Payment security probably doesn't keep you up nights—perhaps it should
The average small business operates with very little thought in terms of payment security and its potential effect on business. If you're a small business owner accepting card payments, there's a good chance that thinking about payment security doesn’t keep you up at night. You take credit cards, you take cash, and you take any payment that people offer you. However, if you're taking credit cards, payment security should be a topic that is keeping you awake because of the impact it can have on your business.
Perhaps the reason that payment security isn't keeping you up at night right now is that you're not aware of the various merchant risks. First, there's the real risk of card data compromise. Working hard to make sure data doesn't become compromised means having to keep customer card data away from a world of hackers--around the globe. Approximately 96% of data breaches in the world focus on payment card data, according recent data released by Vantiv.
What's even more startling is that approximately 81% of the compromised victims did not detect the breach on their own. This often means that customers or other institutions identified issues, including card fraud, that point back to the ultimate card data compromise.
Another interesting statistic is that 77% of SMB merchants don’t feel that they are at any kind of risk of payment security issues. Yet, an alarming majority of data breaches target smaller businesses, which is all the more reason to implement security best practices so that your payment data and your customers are better protected.
Accepting EMV is one of the best options to prevent in-store fraud - a downstream security issue often stemming from stolen card data. So-called chip cards help to decrease the amount of in-store fraud. Currently, the UK is down 80% in credit card in-store fraud because of the use of EMV. However, in the US, prior to the implementation of EMV, the fraud experience was trending up 70%.
Encrypted and tokenized card data protects the transmission of data in transit and at rest (while it's stored) and can be viable tools for even the smallest businesses in the effort to protect credit card information.
Many providers today offer a bundled-solution approach to helping thwart data compromise as well as point-of-sale fraud--and, in many cases, these solutions are tied directly to payment processing solutions that are provided.
Online, it’s possible to rely on a quality merchant service provider that integrates data security into the overall platform that you use to accept debit and credit cards and process transactions. Features might include end-to-end encryption technology and tokenization services. Should hackers get their hands on the data as it is being transmitted, it's often in a format that is useless to them.
Avoid the Worries
If you ever experience a data breach, consumers are going to be hesitant to do business with you. They don’t want to encounter greater risk. The reputation issues you might face can be sobering. Approximately 60% of small businesses will close their doors within six months after they have experienced a data breach. This means that data security is absolutely something that you need to worry about.
You can mitigate risks and protect your business by taking advantage of Vantiv’s security solutions, including encryption and tokenization as well as PCI compliance assistance and breach protection.