It seems like it’s finally starting to look like spring time, here in Toronto. And you know what that means. People are already beginning to look forward to the summer time. Summer, of course, is the season most associated with vacationing. And when people go on vacation, they make sure to take their credit and debit cards with them. In recent weeks, the Canadian POS Corporation Blog has been taking a look at the debate that exists within the Canadian marketplace as it relates to credit and debit card use.
One thing is for sure. There are many more benefits to using either credit or debit cards over using cash to pay for purchases. Clients of Canadian POS Corporation know this quite well. Canadian shoppers use plastic as much or more than anyone else in the world! However, while travelling, it’s important to take precautions so that you don’t experience fraud on any of your accounts. As a business owner, it can be argued that no one deserves a vacation more than you. So you also need to adhere to certain precautions.
On FinancialPost.com, Jonathan Chevreau writes that no matter where you decide to go on vacation, you need to take measures to minimize the chance of fraud taking place on your accounts. He lists a number of precautions that are designed to protect consumers regardless of the type of plastic they are using to pay for their purchases. In today’s blog, we’ll review a few of these precautions in hopes that they will help you to have your happiest and safest summer yet.
Call to inform the financial institution that issued your card which countries you will be visiting, and for how long. This is an important step because often fraud can be detected before you even realize that your card is missing. Even if your card isn’t missing, your financial institution will be able to recognize charges that may not be yours if they are informed of your whereabouts. Simply put in a quick call to let them know of your travel plans. This will also prevent them from putting a hold on your card while you’re trying to use it abroad.
Know your expiry dates, account balance and amount of credit available. According to Chevreau, this information will ensure that you are not “caught short with a card that expires or not have enough credit to cover your trip expenses.” Carrying plastic is convenient. We all know that. But there’s arguably nothing more inconvenient that having a card that you can’t use! Pay off any bills that you’re able to and make sure your card is in good working order before your trip.
Keep a copy of your financial institution’s customer service phone numbers and account numbers in a convenient spot separate from the card. Chevreau also reminds us that “normal toll-free numbers may not work internationally”. So be sure to make note of any international numbers that you may be able to call while you’re on vacation. You never know when you may need to call up your credit card provider for assistance.
Report lost or stolen cards or unauthorized transactions to the issuer immediately. Clearly, one of the main reasons you may need to call your credit card issuer is to report a lost or stolen card. You don’t want to give anyone the opportunity to rack up a big bill of fraudulent charges. Remember, a lost or stolen card doesn’t mean that you’re losing money. Fraudulent charges are generally investigated for you so that you don’t have to pay for them. Lost cash, on other hand…
Well, you know the problem with that. Lost or stolen cash is money you’ll never see again. And your customers know it. This is why accepting credit cards and debit cards is so important to your business. Keep in mind that people who are vacationing in the area where your business is all set up will want to use their credit and debit cards at your place of business this summer. Will you allow them to do so? Start accepting plastic today! Call Canadian POS Corporation at 1-877-748-2884.