If you are using credit card as a payment method, there are some security measures to take note of. There are various strategies you can use to ensure that every transaction is as secure as possible. Here are four methods to help you accept credit card payment processing securely for your business!
End-to-end Encryption and SSL Protocol
With the help of this security measure, all data is kept safe while it travels from a card reader or other form of data processing to its final destination. The processor, who acknowledges and accepts the payment so it may transfer the funds to the business for that transaction, is usually the last step. Mobile and online payment systems should contain the Secure Sockets Layer (SSL) protocol in addition to encryption keys since it helps add additional layers to the security wall and deters hackers from accessing sensitive data. Regardless of the size of your business or the volume of transactions you perform, these security procedures have been proven to be successful.
Biometrics are now being employed in more types of transactions such that fraudsters have a very difficult time impersonating people, whether it be for in-person or online payments. This security feature is based on biological identity checks that are specific to an individual, such as fingerprint and facial imaging. Biometrics help prove that we are all unique and how we can never be imitated in any way. Many banks and payment businesses, such as PayPal and Apple Pay, already utilize fingerprint recognition, so many people are already accustomed to utilizing this security measure.
The EMV standard, commonly referred to as a chip card or a smart card, was created by Europay, MasterCard, and Visa to allow for the acceptance of secure financial transactions. Compared to the long-used magnetic stripe credit and debit cards, the microchip technology has stronger security features. The chip enables cryptographic processing, which helps protect data from identity thieves and others looking to use stolen credit card information for fraudulent purchases. You can further safeguard yourself by switching to exclusively accepting EMV cards.
The Payment Card Industry (PCI) established a specific legal framework, called the Data Security Standard, which offers a common standard for how to handle, utilize, and retain credit card information to safeguard customers and businesses. These standards were created to assist businesses in identifying, responding to, and preventing future data breaches in response to the numerous data breaches that occurred at both major and small retailers. Non-compliance not only results in hefty fines from Visa and MasterCard and other credit card association members, but it also leaves your business open to more serious security risks. You should therefore seek to be PCI compliant to deter fraudsters.
Enjoy a Hassle-free Experience with Millenium Payment Systems
As Millennium Payment Solutions is committed to giving you the best services, you can count on a simple and hassle-free experience while utilizing our payment processing systems. We are committed to fulfilling your needs and work to provide you with the high-quality service you need, whether it is through our comprehensive coverage of all major credit cards or our completely integrated payment gateways. To learn more about our services, contact us today!