Maintaining customer privacy and protecting delicate data is no small task for any business. Fraud or identity theft is a constant problem in every industry, and companies need to plan ahead to protect themselves and their customers. Fortunately, there are many tools how to sell merchant services out there to encourage corporations to stay PCI compliant, like PIN pads with encryption or fraud alert systems. Keeping track of the processing system you already have in place is a great starting point so that you can understand which areas need improvement. Signing up for merchant services with a knowledgeable provider can vastly increase your company’s protection and help prevent future headaches.
It’s important to adhere to industry standards so that you can know that you are doing all you can to protect personal information. Performing self-assessment questionnaires will help you target weak areas of security, as will vulnerability scans. Triple DES PIN encryption is crucial to protecting customers’ PIN numbers, so be sure that your debit card processing equipment offers it. Check that your merchant service provider features an auto-alert system that constantly monitors who has access and uses company information. Be proactive about your PCI compliance-keep up to date on the latest technologies and laws that could affect how your business is run.
The consequences of a breach in security can be devastating, to say the least. With the risk of fraud, theft, and litigation, a break-in to company security can end up costing hundreds of thousands of dollars. Many businesses pay $20-$30 per card to replace those compromised by breached accounts, while the Card Association can charge you up to $500, 000 for not being PCI compliant. For holding a forensic investigation of your computer or point of sale systems, you’ll have to hand over about $10, 000 to $20, 000. Other serious consequences include a weakened reputation, ineffective brand, and decrease in customer loyalty. After reviewing all of these risks, it’s easy to see how important it is to secure sensitive company data.
Using credit card terminals that are fast, easy and secure can make all the difference in your business. Due to its internal PIN pad with advanced encryption and tamper-resistant design, the VeriFone Nurit 8020 Credit card Terminal is a popular option. The touch screen can accommodate signatures while the large backlit display can be viewed under any lighting conditions.
Keep the customers coming and the line moving with the fast and accurate Hypercom P1300 Credit card Terminal Pin Pad. This device is PCI approved to provide the highest form of security at a lower cost than you might expect. From the intrusion detection to the easy to use design, this credit and debit card terminal is a hit for companies across all industries. No matter which credit card processor you decide on, make sure that it follows the PCI standard while delivering quality service to your clients.
The best way to improve your company’s information storage system is to review its performance. If you process payments in person, check the efficiency of your credit card terminals. Survey how your business handles credit card slips and receipts. Is the expiration date or full number on any of them? If so, that is a serious security risk and is not within PCI compliance. Check how your employees handle the slips to ensure that there is minimal risk of losing or damaging them.
For corporations that conduct sales online, hold regular investigations into the security of your connection.
Review the policies held by your merchant service provider, and contact their support staff to clear up any questions or inconsistencies. Companies that handle over the phone or in the mail payments should inspect phone lines and postal service schedules. Through self-evaluation and careful observance of industry standards, you’ll get a complete view of how your company handles sensitive data and how it can improve.
Before renewing your account or setting up a new contract with a merchant service provider, be sure that they are meeting your company’s needs when it comes to safely processing credit card payments. Features like 24/7 customer support, precise and inexpensive credit card terminals, and online fraud detection are essential to many growing businesses. A few merchant service companies take the extra step and offer a protection program for when you experience a breach in security to help offset the cost accumulated by fines. Next-day funds access and processing in real time add a convenience that is worth looking into. Whether you’re shopping around for a new contract or simply getting to know the different benefits offered, finding the right merchant services can transform your firm’s credit card processing system.