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Debit Cards All Debit cards have a daily spending limit on them – just like an ATM card, (even though the customer may not be aware of it). If the card fails to get authorization through your electronic terminal, then there’s no other way to get authorization, as the debit card is a purely electronic transaction device. Cash Deposits into your bank account If someone deposits money into your account, wait one working day at least before you give them their goods to make sure there’s no collusion with the bank teller. If cash is deposited into your bank account, then the bank charges you around 1.4% cash deposit fee, but at least your money is safe. Warning – If someone calls you to place and order, doesn’t negotiate the price, and seems in an awful hurry to buy your products without any real understanding of what you’re selling, then sends you a deposit slip showing a cash deposit into your account, and wants the couriers to collect within a few minutes of paying, be very careful. There could be collusion with a bank employee to load a fictitious payment onto your account which will be reversed the next day. Warning 2 – A scam similar to the one above is also quite common, with the exception that the “Customer” deposits more money into your bank account than the value of their order, and then wants you to give them a refund of the balance. Don’t give refunds until you’re 100% sure that the money has cleared through your account . Also make sure the person you are refunding is the same person with the same account number used to pay the
money into your account. Checking cash received
One of the best things you can do is buy a UV lamp to check the money that customers pay you with. Under the UV, each different denomination note has different characteristics and colours. You can also get a money counting machine if you will be receiving cash on an ongoing basis. A money counting machines reads stored information embedded in the notes which isn’t easy to copy.
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