As a merchant we know that there is a lot to know about accepting debit and credit cards. We want to help you protect your customers, your staff and your business. Here are some tips:
- What is a chargeback? A chargeback is a reversal of a transaction that has been disputed. This happens when a cardholder or the cardholders issuing bank has disputed a transaction or when there is a violation of the rules and regulations established by the card brand associations (Visa, MasterCard etc...). For more information on chargebacks and how to protect your business from them please review the information provided by Chase on chargebacks.
- Do you process transactions where a credit card is not present at the time of the initial transaction? If you do there are steps that you can take to limit the chance of your business being a victim of fraud.
- How can you prevent fraud at the point of sale? Read Preventing Fraud at the Point-of-Sale.
- Be familiar with the merchant operating guide of your service provider. Most providers post them online. These guides will give you a better understanding of how to process transactions, refunds and what to be aware of when doing so.
- Verify your merchant account statement every month. If you need assistance in understanding your statement, contact your acquirer. Chase clients have access to a statement reader guide online.
- Have the Equipment Troubleshooting card for your terminal available to staff who process transactions as well as contact telephone numbers for your merchant service provider.
- Learn which Canadian credit cards carry regular or premium rates for merchants.
If you are not a Chase client please contact your acquirer for direction on these specific topics.
If we can be of assistance, please call 1-888-234-2232 to speak to your local CFIB Business Counsellor.