BluePay is pleased to bring you this valuable information from our partner, Due, makers of a free digital wallet that allows users to easily make and accept payments online.
It’s a widely known adage that the more you know, the better decisions you can make. That’s part of the reason why Big Data has become so popular in recent years. All that available data is helping companies better understand their productivity levels, how they spend money, and how they are satisfying specific customer segments like Millennials.
It makes sense that information can then be useful in other ways, like protecting a business and make them less vulnerable to risk. That’s exactly what a bounty of available resources can do when it comes to how a small business accepts payments, particularly credit card processing.
Fraud has been on the rise with multiple data breaches occurring at businesses of all sizes with their credit card processing systems as well as the rise in chargebacks. Not being up-to-date on compliance and regulations can also create problems for your small business. Therefore, not being vigilant about these aspects of payment acceptance can put you at financial risk.
Then, there’s the idea that not knowing other things about credit card processing can cost you valuable resources of time and money. With access to more resources about payments and payment processing, your small business could benefit from tips that reduce credit card processing fees or lessen the amount of time you spend on doing things that are not considered revenue generating.
With that in mind, here are some resources you should consider to boost your knowledge about everything related to credit card processing, including opportunities, risks, tools, and regulations:
- Small Business Administration: While the SBA is a great resource for everything related to a small business, a good part of their website that focuses on credit cards is their Office of Advocacy. This organization provides information related to regulatory issues, fraud, business and consumer rights and protection and more.
- Federal Communication Commission: The FCC is the watchdog agency for consumer and trade rights related to activities in the media and online. It is one of the best resources for dealing with cybersecurity issues, including those related to online fraud with payments and data hacking. For example, they are the agency that would handle any problems associated with any suspected hackers you catch trying to break into your transaction platform. They offer a significant amount of information on how you can better protect your small business from cyberhackers.
- Credit Card Marketplaces: There are many review sites and organizations dedicated to helping both businesses and consumers better understand what credit cards are available and what they offer as well as what to look out for with various types of credit cards. Many also provide industry content, research, and statistics that are useful for small business owners. CreditCards.com is one prime example, including their article library that covers research related to credit card security, fraud, and identity theft.
- National Federation of Independent Businesses: Formed to protect small businesses across the country, the NFIB is committed to delivering as information as possible related to compliance, regulatory, security and advocacy issues. A quick search of their website, using the term, “credit card,” turns up numerous articles full of information on how to protect your small business while still accepting credit cards. This includes articles, reports, and e-books about the need to migrate to EMV, how to detect payment fraud, and credit card processing risks.
- National Small Business Association: Although the NSBA requires that you become a member, it’s well worth the investment for the support, network, services like medical and dental insurance plans, and access to resources you will receive. They partner with many other organizations, including credit card associations, to give you accurate and relevant information related to payments and credit card processing. The NSBA also has a content-driven website that offers industry news, trends, and regulatory reports that are free to view.
- Young Entrepreneurs Council: As a combination of a networking organization and advocacy group for entrepreneurs and startup founders, the YEC is an ideal way to get advice and recommendations from others just like yourself who may have insights into how to best approach online and mobile payments, cybersecurity, and credit card processing based on their own experiences. From offline networking groups to online resources, the YEC can help you become a more knowledgeable small business owner.
- Industry Blogs: Many industry blogs partner with many industry participants to link their content together, providing you with a wealth of resources related to online payments, credit card processing, payment security and business tips related to money. Along with the BluePay blog, which is focused solely on your needs and delivering valuable content like this list of resources, guest bloggers share their insights and include links to their own blogs for further content that can address some of the credit card processing issues you may be facing.
All of these credit card processing resources can help you ramp up your learning curve, including how technology like the Internet of Things and new tools like digital wallets will change how you accept payments, to make better decisions related to your small business, potentially increasing your revenue and profitability while reducing time and money spent on this area as well as enhancing the customer experience.