Credit Card Companies – Don’t you just love them?

Online businesses are at Serious risk from Banks and Credit Card companies

On the day that CIFAS, the UK’s fraud prevention service announced that the number of cases of identity fraud in the UK in the first quarter of 2009 was up 40% on last year, Insurance Blogger has been taking issue with HSBC Business Credit Cards on this very issue, and I’ve got to warn you HSBC people – Insurance Blogger is FURIOUS!!

So think on this…..

I arrived at work this morning to see an email in my inbox from Experian – the UK’s credit reference agency – informing me that my credit check account had been stopped because my HSBC Business card had been declined!

Now that is seriously bad news, having your credit card refused while trying to buy services to check credit!

So a puzzled Insurance Blogger phones the HSBC Busines Cards helpline located in downtown Banglahore or somewhere where it is midnight, to find out what is happening only to be told the following, horrifying news……

That my business credit card has been cancelled!

What!

” Sir, your credit card has been cancelled as it’s number appears on a list of cards at risk of potential cloning, identified by the Intelligence team (sic) in our HSBC fraud department. We tried to telephone you two weeks ago to tell you that we were cancelling the card!”

WHAT? Are you telling me that you’ve been cancelling all my online transactions because you suspect my card has the potentiality to be used for fraud? And you haven’t even bothered to put it in writing to us?

There then followed a very heated discussion where I was passed around different departments in the Asian call centre, where I tried to explan that we are an online company and as they can see very clearly from our statements, that there are many suppliers who take money ad hoc on a daily basis, in particular website hosting and intellectual property, and if these people aren’t paid our business is at serious risk and ……..we are going to hold you HSBC personally responsible for any business losses we suffer……..

To make matters worse it turns out that the HSBC business credit card system cannot issue a new card for three to five days after the old one has been finally purged from the system.
I asked them, apart from creating days of work for us going through and changing credit card numbers on countless online accounts, what they were going to do to honour any payments that might get taken out, during the period where one card is cancelled and the other has not arrived?
I pointed out that all businesses need continuity – but the poor girl didn’t really understand…

So this matter is still up in the air and our successful online business put in jeopardy by HSBC worried about something that might not happen and would be very easy to correct anyway –

Why is there online credit card fraud anyway? – Money doesn’t just dissappear into thin air! There is always a papertrail!

HSBC you have seriously lost the plot and we can’t be the only UK company that you have done this to.
How many cards on are on your stupid list?
You are seriously affecting online business and not helping in the fight to stop online fraud.

What was that stupid movie where crime was detected before it actually happened ?- GET REAL HSBC!

I’m currently drafting a motion for our company general meeting to change business banks – the problem is where do you go? All the British Banks are totally out of touch of the needs of the modern UK small business!

And as for the OUTRAGEOUS interest charges that these banks are ALLOWED to charge for the credit card service……..enough said!!!!

Hey Mr Brown,
Do something about these credit card companies and Interest rates and you might even stand a dogs chance of getting re-elected!

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