Credit Card

Credit Card Fraud Threatens Small Businesses

Credit card fraud seems to becoming a favorite of amateur criminals as rates begin to increase. The danger of credit card fraud affects three groups. The first group includes customers like you. Discovering you are the victim of credit card fraud and then trying to sort the situation out can be costly in both resources and time, and is never a fun experience.

The second group to be affected includes the businesses handling transactions. As soon as credit card fraud is discovered banks and credit companies require that the business make reparations in the form of a charge back, which is a process wherein the original charge to the card is demanded as compensation for the loss to the customer. This affects the third group, the banks and credit card companies, by potentially losing them money. The chargeback is designed to prevent that.
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Credit Card Charge Backs Harm Small Businesses

Credit Card Convenience

The vast majority of modern small businesses now conduct a large portion of their sales through the telephone or internet. The sheer convenience that these mediums offer to customers means that trips to the store are no longer required or even necessary, with the same level of service being coupled with the freedom to shop and order from home using a credit card.

This means greater potential revenue for small businesses like florists and gift shops due to the order-friendly nature of the items they tend to sell. All a customer need do is provide a credit card number and mailing address and specify what they want to complete the transaction. Unfortunately, this also opens up a new world of potential financial issues involve credit card fraud and other dishonest practices.
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Consumer Spending on the Rise

Consumer Spending Trends Indicate Rapid Annual Growth

Thanks to the rapidly growing economies in Canada and the United States, consumer spending is on the rise like never before. Many economic analysts state that the spending power of the average North American citizen is higher than ever before, with considerable disposable income being available for the purchase of numerous goods and services.

Although income itself may not be increasing to match inflation, people are learning how to manage their money with more efficiency. Financial advice is one of the most widely-sought things by a large number of people due to the fact that a bit of safe investment can lead to great monetary reward. An increased reliance on credit also means higher levels of consumer spending.
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