How to Process Payments Securely at Your Small Business
Your customers need to be able to trust your business with their credit card information in order to attract and retain them. Identity theft, fraudulent charges, chargebacks, and other data breaches are all very real concerns to the modern consumer. There’s no way you can eliminate all these threats 100% of the time, but here are 5 ways you can minimize the risks associated with processing payments at your small business.
1. Make Sure You’re PCI Compliant
PCI (Payment Card Industry Data Security Standard) is a set of regulations for businesses who accept credit card payments. The goal of PCI is to prevent customers and businesses from falling victim to data breaches. It’s important for your business to use a PCI compliant credit card terminal. If it doesn’t, you’ll have to pay fines to big name credit card companies. You’ll also be putting your customers at a greater risk of becoming victims of identity fraud or fraudulent charges. If your business doesn’t already have a PCI compliant credit card terminal, you can find one through Wholesale Payments Direct!
2. Use a Point-of-Sale System
A point-of-sale, or POS, system is the best way for your business to accept credit cards and process payments securely. It’s an all-in-one device that allows you to accept payments in a variety of forms and manage those transactions as well your inventory. A point-of-sale system combines software and hardware to save you time and increase your convenience. Wholesale Payments Direct offers secure point-of-sale systems that you can rely on. Our terminals are easy to use and fast so your business can process the maximum number of sales.
3. Utilize Mobile Credit Card Readers
With a mobile credit card reader, you can process payments securely through a mobile device that has been paired with a card reader. This is a convenient method for processing your transactions, especially if you have a mobile business or offer professional services that force you to travel. When your business uses a mobile credit card reader, you are required to be PCI compliant.
4. Set Up Recurring Payments
If you offer a service that is performed regularly—perhaps once or twice a month—setting up recurring payments is the way to go. Your customers won’t have to keep entering their card information, so this method is not only secure but convenient for you and your customers. Your customers’ credit card information won’t be being entered more than it needs to be. This is also great because the billing automatically repeats, meaning there’s less risk of a mistake in entering the credit card information.
5. Use Biometrics
Adding biometrics into your transactions can be one of the safest ways to process payments. This method utilizes identifying factors such as fingerprints, voice recognition, and facial recognition to protect against fraud. PayPal, Apple Pay, Google Pay, and Capital One are just a few examples of companies that have integrated biometrics into their payment processes.
If you’re not sure if your business is doing everything it can to process payments securely, contact Wholesale Payments Direct. We offer PCI compliant credit card terminals, POS systems, wireless payments, eCommerce payments, and Apple Pay. For all of these product, we guarantee maximum security!
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