Five ways merchants can combat credit card fraud

The convenience of credit cards and online payment systems has effectively obliterated cold hard cash from our world.

But it has also put merchants into the position of looking for ways to make customers feel safer.

Implementing a trusted payments system into your business is of course the first step, but there are a number of other practices to consider in a bid to avoid credit card fraud.

More: Discover how accepting American Express can provide value to your business

It’s more common than you think. Stolen or counterfeit cards are routinely used to commit fraud against businesses in Australia, so the more that merchants know about how it happens and how to prevent it, the better.

For example, a transaction can be far more risky if you accept payment over the phone, because manually entering the card details into your EFTPOS terminal is subject to the possibility of human error.

It is your responsibility as a merchant to check that any card or card details provided to you are valid, and that the person using them is the genuine card holder.

Likewise, secure online payment services, like that offered by PayPal, which accepts a range of credit cards, including American Express, are a safe alternative to cash. The advantage with these providers is that they act as the middle man, meaning your bank details remain invisible.

From safer payments in your small business, to understanding how to maximise your tax offsets, get advice from industry experts to help you make the most of the end of financial year.