We all know how important it is to keep track of your finances. However, in a world that is becoming increasingly dependent on technology, it seems that the payment processing industry is always changing. And since the majority of Americans rely on credit cards as their primary form of payment, if you are not completely aware of what is happening with your mobile credit card processing services, your information can be at risk. So in order to protect your security, here are some of the best credit card practices to pay attention to in 2017.
Be patient with the chip
Considering that only 46% of companies spend less than $1,500 per year on their POS software, it comes as no surprise that not all small businesses have the updated mobile credit card processing systems for the new chip technology. The transition is going slower than expected for many, so financial experts say to just stay patient and soon the entire country will have this updated EVM technology.
Pay in cash at gas stations
While gas stations were supposed to completely roll out EVM technology at the end of 2017, most popular credit card processing companies have extended the deadline to 2020. This means that credit card readers at gas stations aren’t completely secure, so it is best to use cash when possible.
Take advantage of mobile alerts
Many of the largest payment processing companies offer mobile apps that can help you keep track of your financial statements with the click of a button. They also offer alerts that will go right to your cell phone if you are approaching your credit limit, there has been unusual activity, and whenever it has been used to purchase something over a specific limit. These notifications will help you to keep tabs on your account without having to contact your bank unless absolutely necessary.
Freeze your credit when you open a new card
In order to prevent hackers from getting your information when you open a new card, put a potential freeze on all your credit. It is also good to know that most reputable lenders will not allow you to open a new account without potentially freezing your credit, so this is a good practice to have from the start.
Have any additional questions about the best credit card practices to follow? Don’t hesitate to contact our professionals today.