Add greater payment security and mobility to your business
Payment security and mobility are hot topics when it comes to operating a business today as data security breaches continue to make headlines. PCI compliance requirements are constantly evolving. EMV chip card processing is making its way to the U.S. And everyone is talking about Apple Pay® and how to make payments and payment acceptance mobile. It’s clear to anyone paying attention that the industry is undergoing some major changes when it comes to making payments and ensuring customer data is secure.
The trend is clear. Consumers want more convenience to shop and pay in the way that best suits them, and they expect their sensitive cardholder data to remain secure. The great thing about a lot of the new payment technologies currently being developed and unveiled, is they accomplish both. Now, with less investment and effort than ever before, merchants can deliver secure, convenient, mobile payments.
Let’s take a look at some of the opportunities at your disposal to deliver better, more secure payment experiences for your customers.
EMV and payment security
Chip cards, also called “smart cards,” are credit cards that have sensitive cardholder information embedded in a data chip in the card, whereas traditional credit cards store data in the magstripe on the back of the card. EMVreg; (Europayreg;, MasterCardreg; and Visareg;) is a global standard for the safe processing of chip-based credit cards.
EMV technology makes it virtually impossible to clone cards fraudulently, and increases card data security by requiring cardholder authentication that verifies that the card belongs to the person using it.
EMV transactions are made by tapping a chip card to an EMV-enabled chip card reader instead of swiping it through a standard magstripe reader the way traditional credit cards are processed.
Beginning October 15, 2015, merchants who do not use EMV-enabled devices to process chip cards during a card-present transaction will be liable for fraud that occurs as a result.
Implementing and using EMV technology will help secure payments, avoid fraud liability, and let’s your customers know you take their data security seriously.
There are many new and emerging payment types available to small merchants that do more than draw technology savvy customers to your business. Mobile payments like Apple Pay and Google Walletreg; are also inherently more secure, create better checkout experiences and add more convenience for customers.
Mobile technology is impacting the way that retailers and restaurants think about their business and is empowering shoppers who use their phones before, during, and after their shopping experience. Equipping your business with modern mobile technologies enables businesses to improve productivity, customer service, and sales.
Some of the greatest benefits of mobile payments for business owners include:
- Improved checkout experience—shorter lines at the register, pay at table convenience, order ahead functionality, customer recognition and payment flexibility.
- Increased customer loyalty — automated data collection, targeted promotions and special offers, repeat visits based on technology brand loyalty (ie, iPhonereg; users can quickly see which merchants accept Apple Pay.)
- Enhanced payment security—data encryption and/or tokenization technology built in, and reduced card handling.
Businesses that adopt mobile technologies are more likely to stay competitive by meeting customer demand for a streamlined checkout experience and secure payment processing.
POS Security Technology
Adding secure payment technologies to your integrated point of sale (POS) system is one of the best ways to guard your customers’ sensitive data. With built-in security features that mask credit card data via encryption and/or tokenization, you can greatly reduce your compliance efforts and protect your business’ bottom line and reputation from the effects of a data breach.
- Encryption is the process of masking credit card data with seemingly meaningless information or a code in order to hide the actual data. End-to end encryption means that the data is encrypted from the moment the card is swiped until the transaction is settled. When built into the POS system, encryption is automatic and makes it very hard for data thieves to steal credit card data.
- Tokenization is the process of replacing a set of critical information with a substitute that has no value. The token is used in place of actual payment data and is useless to thieves. It is particularly useful in situations where the card number needs to be stored for future use. Instead of storing the actual card number which is very risky and against PCI compliance mandates, the token is stored harmlessly.
If you’re looking to increase your card data security, or meet customer demand for mobile payments Vantiv can help.