The Startup Magazine |
- Personal Trainers – How to Really Prepare for the NASM Test
- How Can SaaS Businesses Can Reap the Benefits of Influencer Marketing?
- 6 Tips for a Successful Hiring Process
- Lesser Known Tips For Immediate Results on Magento eCommerce Websites
- 9 Shipping Tips for Small Businesses
- The Best Way to Get Work
- 4 Things to Know Before Launching a High-Risk Business
- How to Grow Your Business With Dynamic Ad Insertion
- The Most Common Types of E-Commerce Fraud That Online Merchants Must Watch Out For
| Personal Trainers – How to Really Prepare for the NASM Test Posted: 30 May 2022 12:00 PM PDT  If you're on your way to becoming a personal trainer (PT) and you've been preparing for the NASM exam specifically, it's going to be a good idea to figure out the best possible way to study and retain as much information as you can. The NASM, or the National Academy of Sports Medicine, is the non-profit organization that offers this particular certification (of the same name) for becoming a personal trainer, as well as programs that offer opportunities to learn in a more guided way with effective NASM exam preparation.
This exam in particular is one of the more difficult PT certification tests, with a pass rate of approximately 65% and a required 70% score in order to pass. While the exam is difficult, it is also well-known for having great results for those who are interested in PT careers. While preparing for the exam is necessary, there are also some prerequisites you need to complete in order to enroll in classes or to register for the exam. Those are going to need some of your attention as well. If you haven't been scared off and are still interested in learning how to prepare for the NASM certification exam, continue reading to learn a little more about the test. Looking ahead, you'll learn about the exam layout, whether studying with a NASM practice test is enough, and a little bit more. Learn the Exam's LayoutA great place to start with your NASM exam preparation is to learn more about the layout of the test. Generally, a level of familiarity (or even just knowing what to expect) can lower stress levels, as you're a little more likely to experience stress in an unfamiliar situation. The NASM exam has 120 questions, and 20 of these are research questions that won't count toward your score. Additionally, you'll only have two hours to complete the entire examination, or about one minute per question. And on the subject of time limits, you'll only have 180 days, or about six months, in order to fulfill any missing prerequisites, register for your test date, and complete the certification exam. Those are a lot of things you'll need to worry about, so it's pretty important that you manage your time well and plan out when you'll be best able to prepare for the NASM certification. Additionally, it's important to know that the NASM exam is concerned with a wide amount of information, covering a number of different subjects. Those subjects include:
Take Advantage of a NASM Practice TestA NASM practice test can be extremely helpful as you prepare for the NASM certification exam, as it can get you even more familiar with the NASM exam's format overall. A NASM practice test can also help you get a better idea of what kinds of questions there will be. Whether you're unsure if you'll be answering questions correctly, you want to be more familiar with the question and answer format in general, or you want to understand what information will be on a NASM exam, a NASM practice test is most certainly going to be able to help you with your level of understanding overall. Use a Study Guide for the NASMIf you're very strapped for study time while you're preparing for the NASM certification exam, you're certainly not alone. However, there may also be some solutions for you. In addition for help being available in the form of a NASM practice test or two, you can also try to use a study guide. Some study guides will actually come with a NASM practice test, depending on what versions of the study guides you're able to find during your learning period. In addition to the NASM practice test being useful, study guides come in handy as well. Study guides are mostly useful because they can condense the information that is presented in NASM textbooks. While study guides aren't physically able to offer as much detail as a textbook would be, that doesn't mean they aren't helpful. In fact, study guides for the NASM can be useful if you're trying to get the key information in a short amount of time. Additionally, if you're using a textbook, a study guide can help you to review the most important information without having to reread the entire original text material. Consider Digital Learning for the NASMThe NASM as an organization is also offering digital learning in an attempt to keep up with the trend of learning over the internet. While other situations have forced digital learning to be the norm and necessity, the NASM is doing its best to make NASM exam preparation for the certification exam as simple as possible for many people. The post Personal Trainers – How to Really Prepare for the NASM Test appeared first on The Startup Magazine. |
| How Can SaaS Businesses Can Reap the Benefits of Influencer Marketing? Posted: 30 May 2022 11:17 AM PDT  In the digital age, influencer marketing has become one of the most effective ways to sell products and services. Influencers have a substantial impact on their audiences and can assist marketers in reaching highly targeted individuals and a useful list of influencer marketing tips will drive new sales and revenue.
