Valentine’s Day brings with it flowers, candy, and special nights to remember. If you own a brick-and-mortar or online jewelry store, it is quite likely to be your busiest time of the year. So what can you do in advance to boost your sales and maintain your security in a complex marketplace?
1. Partner with the right credit card processing company.
If you’re unfamiliar with the intricacies of selling watches, rings, necklaces, and earrings online, you may not be aware that your credit card processing company will most likely be placed in a distinct, separate category by your payment provider. Don’t be alarmed if you are told that you will need to apply for a high-risk merchant account because of the nature of the jewelry business.
Selling these luxury items can represent a heightened risk of fraud or chargebacks that could adversely affect the account provider who is backing your business and providing you with the processing and credit card reader that you need to make your sales. Jewelry is a prime target for fraudsters because it is compact, often pricey, and easy to resell. Therefore, expect your account provider to scrutinize your application more thoroughly and charge you slightly higher fees to offset their risk.
Pay careful attention to the merchant account provider you choose to partner with. It should be a company with experience working with high-risk businesses. Moreover, do some shopping around to obtain the best prices on the fees that you can negotiate. While cheaper is not always better, you don’t need to accept over-inflated costs just because you’re in a hard-to-place category.
2. Get ready to guard against fraud.
While it is true that data breaches and other security problems are a fact of life for modern businesses, there are tangible actions you can take to minimize the chances that you will be the next victim. These include the following.
- Take time to watch customer ordering patterns. If you notice that a particular person is ordering large quantities of high-ticket items, for instance, investigate the purchase before allowing it to go through.
- If someone pays extra for expedited shipping, this is another red flag. While it may be a totally innocent way for a customer to get their goods faster, it is also commonly used by criminals to be able to receive and sell items more quickly without leaving a significant paper trail.
- Validate all order information, making sure that the billing and shipping addresses are legitimate. If you have any nagging doubts, contact the customer. Most buyers who are on the up and up will be happy to provide you with more information or validation, particularly if you explain that you are taking this additional step to protect them from identity theft and other criminal activities.
- Look at the IP address to be sure the one on the order matches the billing and shipping details.
In many instances, protecting the security of your website and the data your customers provide comes down to care and vigilance on your part. When combined with robust systems that comply with accepted data security standards like PCI DSS, you can be reasonably certain that both you and your customers are as protected as you can be from security breaches.
3. Focus on transparency.
Both in your brick-and-mortar store and online, it is critically important that you provide customers with clear, complete details about your products, warranties, and shipping and return policies. Additionally, you should specify everything you are doing to safeguard data and protect customers’ payment details. Full disclosure now will minimize the chances of misunderstandings, confusion, and even potential criminal activity later.
To make this happen, prominently display security badges and certificates on your website. You’ll also want to make it easy for customers to read all product warranty and return policies. And perhaps most important of all, set up effective ways to make yourself available.
Automation has many benefits, which explains why it has been embraced by businesses of all sizes and types. However, particularly in the luxury jewelry market, you need to have ways for your in-person and online customers to speak to you. Whether it’s to get information about one of your products or to dispute a purchase, it is vital that you or a member of your staff are there to talk in person to the shopper.
That being said, one-on-one contact takes time and attention. You might consider investing in a chatbot service that triages customer questions, answering the most basic ones virtually while funneling the more complex concerns your way for immediate attention.
February 14 and the days leading up to it may be your most lucrative time of the year as a jewelry seller. Maximize your chances of success by ensuring that you have the best payment processor for your business, bolstering your security perimeters, and focusing on full disclosure to your customers. By taking these actions, you can make your Valentine’s Day sweeter than ever this year!
