Merchant Tips To Ensure Secure Credit Card Processing In 2017

Merchant Tips To Ensure Secure Credit Card Processing In 2017

Recently, the number of fraudulent cases concerning credit cards have risen with most cases reported being lost cards, counterfeit cards and duplicated cards. The responsibility to ensure secure credit card processing does not only rest on on credit card processors. This responsibility should be shared by card issuing banks, merchants and major card brands. If you are a business owner, you can take the following actions to help make card payments as secure as possible on your end.

Switch To EMV Terminals

There have been cases of clients using counterfeit or duplicated credit cards which lead to loses to a business. One way to curb this problem is switching to EMV terminals to reduce fraud at the point of sale. How does an EMV terminal work? The technology in an EMV encrypts each transaction which prevents data from being duplicated or stolen. The EMV terminals contain an embedded microchip which contains dynamic information used to authenticate a card. The cardholder is then supposed to validate that he or she is the rightful owner of the card to complete a dual verification process while it is in the EMV terminal.

As a business owner you need to ensure that you take all measures available to protect yourself and your clients from card fraud. Thousands of businesses have lost hundreds of thousands through card frauds which has really affected business growth. Ensure that you invest in an EMV terminal that best suits your budget and business. You can get these EMV terminals from reputable companies that specialize in merchant solutions.

Implement P2PE (Point-to-Point Encryption)

This process works pretty much like the EMV terminal in that it encrypts sensitive data from cards up to the point it reaches a secure decryption. The P2PE technology makes the account data useless to fraudsters looking to make a quick buck. The P2PE is available in various solutions and you need to consult your processor to determine which solution works best for your kind of business.

Outsource A PCI DSS Validated Service Provider

Not all businesses are able to store, transmit and process cardholder data due to limited resources. If this is your case, you need to outsource these services to a PCI DSS service provider to reduce the risk exposure and help secure the merchant environment. You also get to save on costs involved in the handling of e-commerce cardholder data. Find a validated service provider listed with a major card brand and card issuing banks.

These are some of the ways a merchant can ensure secure card processing and this goes a long way to protect a business from crippling costs that amount from data breach. Consumers are also sensitive as to where they shop and they prefer merchants who take measures to ensure that their card data is safe. Investing in technologies that secure credit card processing not only protects your business from fraud but also gives your business a good image. Taking these measures goes a long way to ensure you create a successful business and it is a small price to pay compared to the losses that would amount if you don’t.