Influencer marketing is beneficial to the sports, leisure, fashion, and beauty industries. Influencers can take pictures of the products they’re advertising, and their followers will go to the product page to buy or learn more about them. Influencer marketing, however, is not exclusive to world-famous sports and fashion firms. It benefits all brands, even SaaS businesses. As a Saas business owner, you'd know that SaaS digital marketing is essential to your success. You also understand that it can be challenging to stand out in a crowded marketplace. Influencer marketing can help you reach your target audience, build trust, and generate leads. What Is Influencer Marketing?Influencer marketing is social media marketing that involves collaborating with people who have a large following on social media. The influencer uses their platform to promote your product or service to their audience. Benefits of Influencer Marketing For SaaS BusinessesThere are lots of benefits SaaS businesses can reap from influencer marketing. Some of these are: Increased EngagementOne of the most important influencer marketing benefits for SaaS companies is getting their products in front of the right people. They want to reach out to new clientele and educate them about their services and goods. Influencer marketing can help achieve this goal and increase brand awareness. Creating an Affiliate ProgramAnother of the best benefits of influencer marketing for SaaS businesses is that it can help create an affiliate program. An affiliate program is a system in which promoters are given commissions for promoting your product. By using influencers to promote your software, you widen your reach and ensure that more people are exposed to your product. Inexpensive And Effective Marketing StrategyOne of the most significant benefits of influencer marketing, mainly for SaaS, is that it is less expensive and less successful than traditional sponsored advertisements. Since most firms operate on a tight budget, the price is crucial. As a result, they can work with micro-influencers with a smaller following but a lot of engagement. How To Leverage Influencer Marketing For SaaS ProductsLook for Common ThreadsWhen looking for the right influencers to market your SaaS product, it's important to find common threads. This means finding people who have an audience that would be interested in your product. For example, if you have a project management tool, you would want to look for influencers in the project management space. This could be bloggers, YouTubers, or even podcasters. The key is to find influencers who already have an audience that would be interested in your product. This way, you can tap into their existing audience and get your product in front of more potential customers. Build RelationshipsThe next step is to build relationships with the influencers on your list. This is important because you want the influencers to be genuine advocates for your product. The best way to do this is to offer them something of value in exchange for their promotion. This could be a free trial of your product, exclusive access to new features, or even a discount code for their followers. Whatever you offer, make sure it's something that will genuinely appeal to the influencer and their audience. You can also engage with the influencer once you have determined that they suit your business. To demonstrate your interest in their content, leave a comment or share one of their posts. Always Take MeasurementsBefore you begin the campaign, you must identify the SaaS marketing metrics that will define your success. Discuss these measures with the influencer, so they understand how you will measure the campaign’s performance. There are many tools available for campaign measurement, such as Google Analytics. For example, if referral traffic is one of your key metrics, Google Analytics will let you track how much traffic the social media influencer has helped drive to your site. ConclusionThese influencer marketing tips provide excellent ways for SaaS businesses to get their product in front of new potential customers. By partnering with influencers who have an audience that aligns with your target market, you can reach a more significant number of people in a shorter time than through traditional marketing methods. The post How Can SaaS Businesses Can Reap the Benefits of Influencer Marketing? appeared first on The Startup Magazine. |
| 6 Tips for a Successful Hiring Process Posted: 30 May 2022 10:54 AM PDT  Hiring the right person for your business is essential to its success. If you don’t have the right team in place, you will struggle to reach your goals and might even run out of business. To avoid this, you need to prepare for your hiring process adequately. Here are six hiring process tips to help you find the right candidate for your business:
