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Top 5 securities for merchant payment services



Unsure of which security features are worth the investment and which are not right for your merchant services? You're not alone. But before you throw up your hands, check out these top 5 recommendations on how to think about payments security, so you can narrow down your search based on what your business needs.

1. Fraud tools, encryption & tokenization — catching card crime before it starts
Online or in-store, there are a number of payment securities solutions that you can use to stop credit card crime before it starts. Fraud detection and encryption at the physical point of sale can help you stop the presentment of fraudulent cards and protect the data associated with legitimate cards as it travels through the authorization process. These types of payments securities, specifically fraud tools and tokenization, are critical deterrents to card crime in the faceless world of online payments--eCommerce, card-on-file, recurring subscription, etc. Online businesses often have transactions coming from the world-over.  Tools that mathematically calculate the likelihood of a card as fraudulent help you avoid selling and shipping to fraudsters and keep transactions secure. Additionally, tokenization solutions provide the online equivalent of encryption, protecting data as it is transmitted and even while it is stored.

2. EMV terminals
To stop fraud in-store, these chip-reading machines are now more or less necessary for all businesses accepting credit cards. The vast majority of credit cards in the US now, or will soon, have new EMV chips in them. The number of debit cards with the chips is also on the rise. Consumers are beginning to use the cards by inserting them in EMV-ready terminals versus a standard swipe at a terminal. The biggest risk to businesses? As of October 1, 2015, liability for certain fraudulent transactions made in stores now shifts from card financial institutions to merchants. Based on your business type and your customer base, the financial burden of chargebacks associated with fraud can be big. Now is the time to learn if EMV is right for your business and how to get started. Learn more about EMV through our library of Safer Payments content.

3. Tap and pay POS systems
Point of sale (POS) terminals or systems that accommodate mobile payments can provide benefits to both you and your customers. First, you offer your customers an increasingly important means of payment. Second, the mobile applications that your customers use, Apple Pay for example, come with their own built in security features—such as biometric identification (i.e. fingerprint) and/or some form of tokenization. The applications communicate securely with your payment system and then process the payment as with any other transaction.

4. PCI compliance tools
To stay PCI DSS compliant, there's a lot to learn and do. Business owners have enough on their plates without having to keep up with every new rule and restriction that comes out. Lucky for you, there are protection solution bundles available to you such as OmniShield Assure that provide support for and understanding of your obligations under PCI. You should search for payment services providers who will work to help your business achieve compliance through tools that guide you through the process, virus scan capabilities and support from compliance professionals. This is important even to the smallest businesses, which face growing scrutiny within the payments industry as points of security vulnerability.

5. General business security awareness
One of the most understated payments securities is a strong general awareness of security among everyone working within a small business. Strong general security sensibility is critical.  Employee access and password procedures for your physical store, as well as for the systems you use, especially for payments, is essential. Your training efforts should include specific education about payment securities and payment services processes broadly so that your staff understands the critical role they play in stopping fraud and card data theft. Getting into good habits now not only protect your business from fraud and reputation damage, they can provide your customers with a greater sense of comfort.

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