There are a few different options that a small business can implement when dealing with credit card fraud. For starters, there are safeguards in place regarding fraud. A card issue is liable for fraud as long as the business uses an EMV card reader to process their transactions or the transaction is made online. However, the business will be held liable if they don’t use an EMV card reader. When it comes to losing a dispute, a merchant will lose revenue and a chargeback fee must be paid.
- A card issuer is liable for fraud if an EMV card reader was used to process the transaction or it was made online.
- A business is liable for fraud in the case that an EMV card reader isn’t used to process the transaction.
- A small business that accepts a fraud charge will have to go through their bank and have evidence.
“It may be impossible to totally eliminate credit card fraud, but there are steps a business can take to manage the number of cases it has to deal with.”
Read more: https://www.nerdwallet.com/article/small-business/credit-card-fraud