Image Source: https://unsplash.com/photos/TQwW-3EynK4 Work With a Recruiting AgencyRecruiting agencies have a network of the best talent, and they know how to identify the right candidate for your business.They will also pre-screen candidates so that you only interview those who are qualified for the job. If you’re looking for a customized solution, you can settle for recruiting agencies with job seekers in your specific industry or region. For instance, you can search for job seekers in Northern Virginia if your business is situated there. Use Job BoardsUsing job boards, you can post your job openings on these boards, and candidates will apply for the job. You can also search for resumes on these boards. This is a great way to find passive candidates who are not actively looking for a job but might be interested in your company. You might have to pay some fees before posting a job on a job board, but it’s always worthwhile, primarily if they screen and allow only severe applicants for their site. Use Social MediaUsing social media, you can post your job openings on social media sites such as LinkedIn, Facebook, and Twitter. You can also search for potential candidates on these sites using keywords. Candidates can also reach out to you through social media if they are interested in working for your company. Do an Employee Referral ProgramEmployee referral programs are a great way to find quality candidates. Your employees probably know people who would be an excellent fit for your company. They can refer these people to you, and you can reach out to them. You can also offer incentives for employees who refer someone who gets hired. Create a Good Candidate ExperienceThe candidate experience is the process of a potential employee going through your hiring process. You want to make sure that this experience is positive so that candidates will want to work for you. You can do a few things to create a good candidate experience. Keep communication open with candidates, make sure your process is efficient, and provide feedback to candidates. Even if they are not successful in getting the job, it is essential to let them know what they did well and what they can improve on next time. Use Candidate Assessment TestsAn effective hiring process entails more than just reviewing resumes and conducting interviews. You also need to assess a candidate’s skills, knowledge, and abilities. One way to do this is by using assessment tests like questionnaires, surveys, and aptitude tests. Assessment tests can help you identify which candidates have the skills and qualities you are looking for in an employee. They can also help you weed out those not a good fit for the job. Give candidates enough time to complete the assessment tests and be clear about what you are looking for in their answers. The hiring process can be daunting, but you can make it a success by following these hiring process tips. By taking the time to implement all or some of these tips, you can find the right candidate for your business. The post 6 Tips for a Successful Hiring Process appeared first on The Startup Magazine. |
| Lesser Known Tips For Immediate Results on Magento eCommerce Websites Posted: 30 May 2022 10:04 AM PDT  Be it search engines or the users, both love fast websites which is also true for eCommerce websites. For that reason, many businesses hire the Best Magento SEO Services – Impressive Australia to make their websites faster and enhance their ranking. By working on your Magento eCommerce performance, you can effectively proliferate your SEO results. It not only helps in building a loyal customer base but also built authority in the industry.  Source: Pixabay Following are some effective tips for Magento SEO to ensure quick results.
Most eCommerce merchants are enticed to use manufacturer’s descriptions for their products, especially in the initial phase. However, it hurts your SEO and search engine ranking. A better way is to write your own content or add something to the description to make it unique.
The ‘alt’ tag, which was initially designed to display a message when images are not displayed due to a slower internet connection, has got a new meaning. Search engines use this tag to identify and categorize the content on your page. You can use this tag to deliver relevant information such as product benefits for better SEO outcomes and overall Magento eCommerce performance.
Oftentimes, visitors land on a product page that is not interested in. In such cases, similar product options can save the day. It allows the visitors to choose from the options that might be relevant to their choice and continue their interest in buying. Also, as the visitors do not abruptly leave your website, it prevents a negative impact on SEO.
When some products on your website do not exist anymore, it is common for merchants to redirect using 302 which does not provide any link benefits. Instead, it is better to use a 301 redirect to take the visitor to a new page to preserve your page ranks.
