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 merchantA business that accepts credit cards for goods or services.. But even more important than convenience is security. A secure credit card terminalThe device by which a transaction is transmitted to the acquiring bank. is an age where data breaches and credit card data theft are increasingly on the rise.
The Importance of a Secure Credit Card TerminalThe device by which a transaction is transmitted to the acquiring bank.
Credit card terminals are a necessity for any merchantA business that accepts credit cards for goods or services. 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 transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... more secure than ever. But not all terminals are created equal. Whether you’re using a single credit card terminalThe device by which a transaction is transmitted to the acquiring bank. or one that is integrated with a robust POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. system, you’ll want to ensure you use a secure credit card terminalThe device by which a transaction is transmitted to the acquiring bank. 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 terminalThe device by which a transaction is transmitted to the acquiring bank. or POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. 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 transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... securely and efficiently. Your customers are relying on you to provide a secure credit card terminalThe device by which a transaction is transmitted to the acquiring bank. 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 terminalThe device by which a transaction is transmitted to the acquiring bank. 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 terminalThe device by which a transaction is transmitted to the acquiring bank., 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 processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.... to the merchantA business that accepts credit cards for goods or services. 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 transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account..... 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.
In Conclusion
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 terminalThe device by which a transaction is transmitted to the acquiring bank. and by working with a payment processing partner like NMA.
About National Merchants Association
National Merchants Association (NMA) is a merchantA business that accepts credit cards for goods or services. 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 legacy.nationalmerchants.com or call 866 509 7199.