As a small business owner, it is important to have enhanced payment security features to protect your business as well as your customers. With the addition of more payment options such as EMV and digital wallets,, hackers have been finding new ways to access confidential payment information. Insufficient security measures for credit and debit transactions can cause your business and your customer’s data to become jeopardized.
To increase payment security for your small business, follow the four below tips on how to establish payment security.
- Upgrade your technology
Having outdated technology will not only slow your business down, it also could expose your business to potential malware or hackers. Modern cloud-based POS systems provide increased functionality and advanced security features for payments, such as end-to-end encryption, and help safeguard your business. Be sure to always keep your antivirus up to date and have a malware software program installed as well.
- Use EMV
If your business currently lacks EMV-capable products, it’s imperative to upgrade your solutions and begin incorporating EMV. New solutions will be an added expense, yet the price of upgrading to EMV capable products is likely less than having to cover instances of counterfeit fraud.
Now that the liability shift has passed, the responsibility for any counterfeit fraudulent charges will be placed on the merchant. By becoming knowledgeable and learning about the benefits of EMV, you can begin to protect your small business and be prepared in an instance of fraud at the point of sale. Keep your business safe by installing EMV products with modernized technology to secure future transactions.
- Don't Store Customer Payment Information
Keeping sensitive customer payment information, such as credit card numbers, increases the likelihood of a potential hacker obtaining this confidential data and using it for fraudulent purposes. After a transaction, securely dispose of the customer’s payment information and make sure that customer data is never written down.
If your business has to store financial information within your system, remove all unneeded data like expiration dates or the entire credit card number. Removing excess information decreases the chances of a hacker being able to use this data for criminal purposes. It is also a good idea to encrypt any data so that if your system were to become breached, the information would be unreadable.
- Meet PCI Standards
To guarantee that your customer’s payment data is secured, it is also important to comply with the latest PCI standards. PCI security standards are a set of regulations that aim to protect cardholder data and sensitive transaction information. If a merchant chooses to not become PCI compliant and suffers a data breach, they can face liability costs in addition to hefty fines. As a result, all merchants should make sure they are PCI Compliant to not only safeguard their business, but to ensure the security of their consumers.
Payment security is a prime concern in today’s digital world. As payments continue to evolve and more products and solutions become digital, it is important to know the main ways to combat fraud and prevent hackers from accessing your sensitive data. By upgrading technology, integrating EMV, not storing customer payment information, and meeting PCI standards, you as a small business owner will be able to safeguard your business as well as your customer’s confidential payment information.