Payment security is a major concern for small business owners and customers alike. How can you ensure online and in-store transactions are secure? Here are five key tips for gift cards, rewards programs, and more.
Worried about the security of the payment systems in your small business? Sign up with Cornerstone Credit Services today!
Benefits of Exceptional Payment Security
It may seem obvious that payment security is critical in any company, but many business owners don’t really understand what they will gain by keeping their payment systems secure. Here are some of the many benefits of secure payment systems.
- Complete day-to-day transactions accurately.
- Avoid fraud.
- Safeguard customers’ private information.
- Protect your small business’s reputation.
- Avoid lawsuits and other legal problems.
With Cornerstone Credit Services, you have the security you need to maintain your reputation and thrive as a small business. We provide you with secure payment systems and help you understand the best ways to use them to benefit your business.
Our 5 Payment Security Tips
Payment security tips can help your small business in many ways, but how can you learn the best ways to manage payments in your business? Cornerstone is here to help you get set up, keep your system secure, and ensure you and your customers benefit from secure payments. Here are our top payment security tips for small businesses.
1. Keep rewards and loyalty data safe.
Because a loyalty or rewards card is not the same as a credit or debit card, you or your employees might not realize its potential for creating data breaches. Remember that although the card can’t be used to take money out of your customer’s bank account, a security breach can still cost them money and expose their private information. That’s why it’s so important to be just as vigilant about rewards and loyalty card security as you are with debit and credit card security.
2. Prevent CNP fraud using addresses, multi-factor authentication, and CVVs.
CNP stands for “card not present.” CNP fraud occurs when someone pays for a service or product using a credit card number, usually online or over the phone. They don’t have the card, but they can often make fraudulent purchases without it. To prevent such fraud, you can require their physical address, the CVV number from the back of the card, or multi-factor authentication.
3. Keep all your payment systems updated and securely maintained.
In-store transactions need to be just as secure as those that take place online. If you have a business in Alaska, you likely have a payment system in your store. Remember, you can’t just install it and forget it. you must ensure that the system is excellent from the start and then keep it secure and updated regularly. At Cornerstone, we recommend the Clover system, which is a PCI PTS-certified device for taking payments. We also help you keep it updated and maintained properly. Maintenance should include both monitoring and testing, as well.
4. Educate your employees and customers.
Even if you know everything needed to do your part in payment security at your business, only some people you deal with will know these things. It’s to your advantage to educate your employees who process payments on the security risks you and your customers face and how to avoid them. You can also benefit from an informative campaign to educate your customers on safeguarding their data. Then, you can all work together to protect the data that comes through your store.
5. Partner with the right Alaskan MSP.
Partner with the right MSP to protect the data you gather and use in your Alaska business. Cornerstone offers MSP services in Alaska that keep your devices and customer information safe. We know the best POS systems and understand how to protect your and your customer’s data from fraud and cyber theft. We not only advise using an excellent POS system like Clover, but we also support your business with diligent security measures.
With Cornerstone Credit Services at your side, you can build your reputation and ensure that payments are processed exactly as intended. Then, you can grow your business while keeping yourself and your customers safe from fraud and data breaches.
Ready to make the move to more secure payments? Contact us at Cornerstone Credit Services to get started today!