16. April 2012 15:43
The popularity of credit cards in place of other payment methods cannot be attributed to its ease of ease of use and low transaction costs. Credit cards are also quite easy to carry and serve as a great replacement for bulky cash. Several customers are opting for credit cards for making all kinds of purchases for consumer durables as well as for daily needs items in several countries. It has been predicted by economists that there is likely to be a gradual phase out of hard cash to give way to a complete domination of plastic money in the near future.
With the number of transactions taking place through credit cards on the rise, the security and safety aspects related to their use assume significance. Credit card processing terminals are generally installed at retail counters to facilitate credit card transactions. It is important for the vendors to procure the appropriate technologies required for assuring the confidentiality and privacy of credit card information and other financial information required to be divulged by consumers while making purchases. A thorough testing of the credit card processing machine must be done to ensure that it fulfills all safety/security requirements before it is set up to receive payments via credit cards. Any kind of security lapse can cost you and lead to a rapid disappearance of customer trust thus leading to reduced sales.
There are several aspects that credit card holders can also keep in mind to keep their money safe:
- Credit card holders must not divulge information pertaining to their cards through e-mails to any vendor or company. It is important to make use of proper channels to reveal such information. The webpage on which such information is revealed must be one that is encrypted and secure.
- While shopping at retail outlets, it is important to fill out the code related to the credit card i.e. the CVC number on your own and refrain from asking the salesperson to do so for you. It is important not to provide such information to retail sellers even if you happen to be a regular customer.
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