09 18 2015

Credit Card Payment Security Tips

09 18 2015

6 Tips For Ensuring Payment Security

Credit card processing for small business can be an expensive and intimidating aspect of owning a company. As financial transactions and retail payments become increasingly digitized, it creates an opening for hackers to take advantage of the digital landscape for their own criminal activities. As a small business owner, you need to ensure that any sensitive financial data a customer entrusts with you remains protected and secure. Without adequate security measures for credit and debit transactions, you run the risk of exposing your customer’s data to cybercrimes as well as driving away those very same customers.

Here are six tips for guaranteeing all sensitive financial data is safely stored:

  1. Ensure your POS system is PCI compliant
    The Payment Card Industry Security Standards Council created a data security standard framework that helps protect merchants and customers. This security process can prevent, detect and react to security incidents immediately, creating an active digital buffer zone. Furthermore, PCI SSC also provides self-assessment questionnaires, as well as validated payment applications and training. Not all POS systems are PCI compliant, so be sure to check with the POS vendor before making your choice on which one to incorporate into your small business.
  1. Don’t store customer payment data
    Storing customer’s payment data in your system increases the chances of a hacker gaining access to this sensitive information and using it for criminal activity. Securely dispose any payment information immediately following a transaction to deter individuals from trying to gain access to it.If you must store it, use a private network or a cloud-based storage system, since many cloud storage providers maintain bleeding edge encryption programs to safeguard their data. If possible, consider encrypting the data yourself so if a hacker does infiltrate your system, the data will be unreadable.
  1. Eliminate information
    If you must store financial information in your system, eliminate unnecessary data such as entire credit card numbers or expiration dates. Store only enough information to properly identify returning customers such as the last four or five digits of their card number. By removing the superfluous information, you increase the chance of a hacker being unable to do anything with the information even if they do manage to infiltrate your system.
  1. Constantly update your tech
    With technology evolving at a rapid pace, you need to ensure your systems stay up to date. Outdated systems and technology that have been on the market for a considerable amount of time pose a greater risk of being hacked, since hackers have had longer time to learn how to infiltrate them. Follow the maintenance schedule for your POS systems and be sure to keep the antivirus and malware software installed and updated.
  1. Tokenize the data
    Instead of using the actual numbers of a credit card account, tokenization inserts a random alphanumeric code instead. This code is used to process the transaction, which makes any information stored in the system worthless for hackers who manage to infiltrate the POS system.
  1. Utilize EMV
    EMV refers to Europay, Mastercard and Visa. Commonly called chip-and-pin, the cards have a microchip embedded in them that replace the traditional magstripe used in older cards. The chip is then authenticated using a personal identification number. These cards make it significantly more difficult for hackers to breach the system, which adds further security to the payment transaction.EMV cards are so secure that industry regulations mandate at least 75 percent of all transactions must be processed using EMV by October 2015. If merchants do not follow this new industry standard, they will be held liable for any fraudulent transactions that occur on their non-EMV terminals.

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Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

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To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan.  What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number.  We will also ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.

 

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The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

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