When you delete a product page from your website, its link still stays with the search engine for some time. This can lead the visitors to the deleted page that shows a 404 error. Experts recommend customizing the 404 error page to cater to the relevant products to the user and avoid losing traffic.
When users land on your website from a search result page and do not find the required information, they tend to return to make another query. This negatively impacts your Magento SEO. You should ensure proper navigation within the website to deliver an exceptional user experience and better Magento eCommerce performance. Make links intuitive and readily available so that visitors can easily and quickly find what they want instead of bouncing off the website.
Data-driven SEO optimization is crucial for the success of a Magento store. Tools like Google analytics provide you with all the information and insights in an easy-to-comprehend format to drive better decision-making.
Rich snippets allow you to connect various components to your products. Components like rating and reviews integrated into the product help you improve SEO, enhance visibility in search results, and deliver a competitive Magento eCommerce performance edge.
This is a no-brainer with an increasing number of users joining social media platforms. To stay competitive, it is crucial to harness the power of various social media platforms to create and foster a community of loyal customers, improve SEO, and expand your reach. The post Lesser Known Tips For Immediate Results on Magento eCommerce Websites appeared first on The Startup Magazine. |
| 9 Shipping Tips for Small Businesses Posted: 30 May 2022 09:52 AM PDT  It’s likely that you already know how expensive shipping can be for small businesses. In the early stages of your new e-commerce venture, the expense of various small business shipping choices can add up quickly. Gaining and retaining consumers depends on providing rapid and free shipping. This, on the other hand, can severely cut into your revenue. So, what can you do to keep prices down while still meeting your client’s demands?
So we have put together a list of 9 shipping tips to help you save money on shipping as a small business.
Whether your products are big and heavy or small and fragile, you should properly prepare them for shipment. For smaller items, use materials like padded envelopes or bubble mailers. Crumpled paper and bubble wrap are the best options for fragile products. These things don’t cost much. When customers receive a product in an awful state or broken, they ask for a refund and leave a negative review. In that case, you will have to find a replacement and also pay the refund amount, wasting money, time, and energy. Careful packaging can avoid this.
Small businesses face increasing shipping costs while big businesses get shipping discounts from companies due to larger volumes. Find a small business-friendly company, say, an LTL freight carrier like Koho freight, which provides many features to help you reduce costs. These companies allow you to compare freight carriers to get the lowest possible shipping rate. You can track your shipment and also receive email updates about your shipment. It can help you get fair and lower rates without compromising the quality of your products or business.
The right packaging for your products can prevent higher shipping costs. Suppose you have to dispatch a small product; try using a polybag for it in place of a box. Mostly, shipping costs are less for heavier packages that are smaller and higher for lightweight parcels that are larger. The dimension of the product often determines the cost. Unnecessary big packaging will cost you a lot of money. With customized packaging, make sure your carrier service does not consider it oversized.
Different factors determine the rate of your shipments, such as dimensions, weight, quantity, distance, and type of product. Therefore, it is vital to make sure you have entered all the figures correctly for calculating the correct rate. Any wrong measurement can cause extra charges. Similarly, have a second look at the information on the shipping label. If the entered address or postal code is wrong, the shipment will get delayed, and you will also have to pay extra correction charges.
Shipping a few packages every other day will cost you more than shipping bulk quantities infrequently. If most of your orders are from a specific location, it is cost-effective to ship all orders there in one go. You can also provide incentives for your consumers to purchase bulk quantities of your product. Sending large amounts of product all at once will reduce the time taken during the loading and unloading processes.
Sometimes the product that customers have ordered is not available for flash delivery. You have to prepare it from scratch or order it through a third party. Other times, delivery delays can occur due to unforeseen factors. It is crucial, to be honest and transparent with your customers every step of the way. If the order will take more time for preparation, tell the customers the expected date for product delivery. Add in a couple of extra days in the expected time to have some room for unexpected happenings. It will please the customer to get the order on the expected date and make them feel even happier if it arrives before the scheduled date.
