Security Features to Consider When Purchasing Your mPOS System
Companies implementing a new point of sale system have a variety of options. Today, mobile POS (mPOS) solutions are some of the most popular, as they offer merchants flexibility, cost-savings, and the ability to increase sales. One of the biggest concerns for many entrepreneurs when it comes to mobile software is security. There are certain features businesses should look for when choosing a new mPOS system.
Since the chargeback liability shift associated with EMV is currently in effect, companies should strongly consider implementing an mPOS system that can process chip cards with EMV technology. Without an EMV solution, merchants may be financially responsible for certain fraudulent charges that take place at their businesses. Annual costs of card fraud in the U.S. are estimated at $8.6 billion per year (1). When introducing a new mPOS solution, businesses should consider equipment that is EMV-ready to avoid hefty fraud chargebacks and protect their customers.
There are many options for business owners in need of assistance with their mPOS systems. Levels of support vary; some are available around-the-clock offering assistance 24/7, while others may be only available to help during the work week. Their assistance could be over the phone, online, or in person. Service may be included with their POS purchase, or it might be billed by the incident, or by the hour.
When selecting an mPOS solution, it's wise to consider software providers with a comprehensive support plan. From small reader errors to larger security issues, assistance will almost certainly be necessary. A good vendor should be able to fix the problem, and address the root cause of the problem to prevent future complications.
A good provider can also install a system on a secure network and set up appropriate firewalls and virus scans. They should be aware of common security vulnerabilities and know how to avoid them during installation and ongoing maintenance.
PCI (Payment Card Industry) standards provide an actionable framework for developing and maintaining a payment card data security compliance (3). The organization has created regulations and rules for companies in regards to prevention, detection, and contingency planning. It's helpful to select a mPOS provider who is aware of the need for encryption and tokenization, has experience with secure remote access protocols, and can advise merchants on other POS security best practices. Merchants who are not compliant with the PCI DSS could face hefty fines if they are breached.
Selecting an mPOS system can be a difficult process. With so many vendor options on the market, each offering their own amalgamation of features, prospective companies have much to consider. To identify the best POS solutions for their business, entrepreneurs must complete a fair amount of research and weigh what add-ons are most important. For many business owners, POS security features play a significant role in their decision.
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