Electronic payments, or ePayments, provide a convenient way for customers to make purchases and pay their bills. For Merchants, this can make buying your products or services easier, more efficient, and more probable.
Unfortunately, along with the benefits of accepting ePayments, there comes the risk of fraud. Merchants are responsible for protecting the card holder’s data, and companies can face huge fines for not handling their customers’ payment information correctly. To avoid this, it is important to be aware of and utilize the best methods for accepting these payments:
- Choose a processing software that is PCI certified
The Payment Card Industry, or PCI, was created to ensure that any company thatprocesses, stores, or transmits credit card information adheres to Data Security Standard (DSS) requirements. One of the top reasons for compromise is the use of payment applications that are not compliant with these standards. To find out whether a software solution is PCI certified, go online to https://www.pcisecuritystandards.org.
- Reduce the need to handle and store data
Merchants can decide to store their credit card data on-premise or off-premise. Both of these methods have their own benefits, and it is important to choose the one that best fits your business’s needs. If you need access to the credit card information, you can choose to store the information in your database, as long as you comply with the Data Security Standard regulations. You can also decide not to store the sensitive information in your environment in order to greatly reduce the consequences of a security breach.
- Integrate your transactions with your accounting system
Using a processing method that is not integrated with your accounting system can create unnecessary trouble by increasing the likelihood of double entry and other manual human errors. In addition, it takes up more time and effort to enter the information multiple times. Instead, look for a processing solution that is integrated with your accounting system. This will help you speed up the payment processing cycle and give you more time to focus on other aspects of your business.
Nodus Technologies can help you achieve all 3 of these best practices! Find out how Nodus can help you process payments in part 2 of this blog series!
Contact Eric Sheehan at ESheehan@OTT-Inc.com to get connected with Nodus Technologies.