Even for the best products, there is a high chance that consumers will return them because of dissatisfaction. Unfortunately, you cannot avoid this, and you should prepare yourself for it. First and foremost, ensure that your return policy is visibly shown while the consumers are ordering the product. This way, they can decide about buying or not buying the product. Furthermore, attach a return label with the package, so the customers easily know where to return it in case of returning the product.
Every business, big or small, has a clear shipping policy and tracking protocol is a must feature. Nowadays, customers want to track every movement of their parcel. Small businesses also need to keep up with big businesses by providing minute-by-minute order tracking. In addition, you can build the customers’ trust by providing tracking numbers for their orders. Transparent tracking services are integral to building their trust and keeping a competitive edge.
Customers are very much attracted to free shipping. You can offer free shipping on a product by increasing its base price a little, maintaining your profit. You can offer discounts or free delivery on orders above a certain amount. That way, consumers will buy more products. Consumers purchase bulk amounts when they don’t have to face shipping taxes. But keep in consideration to not go too far when increasing the price of a product. You can also charge more for a product for single-day shipping services, as they are more expensive than regular shipping. The Bottom LineFor the success of your small business, focus on crucial things like long-term growth or total sales target. Shipping decisions are critical, as they can make or break a business. You should pay attention to some influential factors while shipping your products—Monitor the packaging materials, the size of the packaging, and the provided shipping information. Offer easy returns, discounts, free shipping, tracking services, and complete transparency. Ship your goods in bulk quantities. All these shipping tips will help you reduce costs while maintaining your profit and help you create a more loyal customer base. The post 9 Shipping Tips for Small Businesses appeared first on The Startup Magazine. |
| Posted: 30 May 2022 09:16 AM PDT  It is getting harder and harder to find a good job with a decent salary. But it is even harder to get accepted. These days, not even a master’s degree is a guarantee of a job and finding work. Times have changed. But on the other hand, it is also difficult to find motivated employees. You have to be lucky with your employees, just like playing at Hellspin Casino.
 Source: Pixabay After reading this article, you won’t go into your next job interview unprepared. Because here you will find some advice that will help you score points and beat out your competition. Remember that your future workplace hires according to certain conditions. Hiring is time-consuming and costly for companies. No matter how big they are. A company can only grow with a good and reliable team. So they search for a person who can fit in their team as well as meets their requirements. That is why, even before you apply, you should ask yourself if you are right for the job. And above all, whether you really want it. Because if you meet the criteria, your future boss will see your motivation and desire to work there. This will show and increase your chances of finding work and getting the job. CRITERIA THAT ARE IMPORTANT FOR EMPLOYEESIn summary, companies are looking for long-term employees because they invest money and time in your education and training. So for them, it has to show whether it is worth it or not. You need to show that you want to stay there and not just work there for a limited time. DedicationThe next point is the ability to achieve the desired result. This means that you are willing to learn and even able to advance within the company. The ability to acquire new skills is key here. Another important aspect for employers is that you do not want the job just for the salary. But rather that you truly believe in what you do. This indicates that you will stay with the company longer and that you are passionate about what you do. Through previous work experience, it should shine through that you can also work on yourself. That you do not need guidance, but can handle problems on your own. Being a Team PlayerThat you fit into the team is as important as your degrees and certificates. A good working atmosphere improves results. Also, it is much easier to go to work when the environment is friendly. Overall, it should be more than just work, but also a place where you can grow and feel comfortable. If you prove that you are a team player and have ambition, you will get any job. Being a team player also means that you can give recognition to others. That your colleagues can rely on you and vice versa is an important point here. Even if someone has helped you complete a task, you should not forget that and return the favor. Always remember that your colleagues are not your competitors, but you all work in the same company. Know Your LimitationsA common question from employees in an interview or even before in the application form is what your weaknesses are. You should show them that you know about your flaws, but are always ready to take responsibility. If you can show all these criteria in your resume, you are a very competitive candidate. The next step is then to convince the employer in an interview. Of course, you should be punctual and well dressed. But it is equally important that you do not give easy answers. Show your character and that you are the best choice for the job. Good luck at finding work! The post The Best Way to Get Work appeared first on The Startup Magazine. |
| 4 Things to Know Before Launching a High-Risk Business Posted: 30 May 2022 09:02 AM PDT  Starting a high-risk business can be very lucrative, but you need to understand what it means to start one and what you are getting into so that you know what to expect. You need to consider everything from financial risks to legal requirements so that you do not get in trouble or put your business at even more risk. This article will discuss the most important things you need to know before starting a high-risk business.
