Accepting credit card or direct debit payments is a must for modern businesses, especially when so many transactions are conducted completely online. Whether you accept credit cards in your physical location or make recurring payment arrangements with customers for service plans or subscriptions, protecting those transactions is critical to financial stability and the success of your brand. At IntegraPay, we talk a lot about protecting your brand’s reputation, your business integrity and the security of your business through PCI Compliance and fraud mitigation strategies. Here’s three good reasons why you need to protect your business transactions now.
Ensure You Receive Correct Payment
The first reason to protect your business transactions is to ensure you actually receive the payment you expect. Unprotected portals and payment methods invite hackers in, and cyber criminals have come up with creative ways of tricking customers into making payments to them or siphoning funds away from legitimate channels. Many consumers are using contactless payment solutions via smartphones, which are also at risk for hacking and skimming. You also don’t want to be susceptible to chargebacks, where customers or fraudsters can claim back payments via their bank or credit card provider. Getting paid should be your number one priority in business, so make getting paid successfully the focus of your business administration practices.
Protect Your Business Accounts & Business Transactions
Shielding your transactions against cyber threats or data breach helps you protect all of your business accounts and financial data. Transactions that aren’t fully protected leave the door open for hackers to infiltrate your account. Often, the information a cyber criminal needs to rain financial havoc on your business is available in a single account. For example, if a hacker uses an unprotected business transaction to gain access to a business credit card payment account, they might have access to confidential information that makes it easier to hack other accounts or use your business credit for themselves.
Safeguard Customer Data
Consumers are understandably wary of handing their credit or debit card information over to anyone — even legitimate businesses. In only six months in 2016, 22 major public data breaches were reported in Australia, and it’s a trend causing security concerns globally. Modern consumers know what they risk every time they make payment arrangements with a debit or credit card, and they want to know that the businesses they pay take security seriously. Protecting your business transactions is one way to honor that trust from consumers.
Businesses can partner with payment card solution providers to implement safe, secure processes for business transactions. Doing so supports financial stability for the company and lets businesses develop trust with consumers. As a business owner accepting credit card payments, you need to be aware of your responsibilities around PCI DSS compliance and ensure that you safeguard your business transactions – after all, this means you can then grow, prosper and enjoy business success.