The security of all of your customers and clients is critical. That’s why you invest in things like an SSL certificate for your website or a security alarm for your front door. However, many businesses inadvertently leave themselves vulnerable to payment processing security breaches. Here are some of our best payment processing security tips to make sure that you avoid permanent financial or reputational damage from a cybersecurity incident.
Follow PCI Compliance Guidelines
PCI (payment card industry) compliance guidelines were designed to help businesses that process, store, and transmit credit card information through proper payment processing security. All of these requirements are to make sure that customer information is protected and safe throughout every transaction. There are four different levels of PCI compliance, and smaller businesses are typically only expected to meet the lower levels (under 20,000 credit card transactions a year or between 20,000-1,000,000 credit card transactions annually). PCI compliance should come standard with your payment processing systems.
Use Address Verification Services (AVS)
Working with an AVS for your business is one way to reduce the chances of credit card fraud. This payment processing security tip of ours does not just help protect your actual customers; it also helps protect people who might be customers in the future whose credit card information was stolen. The AVS will help make sure that buyer information is accurate and that it coincides with the address information of the credit card owner. It compares the address your customer gives with the address of the card’s issuing bank.
One of the most common payment processing security issues is stolen credit cards. In this situation, a card may be misplaced or stolen and then be used to attempt to make unauthorized transactions. Unfortunately, this leads to a stressful situation for the rightful card owner and also causes many businesses to lose money. You might have a loss of resources if you ship an item that is fraudulent, be subject to chargeback fees, or even have your account terminated. The right antifraud tool can help protect your business.
Keep Your Business Secure with Pure Finance Group
Thank you for your interest in Pure Finance Group. We’re so excited you’re here. For more information on how our lending services can help you with your home financing needs, give us a call (410-401-4957) or fill out the form on our contact page today. If you have a question about any lending services we provide including home improvement loans, we are here to help answer all your questions. Just give us a call (410-401-4957) or contact us today. To keep up-to-date with the latest financing tips and solutions, keep in touch with us on Facebook and LinkedIn!