Today’s ever-advancing technology enables merchants to accept payments in a variety of ways, using a variety of payment options. Many of the new credit card terminals produced today enable both contactless payments and mobile wallet payments such as Google Pay and Apple Pay. Multiple payment options are convenient for the customer and beneficial for the merchant. But even more important than convenience is security. A secure credit card terminal is an age where data breaches and credit card data theft are increasingly on the rise.
The Importance of a Secure Credit Card Terminal
Credit card terminals are a necessity for any merchant that wants to accept any type of payment other than cash or check. And today’s secure credit card terminals are also designed to improve security and prevent credit card fraud. When you consider that credit card fraud is the most common type of identity theft, with over 450,000 incidences reported in 2021, it’s no surprise that data security is one of the largest concerns of Americans today.
Today’s secure credit card terminals feature several security protocols that serve to make each transaction more secure than ever. But not all terminals are created equal. Whether you’re using a single credit card terminal or one that is integrated with a robust POS system, you’ll want to ensure you use a secure credit card terminal that keeps your customer’s data safe and also ensures payment security for your business.
Hackers, cybercriminals, and identity thieves are employing very sophisticated methods coupled with old-school tactics to steal credit card information and other types of sensitive payment data. And, unfortunately, no credit card terminal or POS system is 100% secure. Online credit card transactions especially are most vulnerable to a data breach. And with more and more consumers using mobile devices to make purchases, mobile transactions are also a significant risk.
What Your Customers Expect
To remain successful in today’s competitive marketplace, businesses must cater to customers’ needs and expectations. One thing most customers expect is to complete a transaction securely and efficiently. Your customers are relying on you to provide a secure credit card terminal and payment processing platform. If too many customers feel that your store or website is not safe to shop at, you will likely lose a large portion of your customer base.
A secure credit card terminal is just one part of your necessary commitment to customer data security. You must also be highly aware of how you handle customer information, where you store it, and how you keep it protected. A data breach could cost you your customers, and ultimately, your business.
Working With a Reputable Provider
If you want to make sure you are using a secure credit card terminal, you’ll want to work with a payment services provider that also places a high value on data security. Being PCI-compliant is, of course, an important first step. But the security measures shouldn’t just stop there. Data controls that protect information and strong data encryption features are also a necessity to significantly improve data security.
Payment encryption is a protocol that keeps customer data safe when it is transmitted. Fraudsters often try to intercept payment data as it is being transmitted from the payment processor to the merchant account or financial institution. Encryption makes it more difficult for the fraudster to intercept or read the data.
When researching payment services providers, ask what security measures they use to protect customers’ credit card data during a transaction. You can also ask if they maintain any policies in response to a data breach, and how using their secure credit card terminals will protect your customers and your business.
If your credit card terminals are a few years old, you may want to consider updating them to new secure credit card terminals quickly. Hackers and fraudsters are well aware of the security flaws in older pieces of equipment and may seek to target businesses that haven’t updated their terminals for a while.
Additionally, you’ll want to keep your system software updated, and any accounts protected with strong passwords. If you keep a customer’s credit card data on file, you’ll need to ensure that it is secure. Keeping your software updated to the latest versions helps to patch any security flaws in the programming.
It’s important to remember that there may never be a time where fraud can be stopped entirely. But you can significantly reduce the risk of credit card fraud and identity theft of your customers by using a highly secure credit card terminal and by working with a payment processing partner like NMA.
About National Merchants Association
National Merchants Association (NMA) is a merchant advocacy group dedicated to reducing or eliminating the unnecessary fees associated with accepting credit card payments. Since 2004, NMA’s payment processing solutions have been delivering tailored solutions, best-in-class customer service, and high-quality service offerings for businesses across multiple industries. Whether it’s high-risk or low-risk, brick-and-mortar or e-commerce, NMA will create the best processing experience for your company. For more information, visit us at www.nationalmerchants.com or call 866 509 7199.