Monday, May 2, 2022

4 Tips to Improve Your Safety When Taking Payments as a Small Business

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Taking credit card payments can be a challenge for any small business. Not only do you have to worry about keeping track of cardholder data and processing payments manually, but you have to work to ensure that your customers have a safe and secure experience when making their purchases. If you own a small business, you know that staying compliant with regulations and staying in business can be difficult. Fortunately, there are ways to improve your safety when taking payments as a small business. This article will discuss how you can take credit card payments as a small business without risking your operations.

Use Secure Payment Methods

The first thing you can do to make your payments safer is to use a secure payment method. Some of the most popular payment gateways for small businesses, such as PayPal and Square, have built-in security features that protect users’ payment data. Using a secure payment method is simple. All you have to do is make sure you’re accepting payments through a secure connection. For example, if you’re carrying credit card payments in person, ensure you understand the difference when comparing EMV vs NFC payments which are both secure and should be integrated into your payment options.

Enable data encryption

If you accept credit card payments, you should ensure that your payment processing system allows you to encrypt data in transmission. Data encryption is a standard security measure that protects cardholder data transmission between your servers and the payment processor. 

This means that your processor will only see encrypted data, so there is no way for hackers or thieves to obtain your cardholder’s personal information. Data encryption is especially important when sending sensitive information, like cardholder names and payment amounts, through email. You should always practice safe email practices, but even more so when sending sensitive data through email.

Be PCI compliant

When taking credit card payments, there are many regulations to keep in mind. The Payment Card Industry Data Security Standard (commonly referred to as PCI compliance) is one of them. If your business processes credit card payments, you must be PCI compliant. With this standard in place, merchants must develop and implement a plan to protect cardholder data.

If you don’t meet PCI compliance requirements, your business could face severe consequences, including fines and suspension of your merchant account. To meet PCI compliance requirements, you have to have an organization-wide data security policy. You also have to develop and implement a risk assessment, perform periodic audits, and train your employees on how to keep their personal information safe and secure.

Educate employees

Employees can be your best protection against fraud and loss. If they know how fraud works and how to report suspicious activity, they can help catch fraudsters before purchasing. Plus, they can help educate customers on fraud prevention best practices, like not sharing personal information with merchants. This can help prevent customers from becoming fraud victims in the first place. If you want to protect your business further, try using a fraud monitoring service. This service can watch for unusual activity on your online accounts, such as credit card fraud or account seizures. It can also notify you by email or text when there’s an issue, such as a fraudulent transaction or an account seizure.

Final Word

Credit card fraud is a significant threat to businesses of all sizes. By using the tips provided here, you can minimise the risk of fraud and better protect your customers’ credit card information.