5 Ways to Accept Credit Card Payments Securely at Your Business

Running a successful business—–especially an online business—–means being able to process credit cards. However, finding the most secure credit card payment methods can be difficult and challenging. Accepting credit card can be beneficial for both businesses and customers.

For businesses, credit cards can increase sales and help in bookkeeping.

For customers, credit cards can earn those rewards and do not need to carry around cash at all time. Statistics show that 43% of the users prefer debit cards when doing payments while 35% of them chose credit cards.

This article highlighted a good list of methods to accept credit card payments securely at your business:

1. Point-of-Sale (POS) System

Commonly, POS system best for businesses with a physical location that want to connect multiple locations or cash registers to each other and/or to other business systems such as accounting or inventory.

A complete POS system is a checkout terminal that includes a variety of features ranging from a credit card swiper, NFC reader for mobile digital wallet payments like Apple Pay or Android Pay, touch screen, barcode scanner, cash register, printer and inventory management.

However, there are POS systems designed for specific businesses. POS system has different shapes and sizes, most require businesses to set-up a merchant account.

In addition, to manage your POS system, you will want to comply with the Payment card Industry data Security Standard (PCI DSS) across all card readers, networks, routers, servers, online shopping carts and even paper files.

On the other hand, mobile POS utilizes tactics like SSL and encryption for transactions, password protection for apps, data backups and remote wiping if the device is ever lost or stolen, making them more secure. If you want to ensure harmful malware doesn't infiltrate your system, install endpoint protection software (antivirus) on your device.

These tools will scan the software on your POS device and detect problematic files or apps that need to be immediately removed. The software will alert you to trouble areas and help you begin the cleansing process required to guarantee the malware does not result in data theft.

2. Mobile Credit Card Reader

Mobile credit card processing is a dongle and / or app that let you accept credit cards anywhere using a smartphone or tablet. Mobile credit card processors function just like countertop version POS system or card terminal, expect that it allows you to process payments anywhere.

Mobile credit card processors must abide to the PCI DSS, however, the top mobile credit card processors use websites that have both Secure Sockets Layer (SSL) protocol and encryption keys. The very least security is must ensure all applications that business owner used are protected with password.

3. Online Payment Gateways

Online payment gateways are simply an e-commerce solution; shopping cart software, or third-party marketplace, think FashionValet or Hermo, which allows you to process credit card transactions from your computer or mobile device through Razer Merchant Services. In other words, your personal device can be transformed into “virtual terminal”.

Not all e-commerce sites that are hosted by a third party require a merchant account, but stand-alone e-commerce sites that feature shopping cart software may require a merchant account. Find a processor that will work with you to alleviate the burden of accumulated fraudulent activity and provide high security. Have your own initiative to have PCI Data Security Standard.

The PCI Data Security Standard is an industry standard governing how you secure your customers’ credit card data.

These rules touch on how you process and store cardholder data. You can team up with a payment processor that is in compliance and helps reduce your PCI compliance workload.

4. Scanning Credit Card Numbers

Days before credit card swiper, imprinters were used to make quick carbon imprints of the credit card information. However, they were risky, less secured and involved a lot of administrative work.

Flint invented a technology which is able to scan a credit card number by using the camera on your smartphone. This means no scanning and additional equipment for your business to have on-hand.

As for security, the information processed is encrypted and handled according to PCI standards. Furthermore, no card data or images are ever stored on the business owner’s device.

5. Recurring Billings

Often, recurring billing is associated with debit orders or direct debits. However, credit and debit card recurring billing provides the same monthly collection conveniences plus more such as real-time authorizations, faster funding and global sales reach.

Cardholders are also looking to pay with card for known benefits such as loyalty reward points, interest free payment terms, trusted brand (Visa / MasterCard) and ease of payment process. If you have a business where customers make a recurring, monthly payment, such as subscription-based business or maintenance plan, then recurring payments are the right since they’re effective and convenient.

Most importantly recurring payments can help to improve cash flow and business forecasting and also reduce delinquencies.

Recurring billing requires safe storage of customers’ credit card numbers for later use. With the consequences of security breaches including hefty fines for businesses, some businesses may be hesitant to store personal information and be held responsible should identity theft or fraud occur. That’s where tokenization steps in.

For customers, your merchant account service provider can store credit card information safely for you, using a system called tokenization that replaces sensitive information with a “token.” If hackers attempt to break into the database to steal information, instead of credit card numbers, they’ll find tokens that are useless to them.

Tokenization reduces your business’ liability and allows you to implement a recurring billing system safely and effectively. With recurring billing you are able to securely manage your customer’s payment information since you are reducing the duplication and circulation of information like credit card numbers.

Another security element is that recurring payments employee error since they do not have to manually enter the credit card information for each monthly transaction.