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Prioritizing Your Security Measures for Card Payment Solutions

Ray Moorman

Customer protection is at the forefront of merchants' minds these days, as large-scale data breaches affecting companies like Anthem and Target have had serious impacts on consumers. No business, of any size, is immune. Business owners know they need to make security a priority, especially when it comes to their payment card solutions or point of sale technology. By understanding what steps are most important, companies can keep their clients' information safe from harm and out of the hands that perpetrate possible fraud. Let's look at some of the most crucial actions organizations can take to maintain or improve their security:

EMV compliance
Europay, MasterCard and Visa completed their liability shift on Oct. 1, 2015, requesting businesses introduce card payment solutions that were able to read their new chip cards. (1) Not doing so would result in potentially expensive fraud liability if fraudulent purchases took place on non-compliant technology. While new solutions could cost organizations more money up front, the implementation would help them save in the long run, as fewer counterfeit transactions would be possible, leading to reduced fines. Companies that conform to EMV standards could see improved customer relationships, a greater industry credibility and increased sales.

PCI DSS adherence
Neither EMV nor the Payment Card Industry Data Security Standards (PCI-DSS) are mandatory for business owners. Instead, both are optional steps companies can take to ensure their consumers information remains safe during processing, storage and transmittal. The PCI DSS lays out 12 core actions merchants can take so their in-store and ecommerce customers are protected. (2) The positive effects of PCI compliance are very much the same as EMV adherence, as are the negative consequences of nonconformity. Following PCI guidelines is a beneficial practice for business owners and their clientele.

Employee education
While compliance certifications are definitely important, merchants must also prepare the workers they have on the front lines. Employees are the people who most often interact with customers and their information, so it's critical for business owners to educate their constituents on safe data handling practices. (3) This can include verification procedures workers must follow when discussing consumers' sensitive materials or secure mobile habits. By teaching people not to be negligent with client data, merchants can avoid data breaches and maintain people's trust.

Deciding to introduce a card payment solution is a big step for merchants. Entrepreneurs must make their customers' security a focal point when implementing this type of system, as failing to do so could result in expensive penalties or data breaches of various sizes. By protecting customer data, companies can improve their industry credibility and trustworthiness among clients.

  1. https://www.qsrmagazine.com/exclusives/are-you-ready-emv
  2. https://www.pcisecuritystandards.org/documents/PCI SSC Quick Reference Guide.pdf
  3. http://www.forbes.com/sites/drewhendricks/2014/02/03/is-your-pos-secure-how-to-avoid-a-target-style-disaster/#5e4da49c2d91

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