Sixty years ago, imagining that a plastic card was the future of payments seemed crazy. Today imagining that it will continue to be is as difficult to believe. Our challenge now is security.
The near-universal adoption of mobile payment technology has significantly reshaped consumers’ purchasing behavior. Companies in the global payments ecosystem recognize that payments are a core component of the digital experience and are consequently transforming their operational models to enable digital payments with dynamic security. Innovation and investment in further developing security initiatives is required to stay relevant.
- Digitization of payments will be our future
- Digital and mobile payments present complex security challenges
- North American companies are investing heavily in personnel specializing in fraud, security, and technology
- Organizations know that keeping customers happy with security measures will be key to satisfaction
Exciting times are ahead for technological advancements in payments, all reliant on abilities to manage risk and deliver a secure experience. The key will be to balance security with a high-quality customer experience, and the companies doing that well will enjoy the most success.
We think 4 key considerations come in to play with digital payment implementation plans for businesses :
With respect to payments, it is usually mandatory to comply with the Payment Card Industry Data Security Standards (PCI DSS). A third party service may be engaged to verify your PCI compliance. To ensure PCI compliance, procedures need to be established to protect files with sensitive information. We are here to help if you need guidance.
Online System Safety
Small businesses may often tend to overlook the security aspect thinking that they won’t be targeted, but petty hackers are more likely to target them for the same reason. Inquire with your vendor(s) to ensure your technology has adequate safeguards in place.
Educate all employees, especially those responsible for handling payments, regarding the safety measures required. Simple steps like password protected devices, secure and updated software, use of VPNs, and securing USBs and other storage in the workplace can go a long way in protecting customer data.
Customer Data Protection
With respect to payments, there is no real need to store customer account information or card details long term. The best way to protect the customer data is not to store it in cases where it is not required. In situations where data does need to be stored, consult your POS and/or payments vendor to ensure any saved data for your customers is handled with the utmost care and security.