09 25 2015

Alleviate Consumer Cybersecurity Fears

09 25 2015

Alleviate Consumers’ Cybersecurity Fears By Protecting Their Financial Data

Staying one step ahead of cybercriminals means small business owners need to ensure their point-of-sale systems are secure, which sometimes necessitates obtaining a working capital loan to upgrade all the expensive technology. While older systems might continue to work in many instances, cybercriminals are constantly updating their methods to victimize businesses and consumers, forcing owners to do the same to protect their sensitive data.

According to a recent Gallup survey, American consumers’ biggest worry about crime was having their credit information stolen and used to buy goods and services at stores. An overwhelming 69 percent of Americans responded that this was a greater fear than having a car stolen, getting mugged, having their homes burglarized or any other crime.

Yet as more consumers shift to electronic payments, it raises the risk of security breaches at point-of-sale terminals, and for small businesses, this means maintaining the necessary safety measures to keep these thieves at bay.

Installing EMV readers

While many credit/debit cards currently utilize a magnetic stripe to transfer information between the bank and the store, this method is insecure and leads to counterfeiting and stolen information. Currently, losses incurred in the U.S. due to card-related financial fraud amount to an estimated $8.6 billion a year, Payments Leader reported.

One of the ways the payment industry is combating the rise of cybercrime is by transitioning away from the use of magnetic cards and toward cards with EMV technology embedded in them. These cards replace the old, insecure magnetic stripes with microchips that create a unique code each time a customer makes a purchase, making it more difficult for criminals to steal and counterfeit the data.

Many business owners have already witnessed the added security features that EMV technology cards provide for their customers. For the rest, the change will be much more important when the U.S. officially makes its payment liability shift for stores on Oct. 1, 2015. On this date, businesses that have not made the switch to using EMV-compliant devices but still accept EMV-compliant cards will be financially liable for any losses that result from a fraudulent transaction. The hope is this liability shift will force more businesses to upgrade their POS systems to accept these so-called chip-and-PIN cards.

Shifting an entire POS system can cut into the budget, but a working capital loan can help.

Consider cloud services

For many small businesses, data usage and storage is not that demanding. Because of this, many companies may only have a small in-house server to handle all computing needs. However, these smaller servers don’t always have the security functions necessary to truly protect the sensitive data they’re storing.

An easy way to ensure bleeding-edge cybersecurity that is constantly upgraded is by storing all the data on a cloud server. For small businesses, these cloud-as-a-server applications can be tailored to meet just about any company’s specific demands. In addition, it can free up both space and resources, since companies no longer need to physically store, cool and constantly upgrade big, bulky servers.

Cloud vendors are more than merely digital storage providers, their business revolves around securely protecting the data they store. These vendors rely so much on the fact that they need to have the best cybersecurity possible, it’s built into their business model.

According to SmallBusinessComputing, Lilac Schoenbeck, vice president of Product Management and Marketing at Iland, a cloud-storage company, said her company’s business is protecting the workloads of clients. The vendors in her industry figuratively “live or die by the security of our infrastructure and our environment.”

Utilize equipment leasing

Constantly updating and ensuring a company’s technology is compliant with various industry regulations can be a burden on the bottom line. A surefire way to cut overhead without damaging the security infrastructure of a company is to lease the necessary equipment.

Leasing equipment allows owners to keep pace with the ever-evolving technology needed to protect customers’ financial information and the company’s cash flow. Owners can upgrade the machinery and equipment without having to worry about depreciation or expiring warranties. In addition, equipment leasing offers significant tax benefits for small businesses, allowing owners the opportunity to grow their companies without the restraints of shelling out for new expenses.

Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

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.

 

US Patriot Act:

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.

 

For Loan/Merchant Services:

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, text-messages, 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.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

 

Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

  
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.