No two businesses are the same. So it only makes sense that no two business payment processing solutions, requirements and preferences are the same. There is, however, one constant. Customer and merchant data security is of the utmost concern to all parties involved.
Because each business is so unique and there is such a vast array of payment processing solutions, providing merchants secure and adaptable solutions for their needs is imperative to building a long-term business relationship with that client. Some business owners, particularly those who are new to the business world or who started small and are experiencing growth, assume that their payment processing solutions are largely inflexible or static. This is why it is so important to inform them of their options and assure them of the flexibility of those options.
UNDERSTANDING DATA SECURITY AND HOW IT AFFECTS YOU
Navigating the world of payment processing solutions and the regulations pertaining to those solutions is often intimidating to merchants. That is why they will often defer to the input of a trusted ISO. Knowledge of regulations and understanding how payment processing software complies with these regulations is essential to ensuring clients that their sensitive transaction and account data is never compromised. Unfortunately, the rate of attempted and successful data breaches is ever increasing. Add to that the fact that 80% of those breaches are financially motivated. This news is potentially devastating to both merchants and customers.
THE IMPORTANCE OF STRICT EMV COMPLIANCE
Commonly known as chip cards, smart cards or Chip-and-PIN cards, the emergence of EMV technology has added an additional layer of data security to reassure both merchants and customers of the safety of their transactional data. EMV technology helps protect against losses caused by counterfeit or stolen cards presented at the point-of-sale. Beyond adding an extra layer of security at the point of sale, EMV compliance ensures that compliant merchants are not held liable for fraudulent transactions conducted with an EMV card. When a fraudulent transaction occurs, one of the three participants in the transaction (credit card issuers, credit card networks and the merchant themselves) will be held liable. That liability will default to the party that is the least EMV compliant.
BEYOND EMV COMPLIANCE – WE OFFER A RANGE OF PAYMENT SOLUTIONS
EMV compliance is only one component of the vast array of security features that are available to clients. It is important to inform merchants as to how enhanced payment security options can be customized to fit their exact needs. Such innovations include tokenization and encryption, data breach protection, fraud detection and First American’s PCI Smart compliance program all part of our 1stPaySecure package. These diverse and adaptable payment processing security solutions can help to create a product which protects your merchant’s data as well as covering them in terms of data breach liability.