Trust is a key proponent of a business. Customers need to know they can count on you to keep your payment processes safe. If you accept credit cards, simply locking your cash drawer is not enough precaution.
The good news is that ensuring secure payments is not as hard as you might expect. Below are some effective ways that entrepreneurs like yourself can stay on top of the security of your office payment systems.
1. Keep track of your POS systems
It is not uncommon for POS payment processing devices to be compromised without the owner’s knowledge. Such equipment can include credit card terminals, card readers and computers.
Label your devices and store information like the model, serial number and location, as well as any associated notes about their condition. This measure will help you to quickly spot any discrepancies and signs of tampering.
2. Inspect your terminals regularly
Establishing a routine for examining your devices is a crucial step for keeping your office payments secure. Potential red flags can be foreign items plugged into ports, scratches on plastic coverings, loose connections, objects attached to card swiper slots, and so on.
Look out for USB thumb drives as well. Some of them can be small enough to miss when you are hurriedly checking your devices.
3. Train your employees on spotting malicious activity
Criminals are becoming increasingly clever. If your office receives an unannounced visit from an unfamiliar “tech guy” asking to perform maintenance or fix your terminals, do not let them anywhere near your systems until your provider has confirmed their legitimacy.
As a business owner, you might not always be at the office to spot suspicious activity. Therefore, foster a vigilant environment so that your employees can also recognize malicious activity and report accordingly.
4. Maintain PCI compliance
PCI Compliance is mandatory for all businesses that accept credit and debit card payment. The PCI DSS (Payment Card Industry Data Security Standard) provides the steps that these businesses need to follow to provide secure transactions.
If you are having trouble maintaining PCI compliance, consider partnering with a PCI DSS Level 1 merchant account services provider. Such providers have specialists that can guide you through the journey.
5. Embrace EMV technology
If your credit card terminal is not EMV-ready, you are leaving your business dangerously vulnerable. EMV transactions are more secure than magstripe transactions, and only EMV-ready terminals can process EMV transactions properly.
Fraudsters are targeting companies that are slow to adopt the safer EMV option. Moreover, issuing banks are pushing for the widespread adoption of EMV by imposing chargebacks on businesses that swipe EMV chip transactions. If you have not updated your POS equipment, now is the time.
The payment processing landscape is gradually becoming more secure. As a business owner, however, you can take steps now to protect your business. Remember, trust is key. If your customers trust you with their data, they will stick with you for the long run.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.