Vendors can never take away the fact that credit card paying customers mean a lot in terms of sales whether paying on the line or online. Although you wish all your customers would pay in cash (especially if your business is mostly on location), sales can increase highly with debit or credit card payment processing.
Using credit cards for payment system eases up the long lines waiting for checkout. It also increases the chances of your merchandise or service to be paid for. But then, there are risks to face and this scares many business owners altogether. And since you cannot take these types of buyers off your list of customers, you should have something in place that can help you stay away from fraudulent transactions that could cost you your business, and most of all—customer loyalty.
Be PCI Compliant
If you are Payment Card Industry compliant, then, this reduces the risk of being conned through card payment schemes. Vendors have the responsibility of protecting their clients’ card information just as they are bent on protecting their own businesses. PCI audit is generally based on the payment processing systems and volumes used by companies.
Secure Payment Locations
Majority of card payment frauds are derived from the areas where processing equipment or systems are located. Needless to say, the equipment must be placed on a secure area not easily accessible to customers. Scammers can easily insert external hardware to snip off essential information from credit cards while a certain customer is swiping or inputting PIN code on the credit card equipment. As this type of scam is done swiftly by seasoned cons, it is advisable that areas where these systems are located be managed by a hawk-eye employee and well-lit.
Never Store Customer Credit History Data
Sometimes business owners take an extra mile to provide convenience to their customers. Some would store data on their database or network, and also on their cloud storage systems. They think this is safe? Think again! Credit card information is vulnerable to hacking so much more they are located on a single server. This move is taboo for compliance so better do away with this idea.
Orienting your employees how a proper transaction process goes is another way of avoiding scams upon checkout. Teach them how to spot tinkered equipment and to check on consistency in cardholders’ signatures. They must also be knowledgeable in asking additional security questions to reduce chances of chargebacks and fraudulent transactions. As some employees have to be somewhere else at times, make sure they lockdown their assigned counters to ensure nobody tries to tamper them with.
Get Hold of Updates
Be aware that as payment systems get updated every now and then, credit card scams also follow suit and get upgrades from time to time. To guarantee that your systems work to secure your business and the finances of your customers, call your card services provider to learn about the latest payment processing innovation that can help to protect your systems further.
Security is crucial when it comes to payment processing systems. Find out the ins and outs of this at paymentsprocessing.co and learn more about different credit card processing models at http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.453.2267&rep=rep1&type=pdf.
When dealing with payment systems, security is top priority. We have a quick guide on the essentials so you protect your brand and your customers. Visit paymentsprocessing.co today.