With around 167 million adults owning at least one credit card, most businesses that deal with customer payments use technology that allows customers to pay via their credit card. Often, the convenience of being able to pay by credit card is highly valued by customers. This convenience does not, however, come without risk. A few years ago in 2013, 60% of organizations reported being exposed to payment fraud or unsuccessful attempts at payment fraud were made. There are several ways to minimize the inherent risks of accepting credit card payments at your business or organization. Here is a short list with some ways businesses can make credit card and payment transactions more secure for everyone involved.
#1. Strategic ATM Placement
One way to add convenience for customers is by having an ATM machine on your premises. For added security, it is important to make sure ATM placement is in an accessible and visible location. Because it is stocked with cash, it is important that professionals are securely handling the ATM placement services including armored car cash services to the funds are transported efficiently and effectively on an ongoing basis. Often, one of the perks of having an ATM from the business’s perspective is getting a percentage of the transaction costs paid by customers.
#2. Using EMV Solutions
One of the best technological advancements regarding credit card security is the creation of EMV enabled cards and devices. If businesses use an EMV device, it gives them the power to read a smart chip which is embedded into the credit card of a customer. This reduces the possibility of credit card fraud, making it a valuable asset for businesses. Another benefit is the automatic verification of payment cards so a fraudulent card will not go undetected until it’s too late. In the United States alone, 42% of people report experiencing credit card fraud sometime within the last five years. Credit card fraud is both inconvenient and costly so many businesses like to take advantage of technology that allows for enhanced security when accepting payment from credit cards.
#3. Ensuring Your Business Follows Regulations For PCI Compliance
PCI compliance regulations were designed in order to make sure businesses that process credit cards store the data appropriately and securely. Because the size of your business determines the actual PCI regulations that you will be required to follow, using PCI compliant merchant services can help make sure your business is dealing with sensitive customer information according to the regulations that are applicable to your situation. One of the vital components of PCI compliance is to make sure you are not storing any credit card data that you do not need. Secure data management and destruction will help you keep this information from falling into the wrong hands.
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