1. You Need a Source of a Lot of CapitalBefore starting such a business, you need a solid business plan as well as a source of a lot of capital. The reason is that these businesses often require more capital to start because of the uncertainty they come with. Second, you also need to understand what it means to start a high-risk business before putting money on the line. The reason here is that high-risk businesses fail far more often than other businesses. Once you understand all this and are adequately prepared, you will be in a better position to start the business. 2. Sourcing Capital Might Be an IssueEven though we understand how important getting enough capital for a high-risk business is, getting the capital in the first place might be more challenging than anticipated. Why? Because the business has a limited credit history. With few data points to use to determine how healthy the business is, leaders might not be too willing to give you the capital you need, especially after they understand the nature of your business. 3. There is a Higher Risk for Chargebacks and FraudHigh-risk businesses typically have higher rates of chargebacks than low-risk businesses. This often manifests in either chargebacks or fraud. When a business has a high rate of chargebacks, it may find it hard to open a merchant account with banks, and this also applies to fraud. One of the best ways to eliminate these chargebacks and fraud and reduce financial losses is through account verification. High-risk businesses can verify merchants quickly, stopping them from opening an account and thus eliminating this risk and threat. Businesses should consider payment solutions like Envestnet | Yodlee ACH payments which are both safer and faster. The inbuilt account verification also helps eliminate fraud thereby standing out as a premier payment solution for high-risk businesses. This ACH payment solution from Envestnet | Yodlee is available through their app and API, with Envestnet | Yodlee providing other fintech solutions driven by data and data analytics. They also have financial wellness, wealth management, retail banking, and open banking solutions to help consumers and businesses have better financial outcomes. 4. Risk Does Not Look the Same for Every BusinessJust because you start a high-risk business does not mean that the risks you face will be the same as other businesses. For example, startups have to deal with different risks compared to foreign and small businesses. To thrive in this space, you need to understand what risks your unique business will face and find solutions or ways of working around them. You should do enough research before starting a high-risk business. By knowing what to expect and the types of risks you will face you give yourself a better chance of succeeding. The post 4 Things to Know Before Launching a High-Risk Business appeared first on The Startup Magazine. |
| How to Grow Your Business With Dynamic Ad Insertion Posted: 30 May 2022 06:45 AM PDT  When you use effective advertising, you will be able to gain more profits and grow your business faster. While you need to utilize multiple marketing channels to help your company achieve growth, one of the best types of advertising methods to use are dynamic ad insertion technology. If you're not aware, DAI is a technology that enables you to insert your ad into a video stream. You can insert your ad into live videos, linear programming, and video-on-demand content. It works like this: an encoder is used to transcode and condition a video stream based on the provided embedded protocol data. At appropriate points, cues are inserted into the playlist and the ads are played over the network to viewing devices during the ad breaks. But you don't need to concern yourself with the technical side too much. The important thing is that you start using dynamic ad insertion.
