Accepting credit cards benefits both merchants and their customers. It provides convenience for those who want your products and services while also linking your business to the financial institutions, networks, and payment processors that make the process possible.
Managing Credit Card Processing Risk
While credit and debit cards make up nearly 50 percent of the global point-of-sale processing, accepting them is not without risks to a business. Mitigating those risks is key in ensuring your business is able to minimize its monetary impact.
1. Reduce Fraud
Look for credit card platform providers and processors that use only the latest in integrated fraud and secure payment acceptance solutions and technologies. While nothing can reduce all fraudulent credit card processes, technologies such as the EMV chip and pin technology help reduce its prevalence.
2. Protect Against Data Breaches
Data breaches continue to be a hot topic — and for good reason. Not only do they happen to businesses of all sizes, but their impact can be astronomical. Each year, data breaches cost nearly four million dollars.
Ensure that your business is complying with best practices in data management. These include following the Payment Card Industry Data Security Standard (PCI DSS), encrypting sensitive data and tokenization as a way to secure your customers’ personal information.
3. Partner with a Reputable Security Management Team
The right security management company means your business has the tools, processes, and people that can help manage credit card risk at your fingertips. By partnering with a professional in the business, you can help protect your business’ reputation while boosting customer satisfaction.
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