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What you are referring to is 'chargeback insurance'. I have been in the merchant services business for many years and have seen a few pitches for coverage of this sort. But I believe most of them to be scams and have never promoted them to our merchants.1 of 1 people found this helpful
To be sure, there ARE tools to help merchants minimize losses of this kind. First and foremost, proper training in credit card and check acceptance procedure from whomever set up your merchant services account is a must--if you weren't trained properly if at all you were severely short-changed, and I see this a lot. AVS (address verification) is another very useful program. Many payment gateways offer sophisticated security 'suites' that are useful as well. And in regards to checks, there are several excellent (also several lousy--buyer beware) check guarantee/conversion/verification systems on the market. .
Hope this helps. To give information more specific to you, I'd have to know more about you: What your product or service is, how it's sold (face-to-face,MOTO/internet), etc. If you feel the need to discuss further, feel free to email me.
I have personally been defrauded using the internet. It was probably my fault for not realizing who I was dealing with, but it does not make me not want to stop it for others as well. I am checking with my State Board of Insurance to find out if there is such an avenue to purchase internet fraud insurance. When I find out I will let you know. There would be a great value in such an insurance for those who wanted to sell it.
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Is there any way I can insure myself against fraud? I have just started a small business. I plan to accept credit cards, debit cards, checks, and cash. How do I protect my business against stolen credit or debit cards, bad checks, and even counterfeit cash? is there any type of insurance I can buy that will protect my business against such events? The economy being the way it is, I am afraid that a few people will do such things. I don't want to appear distrustful of honest clients but I don't have the resources to suffer huge losses that a dishonest person may cause.
Thanks for your help!
Thanks for your help!