Merchant Account Security Tips

Merchant Account Security Tips

A merchant account is a unique type of account whose purpose is to process credit or debit card transactions and deposit to a business’s bank account. If your business allows the use of credit cards for payment, it is necessary to have security steps that make sure that the customers’ information is secure. Take a look at some Merchant Account Security Tips that can be helpful.

Merchant Account Security Tips

  • The merchant should not reveal any account information to a third party. Moreover, they ought to store all the materials that have sales slips, account numbers, and vouchers in a safe place.
  • During a card transaction, merchants should ensure they take considerable steps to ascertain that the cardholder and the transaction are genuine. Here are some things you can do in doing this.
    • Check the security features of the card. Ensure the card is valid and that there have been no modifications in any way.
    • Compare the signature on the card to that on the slip.
    •  Be on high alert so that you can notice wary behavior.
    • Compare the information on the card with the cardholder.
  • Discourage split sales transactions. A merchant should not make use of more than one sale transaction receipts for one transaction to prevent or evade authorization limits.
  • Use security tools and resources to your advantage. A merchant can work with their bank or processors to inquire about anti-fraud measures, services, and tools. Such steps help the merchant make sure that criminals do not use stolen card details when paying for goods or services at your business. You can also think about using tokenization or encryption to secure payment data and reduce its value to thieves who target personal data.
  • Be on the lookout for orders that have been rushed. Criminals often want their items as soon as possible so that they can resell them fast and they have little or no concern about the additional delivery charges they may incur.
  • Stay alert so that you can spot orders that are larger than normal. Stolen account numbers or cards have a short lifespan since fraudsters always want to maximize the number of their purchases. It is essential for a merchant to scan the details on large orders when you see them.
  • The merchant should also pay close attention so that they can make a note of in discrepancies involving the use of cards. Sometimes there can be several transactions on a single card or on similar cards that have one billing address but numerous shipping addresses. It can be an indication of planned fraudulent activity.
 With the above security tips, you can ensure that your merchant account is safe. Maverick also provides fraud prevention services, which you can view by clicking here. Also, don’t hesitate to consult with a Maverick Account Executive for additional tips.

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