If you’re operating a small business, it’s essential to protect it from fraud, lost revenue, cyber-attacks, and burglary. Since eCommerce is becoming more accepted among customers, internet and account protections are necessary to combat hackers and secure the longevity of your business. However, physical protection for your business is also warranted since burglars could potentially access your on-site documents.
1. Fraud Protection
Although business owners worry about massive fraud schemes that could ruin their companies, the biggest threat to small businesses is friendly fraud. This type of fraud involves single credit card transactions, and the FBI contends that the pervasive threat is on the rise. Banking institutions have protections for fraud claims, but often the process is time-consuming. If you want to recover funds from fraudulent transactions, you can implement chargeback protection for merchants programs. Chargeback programs reduce the time you spend recovering funds from fraudulent charges.
2. Revenue Recovery
Lost revenue from fraudulent transactions and late payments can quickly add up. Although you may have an accountant or employee devoted to lost revenue recovery, it’s helpful to have immediate notifications sent to you personally so that you have a real-time account when problems occur. Promptly recovering lost revenues will lower your monthly costs and provide you with peace of mind. Invest in a professional service, like Ethoca, to provide instant alerts when a charge is deemed fraudulent. You can decide who sees the alerts and which mobile devices or computers receive messages.
3. Cyber-Attack Protection
You’ve likely seen countless instances of network and database cyber-attacks from television and internet reports. Although most of the reporting on the attacks focus on large organizations, governments, and corporations, there is not a small business or individual who is safe from hackers. Even an online bible study group was video bombed by hackers. Nothing is sacred to internet criminals. Purchase a premium virus protection program that includes a VPN to protect your business.
4. Security Systems
Although online criminals are the most significant threat to your business, burglary and vandalism are always a concern when sensitive materials are stored in your office. Install a security system that provides instant alerts and high-resolution cameras. To keep your energy costs low, use a system that runs off of Wi-Fi. Sometimes, the programs and articles that report internet crimes and burglary may overwhelm you with fears for your company’s future. However, with a few wise security investments, you can safeguard your business and continue to prosper and expand.