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What Are Chargebacks Costing Your Business?
Confirmed | December 22, 2015
Tired of doing the math and eating the cost of chargebacks? We had a feeling. There's nothing that can ruin your day like a chargeback from a customer's credit card. Invalid information, expired card or insufficient funds; these dreaded words can turn a profitable event into a time-sucking financial nightmare. Losses are not only incurred by the loss of payment, but most banks will charge an administration fee of $25 to $100. Even with one chargeback a week, that can be a $400 monthly loss to bank fees and up to thousands of dollars lost to non-payment. Whether you are a small company or large organization, these losses can add up quick...
What Are You Doing to Prevent a Major Data Breach?
Confirmed | December 16, 2015
Why do bad data breaches happen to good companies? We like to think that our business practices are safe and ethical, but time and time again headlines inform the public of big data breaches in the hospitality industry. Just earlier this year, 7 Trump Hotels were exposed for a data breach and every single one of their customers cards were potentially at risk. Besides stolen documents, hackers are still the #1 source of data breaches, so in this digital age it's important to take the steps needed to secure your customers data. Check out the following suggestions to help your company avoid a major data breach: Problem: Storing sensitive...
Three Easy Steps to Prevent Credit Card Fraud & Chargebacks
Confirmed | December 8, 2015
Credit card fraud is a serious issue. The United States accounts for 47% of the world's credit card fraud and the hospitality industry accounts for 55% of that. The fact that more than half of the country's fraud comes from one industry is unsettling and means that it's time to take action to prevent it! One of the main reasons the hospitality industry is so heavily affected by fraud is the frequency of card not present transactions. Whether it's a room reserved online or a catering order over the phone, all these transactions put your customer's card information at risk. So we know the problem, how do we start to take steps against it?...
What Are You Doing to Prevent Fraud in the Digital Age?
Confirmed | December 2, 2015
We always hear about it. We sometimes talk about it. But how often are we taking actions against it? Credit card fraud and data breaches have been a growing trend in the past decade and every time a large hospitality corporation is exposed, they get criticized for carelessness. It's time to stop laying blame and time to start discussing solutions. According to Nasdaq, almost half of the world's card fraud occurs in the United States. A 2015 research note from Barclays states that the U.S. is responsible for 47% of the world's card fraud but only accounts for 24% of total worldwide credit card volume. One of the main reasons is card-...
