When you start your own small business, you are putting your heart and soul (and often your life savings) into a business you truly believe in. You are your own boss and you are contributing to the local economy. As a small business owner, you must manage the risks involved as a business owner. Small businesses are particularly vulnerable to fraudulent activity, which puts the livelihood of your business at stake. One of the most important things you can do as a business owner is to protect your business accounts. Here are some great tips for protecting your business accounts:
Check Your Accounts Daily
Many people are advised to check their personal checking accounts everyday, and it’s just as important to check your business accounts everyday. Do you go on Facebook everyday? Then you can certainly go online to check your business accounts. It does not take much time, and it’s an easy way to keep track of your account activity. If your banking institution offers mobile or email alerts on account transactions, this would be a great service to take advantage of.
Immediately Report Any Lost Or Stolen Cards
If you have any credit or debit cards associated with your business accounts, IMMEDIATELY report them if they are lost or stolen. After all, you want for your credit card company or bank to act as quickly as possible to protect your accounts. This means that you need to act as quickly as possible. It doesn’t matter what time of the day that it happens; banks and credit card companies have phone lines available 24/7 just for the purpose of reporting missing cards.
Separate Your Business And Personal Accounts
Separating your personal and business accounts reduces the threat of severe fraudulent activity. If a thief gets a hold of your personal account information, then at least he will not have access to your business account as well.
Reduce The Risks Of Employee Theft
Before hiring an employee, we highly recommend that you conduct a background check on your potential employees. Oftentimes in small businesses, employees have access to your business credit and debit cards. It’s important to make sure that your employees have no prior criminal records. Also, explain clearly to your employees when and how to use your business cards and their spending limits. Check employee card activity on a frequent basis and have your employees submit receipts of any business card transactions.
Keep Your PIN Safe
First of all, do not write your PIN number on the back of your card or obvious reasons. In fact, we discourage writing PIN numbers down at all to ensure that your information does not end up in the wrong hands. If you need to write down your PIN, try to store it in a secure place, such as in a safe.
If you are opening a small business, then choose our payment solutions company for your credit card processing services. We offer some of the best credit card payment processing services available for small businesses, so contact us today for more information.