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When you think about credit card crime, big companies like Target and Equifax probably come to mind. As a small restaurateur, the potential that your business could be the next victim may be less than a blip on your radar. Sadly, eateries are extremely vulnerable to fraud and data breaches, and it is in your best interest to learn how to minimize the chances that you will be harmed.
Knowing that you want to accept credit, debit card, and even contactless payments is just the first step towards offering your customers as many convenient payment options as possible. Your bigger challenge is coming to an understanding of how payments work, the types of hardware available, and the best way to obtain it.
If you’re like most entrepreneurs, you make a valiant effort to juggle numerous responsibilities. No matter how great you are at multitasking, there are some tasks that are best delegated to others. By taking this step, you can actually spend more of your financial resources on growing your business while simultaneously freeing up valuable time.
Often known as “millennials”, the generation born between roughly 1980 and 1998 are now coming into their own. Millennials are completing their education, finding careers, and making money. As they take their place in the front ranks of U.S. consumers, it is important to recognize the effects that mobile payments are having (and not having) on this important demographic.
For the most part, consumers understand and accept the risks that come when they provide businesses with their data. The majority recognize that this sharing of personal information enables companies to tailor the customer experience. As long as it makes life a little easier and more fun with targeted song choices, weather forecasts, and product recommendations, they will go along for the ride.
Being as flexible and diverse as possible when it comes to payment processing is one sure way to attract and keep customers. After all, purchases are the lifeblood of your retail establishment. It might even be time to add accepting Bitcoin and other types of cryptocurrency payments into your business’s portfolio.
Identity theft and other types of credit card fraud are not just disturbing and disruptive to consumers, but they can also take a heavy financial toll on merchants and even jeopardize their solvency. If you own a business that accepts sales via a POS credit card reader, watch out for these signs of potential criminal behavior.