03 09 2015

Data Security for Customer Credit Card Information

03 09 2015

Data Security Tips For Credit Card And Mobile Payments

Small businesses rely upon credit card processors to handle the bulk of their transactions. And with 80 percent of point of sale purchases conducted through credit cards, the need for an optimized system is vital.

However, with hackers and cybercriminals stepping up attacks against companies around the world, customer information can be stolen if the proper data security measures are not followed. If your business suffers a data breach and private information is accessed, you could lose the trust of your customers and be tarnished in the eyes of the public. That’s why small businesses need to ensure that all transactions made through mobile devices or credit cards should be completely secure.

Automatically update software

Because data is transferred via wireless Internet, you need to have the latest and most advanced software protection. The best protection is only as good as the most recent update. It may slip your mind to routinely update software, so it’s best to turn on the automatic update feature, which will work on its own to protect your customers’ data.

With an entire Web of viruses, spyware, malware and scams, your Internet firewalls could be the only thing standing in the way of a data breach. Updating outdated software and technology can become an expensive routine, but IT equipment leasing or financing can help defer some of the costs while still allowing for routine upgrades to remain current.

Don’t store unnecessary data

When making transactions through a card or touchscreen, the information is stored so that the processing goes through fully and the information is recorded. However, there should be a finite limit to what kind of data is stored. Credit card numbers, names and sometimes phone numbers can be stored online, other personalized data should not.

For instance, security codes and track information on the back of credit cards should not be stored because they link directly to specific cards and can provide hackers with the exact information they need to steal from your customers’ accounts. Keep in mind, the more data you store, the more you have to protect and the greater the chance of a hack.

Use encryption

Encryption is not required for security software, so many companies simply do not put much thought into it. However, without encryption you could be making it easier for cybercriminals to breach your servers. Not only does encryption add another layer of protection, but it makes it much more difficult and time-consuming for hackers to make any progress, leading some to give up.

Because your credit card processing system will be interacting with a host of outside sources, you’ll want to make sure it covers several different types of platforms including laptops, phones and store purchases.

Audit access to data

Sometimes credit card information needs to be more secure from people within your company. New hires or mischievous staff members may be inappropriately accessing private customer data. Because employees have certain passwords and login credentials, they have an easier path toward stealing card information.

Reevaluate who at your company has access to what to ensure data is not falling into the wrong hands.

Work laterally with vendors

With so many daily interactions with contractors, clients and wholesalers, the chance for a potential security flaw or lapse may be higher than you’re aware of. Incoming and outgoing transfers among accounts may be making your security system susceptible to hacks, which is why you should only be doing business with the most trusted and compliant vendors.

With top security measures in place, your business is one step ahead of other competitors. Plus, your customers will have the confidence that their transactions are secure and your business is trustworthy, which will go a long way in creating high customer satisfaction.

For more ways to achieve your business goals, consider a merchant cash advance from National Funding.

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.