How Merchant Services Help Increase Payment Security for Businesses

With more and more transactions happening digitally, payment security is becoming increasingly important for businesses of all sizes. Using merchant services not only simplifies the payment process for you and your customers but also strengthens your security measures. Learn more about merchant services and how they can protect your company and purchasers.

Risks Associated With Payment Processing

A number of risks are associated with accepting digital payments, including data breaches, fraud, and chargebacks. Any one of these can lead to financial loss, damage to your business reputation, and even legal consequences. The good news is that a secure payment processing system goes a long way in mitigating these types of risks.

Security Features in Merchant Processing Services

Depending on the equipment you choose, merchant services can feature a range of robust security measures designed to protect transactions and customer data. Here are just a few of the features that can be included in a secure merchant processing service:

Encryption

Encryption helps secure sensitive data transferred between your customer and your business. This level of protection makes it very difficult for unauthorized parties to access payment details.

Fraud Detection Tools

Payment processing isn’t the only thing becoming more digitally advanced; there are now advanced algorithms capable of monitoring transactions and flagging suspicious activity. These innovative fraud detection tools can help block potentially fraudulent charges and protect your business’s financial health.

PCI Compliance

Did you know there’s a set of security protocols specifically designed to protect credit card information? It’s called the Payment Card Industry Data Security Standard (PCI DSS), and it’s possible to get a merchant processing service that adheres to such standards.

Choosing the Right Merchant Payment Services for Your Business

Now that you know why choosing a secure merchant service is important, it’s time to focus on how to choose such a service.

Key Features to Look for

• End-to-end encryption: Encryption at every stage of the transaction process helps maximize payment security.
• Two-factor authentication: For an added layer of security, consider systems that use two-factor authentication. By requiring users to provide two forms of identification before accessing sensitive data, you help protect your business from fraudulent activity.
• Secure cloud storage: Opt for providers that store your sensitive data in secure, encrypted cloud environments. This has two advantages; the first is that it protects your data from being stolen. The second is that you’ll have a backup in case of a system failure.
• Reporting tools: Advanced reporting tools offer detailed reports on your transaction activity, which can help identify suspicious patterns. Many provide real-time reporting, offering a protective approach to preventing fraud.

Questions to Ask Providers

Settling on a payment processing tool is a big decision, so be sure to ask the following questions before selecting your merchant service provider:

✓ What encryption methods do you use?

✓ What’s your protocol for dealing with data breaches or fraudulent activity?

✓ Are there any fraud prevention tools available?

✓ Do you offer any security training so I can enhance my security practices?

Best Practices for Implementing Your System

Once you’ve selected secure merchant processing services, it’s time to securely implement them. Here’s how to do just that:

1. Use a secure connection.

Always use an encrypted connection, such as HTTPS, when processing payments. This is especially important for any online transactions.

2. Limit access.

From the start, you’ll want to ensure that only authorized users can access your merchant services. By limiting access, you help protect sensitive payment data.

3. Train employees.

It’s a good idea to review how the system works, as well as how to identify potential fraud, recognize phishing attempts, and what steps to take should an employee suspect a security breach or unauthorized activity.

4. Perform regular security audits.

Regular checks help keep systems up-to-date and compliant with industry standards. These checks and updates can also provide much-needed security patches as vulnerabilities are identified.

Turn to The Payment HQ for Secure Merchant Payment Tools

From PA mobile card readers and CardPointe to SkyTab Mobile and Pax A77, we offer a range of secure merchant service solutions. The Payment HQ is here to help protect your data and reputation – book a consultation to learn more today!