims it can approve you a low rate to convince you to sign up and then quickly raises the rates due to the contract you’ve signed.

• Lots of payment processors offer equipment leases. In such cases, avoid leasing your processing equipment altogether. Instead, just purchase it outright.

Overall, Britons’ credit-card debt accounts for £72.5 billion. Last year, the total fraud losses associated with UK-issued cards reached £671.4 million, which was a 19%-increase from 2017, according to UK Finance. Nets.eu reports that eCommerce fraud is currently representing 50% of the overall UK card-fraud losses, thus accounting for £310.2 million.

To sum up, payment-processing scams are on the rise all around the globe. Working with a secure payment specialist is a must if don’t want to be a victim of fraud.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts, including RMS retail merchant services. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie in his backyard porch, as should all right-thinking people.