As a business owner, you know you need a merchant service provider. What you may not know, however, is whether or not your merchant services are out of date. If your business has been around for a while and you can’t remember the last time you updated your merchant services, or saw your processor’s field rep for that matter, you should be particularly concerned with the status of your merchant services.
Just like you don’t want to trade in counterfeited currency, you don’t want your credit card processing system to put your business or your customers at risk for fraudulent activities. As a business owner, you have an obligation to ensure every transaction that takes place at your establishment is safe and secure, regardless of whether you operate an ecommerce website or a brick-and-mortar storefront. One way you can fulfill this obligation is to ensure your merchant services are up to date.
If your current processing system cannot handle EMV or chip-embedded debit or credit cards the way they’re supposed to be charged, your system is out of date. By requiring a consumer to place their EMV cards into a POS machine, it’s much more difficult for criminals to exploit the card compared to using the card’s magnetic strip to process a payment.
While that’s a good thing, it’s not enough. Your merchant services provider should also use encryption and tokenization to provide an added layer of protection. If you sell things over the Internet, be sure your provider supports SSL certificates as well as CVV2 verification to ensure your transactions remain safe and consumers are confident buying goods or services from you.
And that’s not all! You should also make sure your credit card processor and your payment processing system are compliant with Payment Card Industry Data Security Standard regulations. Finally, you should ensure your merchant services provider offers fraud resolution services that can protect your interests as well as your clients’ interests in the event a fraudulent act occurs.
Even if you can take every kind of debit and credit card, your system is out of date if it can’t process payments from digital wallets or “contactless” payments. When your system can process contactless payments, it’s designed to process every type of Near Field Communication payment, such as those made with cards, smartphones and smart wearables like Apple Watch.
As an added bonus, contactless payments typically provide another layer of security to your transactions. For example, Apple Pay uses cryptographic measures that resemble those associated with EMV chips, but it combines them with biometrics in order to verify a person’s identity.
A point-of-sale system that integrates with your merchant services provider’s system and hardware may be enough when you’re starting out, but what happens when your business grows? If your organization has outgrown your current credit card processor, it’s time to shop for a new one. Be sure you choose a partner that will be able to integrate your system with other services, such as Shopify, WooCommerce, and BigCommerce, with ease.
Contact Bankcard Brokers
When you choose Bankcard Brokers as your merchant services provider, you can rest assured you’ve chosen a partner that’s able to provide, support and scale a payment processing system that’s ideal for your business. Get a quote for our merchant services or contact Bankcard Brokers to learn more about our state-of-the-art payment processing services today.