Image source: https://unsplash.com/photos/5QgIuuBxKwM You Can Accurately Reach Your Target AudienceThe main advantage of dynamic ad insertion is that you can target your advertising to very precise groups of people. For instance, you can base your targeting on behavioral profiles, socio-demographics, or geo-localization. You can even target per content, per device, and per user. Armed with such a helpful tool, you can turn more viewers into leads and more leads into customers. In turn, that enables you to grow your company and increase your brand awareness. You Can Dynamically Adapt Your Ads to Reach More Prospective CustomersAnother great thing about DAI ads is that you can plan the ads for specific time slots in video content like podcasts. At the same time, you can easily switch those time slots, based on predefined data, to better target your customers. For instance, when you identify peak viewing times for a podcast, you could effectively manage your ads so that they reach the maximum number of viewers at the right time, and thus increase your conversion rate. Technological Advancements Are Helping Dynamic Ad Insertion to Be Even More EffectiveMany technological advancements have occurred in recent years that have benefitted dynamic ad insertion and the advancements are sure to continue. For example, the latest achievements in big data, cloud-based video processing, and behavioral analytics have enabled advertisers to target audience segments better. As tech continues to improve, you'll be able to grow your marketing reach. In turn, you'll be able to grow your business. You Can Use Data to Your AdvantageGathering and analyzing data is crucial for understanding your customer demographics and targeting your ads more precisely. By gaining insights, you can better address consumer demand, create thematic ads, and further personalize your marketing approach. Better yet, you can match your ad's content to the content of a video channel. In turn, your ad can be perceived as less disruptive and you can potentially gain more conversions. Of course, with more conversions comes more custom. That leads to faster business growth and higher profits. Summing UpHalf of the battle is finding the right type of online ads to use. Well, as we have seen, dynamic ad insertion can be one of the most effective online advertising strategies. To recap, with dynamic ad insertion technology:
Online ads may be overused, but when they're utilized in the right way, they can still be one of the most powerful weapons in your marketing arsenal. The post How to Grow Your Business With Dynamic Ad Insertion appeared first on The Startup Magazine. |
| The Most Common Types of E-Commerce Fraud That Online Merchants Must Watch Out For Posted: 30 May 2022 06:34 AM PDT  E-commerce has revolutionized the retail space. Unfortunately, however, it has also "evolutionized" fraud. Many criminals now target e-commerce merchants. Unfortunately, the faceless nature of the Internet in some ways enable bad-faith actors. That's why we're going to cover four of the most common types of online fraud and also suggest ways for merchants to reduce the risk of getting scammed.
Hostile Friendly Fraud and Customers Looking For Free Goods"Hostile friendly fraud" may sound like an oxymoron and perhaps in some ways, it is. It's also known as "chargeback fraud" and costs businesses billions per year. Hostile friendly fraud refers to a type of fraud perpetrated by legitimate customers. When it comes to fraud on the Internet you might first think of stolen identities and credit card numbers. However, in some cases, seemingly legitimate customers may try to rip you off. In order to protect consumers, the U.S. federal government, and many other governments the world over, require banks and other financial institutions issuing credit cards to offer a dispute process to reverse illegitimate charges. Legislation paved the way for so-called "chargebacks," through which cardholders can dispute charges. Sometimes chargebacks are legitimate and protect customers. However, in many cases, bad faith actors use the process to rip off merchants. How? If the institution that issued the credit card sides with the customer (they often do), they will reverse a payment and return the money to the cardholder. Crucially, they can reverse charges without the merchant's approval, essentially providing an unauthorized refund. Besides losing money from the transaction, merchants may lose any products or services delivered and will also have to pay chargeback fees. Sometimes chargebacks are legitimate. Someone might have stolen your credit card information, say using a skimmer at a gas station pump. Next, criminals can use that information to make illicit purchases. Fortunately for the cardholder, they can file a chargeback and reverse the charge. So when and how do chargebacks become fraud? A legitimate customer can make a purchase, say buying a pair of shoes from a website. This order then ends up delivered and the customer is happy with the product received. However, they file a chargeback anyway in an attempt to either force the