If there’s one thing we can all agree on regarding credit card processing, it’s security. Protecting the transfer of money between customers and merchants has always been a top priority in the payments industry, sometimes at the cost of speed and convenience. Today, however, merchants no longer need to lose sleep or time over credit card processing, as long as they follow these security best practices.
Becoming PCI compliant is a key requirement for any business that accepts payments. By ensuring that you follow the latest secure credit card processing guidelines, you'll not only protect yourself from fraud but also avoid having to pay a non-compliance fee every month.
Europay, Mastercard and Visa (EMV) standard supports chip cards that became widespread in the U.S. after the liability shift in October 2015. Upgrading to EMV means shielding your business from the responsibility for chargebacks. It’s the most secure way to accept credit and debit cards today.
Introduced by the PCI Security Standards Council, the same entity in charge of PCI compliance requirements, point-to-point encryption (P2Pe) ensures that cardholder information is safely transmitted between the two parties and can be decrypted only by an authorized merchant payment gateway. In the age of widespread data breaches, encryption performed on secure devices using advanced techniques is a key to better payment processing.
Cardholder data needs to remain protected not only when it’s in transit but also when it’s stored for future use, such as recurring billing, delayed charges and refunds. Since any device can be potentially vulnerable to attacks from hackers, it’s best to replace the actual data with a secure “token”. This is made possible by a process called tokenization, which is especially popular in mobile payments.
Restrictions come in handy if you're running an online store. Hackers often prefer to operate in a card-not-present environment, so enhancing your e-commerce platform with elements like CAPTCHA, AVS and CVV can give you a peace of mind and help fight card testing fraud.
These methods will put you in a much better position in terms of secure credit card processing, but remember that every year brings something new to help you protect cardholder data and fight fraud even more efficiently. Follow TransNational Payments and stay innovative with us!