Hardwood Floors December 2024/January 2025

TECHNOLOGY BUSINESS BEST PRACTICES

Credit Card Fraud Protecting Yourself from

ADOBESTOCK ©

There’s a very prevalent scam that has been sweeping through the industry during the past few years, rampantly preying on unsuspecting flooring dealers. And too many in our industry are getting burned. The scenario typically plays out like this: You get a call from someone, and the potential customer orders a product over the phone, requesting a will-call pickup (cash and carry). They need it quickly, and often, it’s for a sizable amount. The story usually has some variation: they ran out of materials and needed to finish a job ASAP. They say they will send over their installer to pick up the product and want to pay with a credit card over the phone. The card initially appears to process just fine. Their installer (who may or may not be involved in the scheme) picks up the materials. And then you find out a week or two later that it was a stolen card, and you are on the hook for the loss. The credit card company charges you back for the purchase. Because you took the stolen card, you have no recourse with the processor, neither with the bank nor with the credit card company. And, of course, the “customer” is long gone.

Did you know that if you, as a business owner, take a stolen credit card, you are on the line for it? Even if everything went through and nothing was flagged initially? It’s essential to protect yourself from being victimized.

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