merchant to refund their money or to get their bank to reverse the payment. There are steps you can take to reduce friendly fraud. For example, requiring signed shipping receipts provides proof that products were delivered to the customer. Often, people filing for chargebacks claim that the products were never delivered. Also, an easy-to-understand and accessible return process is highly recommended. Not only can customers use the return process, but during disputes, you can point out to banks that customers could have filed a return if they were unhappy with their purchase. Unfortunately, while hostile friendly fraud is one of the most common types of online fraud, it's far from the only type. In fact, hostile friendly friend isn’t even the only type of friendly fraud. There’s also “benign” friendly fraud, which typically results from miscommunication rather than malice. Benign Friendly Fraud: Clearing Up Confusion to Reduce MistakesBesides intentional hostile friendly fraud, merchants will want to watch out for benign friendly fraud. Not everyone filing a chargeback does so maliciously. If there's confusion with the billing or other issues, a customer may think that they've been scammed and thus will file a chargeback. For example, shipping for a product might end up delayed. This may be at no fault of the merchant themself. It's possible that the shipping company misplaced the package and the delivery was thus slowed down. Customers may believe that their goods will never arrive, so they file a chargeback. Providing tracking information so customers can see where their purchase is may prevent confusion. Another common cause of benign friendly fraud is unclear billing descriptors. If billing descriptors aren't clear, then the customer may not recognize the purchase and think it's fraudulent. As a result, they could file a chargeback. Clear billing descriptors will often clear up confusion. Unfortunately, while friendly fraud is common, it’s not the only thing merchants should look out for. Using Stolen Credit Cards to Make Illicit PurchasesCredit and debit cards offer a ton of convenience. These days, credit and debit cards make up more than half of all transactions, according to the U.S. Federal Reserve. Unfortunately, however, it's relatively easy for criminals to steal credit card information. Someone might drop their credit card while shopping, for example. If a scammer picks the card up, he or she might try to make purchases with said card either at a brick-and-mortar store or online. Data breaches could also expose sensitive data, including credit and debit cards. In some cases, millions of customers may be affected by a security breach. Often, once the data is hacked, it's sold online on shady websites. Then, fraudsters buy that data and take it shopping. Often, once criminals have stolen credit and debit card information, they'll take the cards for a "test drive," making a number of small purchases online. Many merchants and payment processors focus their anti-fraud effort on higher-value purchases as more money is at stake. As a result, it's typically easier to get away with smaller illegitimate purchases. Hacked Accounts Lead to Hacked PurchasesRather than stealing a customer's credit card information, some scammers will instead hijack someone's account. Often, payment information, including credit card numbers, is saved to a profile. So if a criminal can access a customer's account they may be able to make illicit purchases. Unfortunately, many people use weak passwords and don't update them often. This makes their online accounts more vulnerable to hackers. Some people also fall for phishing attacks. A criminal can pose as a legitimate authority, claiming to be a representative from Amazon or another website. Then they can request that the customer turn over their login credentials. If a customer realizes that their account has been hacked, he or she may file for chargebacks to claw their money back. Unfortunately, this often leaves merchants on the hook for lost merchandise, refunded money, and chargeback fees. This is true even if a mistake on the customer's part, say using a weak password, allowed the breach to happen in the first place. Protecting Your Business From Scammers and CriminalsUnfortunately, crime is a fact of life and many if not most merchants will have to deal with criminals at some point. There are steps you can take, like requiring customers to regularly change passwords, asking to confirm billing information, and working with security companies to detect fraud before it happens. It's also wise to use a dispute management platform to manage, deflect, and dispute chargebacks, among other things. Add it all up and it's wise to take proactive steps now to prevent friendly fraud and other types of online fraud. Doing so will help you protect your business and mitigate risks. The post The Most Common Types of E-Commerce Fraud That Online Merchants Must Watch Out For appeared first on The Startup Magazine. |
| You are subscribed to email updates from The Startup Magazine. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment