Five Credit Card Safety Tips

Whether you are doing business online or you have a physical store, payment security is a must for you. Credit card payment is one of the popular ways for customers to pay for the goods or services that they are availing.

It is essential to your business to make sure that the credit card payment you are taking is free of fraud. Consumers who are victims of fraud purchases can file chargebacks through their credit card companies, leaving you on the losing end, especially if you have already shipped the goods.

On the other hand, you have to secure your payment system as well, so the cardholder’s information will not fall on the hands of cyber thieves.

Here are some credit card safety tips for you to minimize business’ losses:

1. Verify the issuing card company

If you are taking payments over the phone and you are unsure of the issuing card company, try a BIN lookup. Just enter the first 6-8 digits of the card number, and it will tell you the issuing card company.

Knowing the issuing card company will help you if there is a need for you to report a suspected fraud. Do not even think twice in calling the issuing bank. Fraudulent transactions will do you no good. It may look like money, but it will be reversed anyway.

2. Take advantage of an Address Verification System (AVS)

Credit card companies and issuing banks cooperate with merchants to check whether the submitted billing address by the customer matches with the address on their end. Major card companies such as Visa, MasterCard, American Express and Discover Card support AVS.

If you are using a payment processor, talk to them on how to integrate and implement AVS on your payment processing.

Briefly, though, this is how AVS works:

  • When you make the AV request, the first 4 to 5 digits on the street address and the zip code will be checked against the address on file at the bank. For instance: 1238 Main Street, Main USA 98763. What will be checked are “1238” and “98763.”
  • There will be six return codes for the check namely: full match, partial match address, partial match zip code, no match, international, and unavailable. You will receive one of these codes.

A full match is ideal as it comes with less risk. If the shipping address matches with the address on file at their issuing bank, then it is harder for the customer to dispute the transaction.

  1. Maintain a secure network

    Invest in high-grade encryption especially that you are processing payments. In doing this, you are not only protecting your business but also your customers’ information.
    Apart from encryption, there are other ways to secure your network:
  • Install anti-malware software especially those that can run in the background.
  • Update your tools regularly so weak spots will be fixed.
  • Utilize layered security measures like using strong passwords and two-factor authentication.

Always be watchful of the different fraudulent schemes of these con artists.

  1. Be PCI Security Compliant

The Payment Card Industry has set some guidelines on how to secure cardholders’ information. You can read the details of these guidelines on the PCI Security Standard Council’s website.

Take some time to read the guidelines so you can implement the security measures recommended. These measures suggested will keep the acceptance and transmission of cardholders’ information safe. Being compliant to these is one of the best ways to combat credit card fraud.

5. Be critical of customers’ purchasing behavior

As it is essential to secure your payment system technically, it is equally important for you to be vigilant on customers’ behavior.

These are few things to be watchful of on your customers:

  • Multiple items in an order especially if it doesn’t make sense.
  • Multiple orders on the same day.
  • Orders coming from countries you unusually get orders from.
  • Big items such as tv’s or laptops.

You can require additional identity verification for unusual purchases. Customers will appreciate your effort as you explain to them the purpose of what you’re doing. After all, it is for their own safety, too.

Maintaining the safety of credit card payments and making sure that you are taking payments from the legitimate cardholders will not only ensure that your business is profit-wise, it will also safeguard your reputation.

As an entrepreneur, you cannot afford to lose some profit to con artists and tarnish the reputation you are working hard to build. Carefully examine your current payment system and make the necessary changes if needed.

 

 

 

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Avoid These Sneaky Starbucks Marketing Strategies

What can be more tempting than the smell of freshly brewed coffee? Many Singaporeans cannot go without a hot cup of joe in the morning. The growing demand for coffee and its varieties increases the popularity of Starbucks. This glistening green mermaid houses products that end up costing more than expected.

Why is that so? Well, you end up spending more money with these marketing tricks.

ALL ABOUT THE AESTHETICS

While I was writing this post, I overheard a group of adolescents complaining how they dislike the potent taste of Starbucks coffee. In spite of this, they liked the look of the coffee cup and the establishment.

You see, Starbucks stores are all about offering aesthetically pleasing designs to catch customers’ attention. It begins with perfect lighting! The food is kept on the best lit area of the store. Drawing more attention is the small items right by the register. Candies, cookies, and nuts may seem affordable at the moment. However, these little things add up! You have to be wary.

Image Credits:pixabay.com

Furthermore, stores may rearrange their products to make you notice things that you have not tried before. Do not get me started with the Starbucks Reserve chains with fancier interiors!

SEE WHAT IS TRENDING

One thing is for sure! Starbucks has figured out how to keep their loyal fans happy. As they are constantly creating new twists of old standards, they keep grabbing our attentions. Let me introduce you to the Merlion Frap!

Do you remember the time when the pastel Unicorn Frappuccino stole the hearts of many Netizens? Unfortunately, this limited drink was not available in Singapore. Nonetheless, it was a genius move on a business perspective.

YouTuber thejetsets was intrigued by the pastel drink and decided to ask for a Singaporean rendition. Although the Starbucks baristas were taken aback at first, they eventually warmed up to the idea. They made a pink and orange frappuccino in creamy mango flavor. They called it the Merlion frap! Apparently, it tasted good.

THE ORDERING GAME

Starbucks has a loyalty program, which turns your orders into a game. What are the mechanics of the game? Each card holder needs to get to next level by earning stars (or reward points). Earn a certain amount of stars, and you get any one item (i.e., food or drink) on the menu for free!

Through the Starbucks app, you can find special offers, reload your card, and redeem your points. It is no wonder that many of your co-workers requested a Starbucks top-up on the Yuletide wishlist!

BEAMING CLOSE CALLS

I, for one, enjoy a good slurp of Bubble Milk Tea. I often ask if the size I want is available. In cases when it is not, I choose the closest size with no hesitation. This scenario happens to many people. When it comes to drinks, people usually do not pay attention to the prices than they do with food.

According to Consumer Psychology professor Kit Yarrow, people will choose larger sizes than necessary as they see the costs are too close. For instance, some may order a Venti instead of a Grande.

Image Credits:pixabay.com

Starbucks has employed many marketing strategies to make you spend more money. Awareness of these tricks is the first step to mindful spending!

Sources: 1, 2, & 3

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Investing in Antiques & Collectibles

Hard assets, such as art, antiques & collectibles, as a form of investment alternative?

Well, perhaps these could be the following reasons.

Assets of such, often retain their value as inflation rises, and they can also provide balance to other asset classes that suffer more from rising costs.

Collectibles include everything from high-priced antiques, gems, works of art and many others.

1) What makes collectibles valuable?

Some collectibles are valuable because they are creations born of talent, skill and workmanship.

For instance, Chinese Porcelains. Each item is inherently unique, and its value may be specific to that individual item. These types of collectibles tend to hold their value over time, generally keeping pace with inflation. Many also have the potential to appreciate in value. The value of these types of collectibles depends on many factors as well. The age of the item, rarity, craftmanship and its current popularity among collectors may all be factors in determining its value.

2) Why invest in Antiques & Collectibles?

Some but not all, increases in value, though they tend to appreciate slowly over a number of years. Another attributing factor, “The new high will always be higher”, which is why we oftenly see these items setting new records high with auction houses around the world. Collectibles, however, can act as a hedge against inflation too. This is why many investors are sometimes tempted to add them to their portfolios.

3) Upsides

As an investment, There are a number of unique upsides which you cannot replicate with anything else.

Tangible assets:

Collectibles are not influenced by inflation or interest rate headwinds.

Low-correlation to the stock market:

Collectible markets rarely move in tandem with the economy.

Growing rarity:

It is all about supply and demand.

And over time, A good piece of work, become scarce when that particular item is no longer trading in an open market.

Personal control:

You hold on to the assets; you don’t have to worry about anything like an investment bank run, or being scrutinized into a virtual world with no physical ability to control and manage. And If you’re one lucky collector with ability to capitalize on arbitrage situations, you’re against all odds.

For more information, please contact iTreasures Capital via the following channels:
Website: www.itreasures-capital.com
Email: [email protected]
Enquiry: +65 6988-6602 (9am – 5.30pm, Monday – Friday)
FaceBook: www.facebook.com/itreasurescapital

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The “Dark Side” Of These Good Financial Acts

Many people believe that “no good deed goes unpunished”. This may sound ironic to you, but not all good intentions draw positive results.

There are many financial good deeds that can haunt even the most generous of souls. It is best to approach the following situations with caution.

#1: BEING CONSISTENT WITH YOUR CHILD’S ALLOWANCE

The subject of child’s allowance steers a debate in many parent forums. As a parent, is it your responsibility to provide a monthly allowance for your child? Or, should you make them earn it?

A study showed that teenagers who received allowance did worse on a financial literacy test than their counterparts. Giving a steady allowance without rules takes away the sense of accountability. Ultimately, parents are advised to have their children “work” for the money. Chores may be attached to the amount of allowance they will get. Alternatively, you may provide a given amount of funds to your child. Your adolescent must use his or her budgeting skills to purchase back-to-school items and other essentials.

#2: DONATING TO UNAUTHORIZED CHARITY

With pure intentions in your heart, you decided to donate half of your monthly salary to your local charity. However, you failed to do prior background check on the owners of the nonprofit organization. To your horror, the organization was a complete scam from the start! This scenario can happen to anyone.

Image Credits: pixabay.com

As unfortunate as this may sound, not all charities live up to its mission. Before you donate to a charity, take some time to research the organization and the founders. You may also read their annual report and other public financial documents.

Ensure that your donation will go to an honest cause! Go to www.charities.gov.sg for more information.

#3: LENDING MONEY TO FAMILY AND FRIENDS

Let us face it! Money has a potential to put a strain on any relationship. When you lend money to a relative or a friend in need, you may not be certain on whether you can get the money back or not.

On the other hand, you may be in debt to family member. In worst cases, said relative may feel that he or she has the right to exert control over your life or to criticize your spending habits. Imagine the amount of guilt that you will feel!

To avoid conflicts and other misunderstandings, craft a legal agreement that outlines the terms of loan including the interest rate and the repayment schedule.

Image Credits: pixabay.com

Have your good financial deeds backfired before? Leave your stories down below!

Sources: 1 & 2

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Restore Your Faith In Humanity With The Good Samaritans Of Singapore

With the Internet’s power to create different debates and to fuel the flames of negativity, it is essential to shed a light on positive stories. Stories that focus on human acts of random kindness can make your warm your hearts.

These positive stories are guaranteed to make you feel hopeful about our growing species. Who knows? It may even inspire you to do good yourself. On that note, here are some random acts of kindness that will make your hearts warm!

#1: GOOD FINANCIAL DEED AS AN EMPLOYER

2015 was a good year for Crystal Jade employees. You see, their former boss gave bonuses of up to S$40,000 to current and former Crystal Jade employees in Singapore. I am referring to the Hong Konger and the Singapore permanent resident – Mr. Ip Yiu Tung.

Mr. Ip Yiu Tung is the former boss of Crystal Jade, a restaurant known for its delicious and juicy xiao long baos. He sold his stake and remained as the adviser and brand ambassador of the company. Upon earning a significant amount of money from his financial move, he decided to share his blessings. In an interview, he was quoted saying:

Image Credits: pixabay.com

“I am not greedy. I don’t need more money to make me happy. I was already happy. I need a meaningful life, not just money.”

#2: GOOD FINANCIAL DEED AS AN EMPLOYEE

Did you know that a mover in Singapore recently returned S$50,000 inside cabinet that customer had forgotten was there? You read that right!

Honesty seems like a rare gem these days. When it comes to the moving business where you are entrusted with handling the clients’ precious items such as furniture and other valuables, honesty becomes integral. This is what Prestige Moving Services has proven.

This is Mr Jake. One of our best man. We would like to express our gratitude to him for his honesty which not many…

Posted by Prestige – Moving Services on Saturday, January 12, 2019

One of their employees, Mr. Jake, found S$50,000 wrapped up in a plastic bag at a corner of the client’s cabinet. The money was believed to be forgotten by their client. Mr. Jake made the best decision to return the money right away.

He gained much praise in the eyes of the Netizens, especially because his looks can be deceiving. Many were quick to point out that he was a trustworthy person despite appearing to be a muscular man covered with tattoos. This story goes to show that you must not judge a person’s character based on his or her looks alone!

#3: GOOD FINANCIAL DEED AS A STUDENT

How can you help someone financially if you have little to offer? Well, you may start by helping someone win the lottery! That was what Bryan Lee, a Nanyang Polytechnic student, did last year.

Let us begin the story. A couple supposedly won S$2,500 in 4D after dreaming of the lucky number. However, said couple lost the ticket. Storekeeper Neo Hock Wah said that his wife had used S$10 to buy a 4D ticket. Unfortunately, his wife dropped this ticket from her wallet while alighting from a bus.

Neo’s wife had taken a picture of the ticket. However, you cannot redeem the prize money with this method alone. To the Singapore Pools’ defense, anyone can digitally edit a “ticket” nowadays.

The couple decided to seek help from the Netizens. Fortunately for them, a student by the name of Bryan Lee picked up the ticket from the same bus the wife had taken.

Seeing that the ticket was in good condition, Bryan realized that someone might have lost it by accident. He contacted the worried couple via Wanbao.

Image Credits: pixabay.com

In Bryan’s humble words, he said: “My priority was to find the owner. Just because I can collect the lottery money does not mean that was the right thing to do.”

Sources: 1, 2 , & 3

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