3 Tips for Processing Safer Credit Card Transactions Online & Over The Phone
Online and over the phone credit card transactions do not always instill the same levels of trust as in-person transactions, particularly when customers are purchasing from small businesses. As a small business trying to grow in an increasingly e-commerce and MoTo environment, one of the number one priorities in providing online services and/or goods to a consumer is to create a trustworthy relationship, and a big part of that is making the transaction process as comfortable for the customer as possible. To help reduce some of the risk factors that come with processing credit card transactions online and over the phone, and ensure your customers feel confident when making card-not-present transactions with your business, we have put together these three simple, and user friendly tips that businesses should employ when taking customer credit card payments.
1. Accessing a Secured Wi-Fi Connection
As business owners, as much as we would like to think that our office, home, hotspot, or Wi-Fi connection is secured, we often overlook the fact that our vulnerability extends beyond the perimeter of our location. Most Wi-Fi signals/connections extend over 250 ft., which is longer than the length of a football field. If you consider the size of a football field, you can assume how many other homes, businesses or people might be in the area that could potentially gain access to the Wi-Fi connection being used by your business.
A business whose Wi-Fi has been hacked might be susceptible to having any sensitive data entered over that connection, including customers’ credit card information, becoming stolen. To prevent against snooping or hacking by neighbors, there are a few cautionary measures that can be taken to ensure that a business’ Wi-Fi connection stays secure: using Wi-Fi protected access (WPA or WPA2) versus wired equivalent privacy (WEP) which can easily be broken into by hackers, creating a unique and preferably long password, obtaining a separate Wi-Fi connection for any guests you may have, and checking for rogue Wi-Fi access points that may have been brought about by visitors.
Establishing a secure Wi-Fi connection is one of the most important aspects of processing customers credit card information online because without it, valuable card information can be easily stolen by prospective hackers, which could result in the loss of confidence by your customers and potentially devastating long-term reputational harm.
2. Secure Sensitive Information
When processing a credit card transaction online or over the phone, there is specific information that must be received in order for the transaction to be accepted (i.e., a complete credit card number, security code, expiration date and a shipping address when applicable). This is the kind of information that should be stored and secured properly in order to ensure it does not end up in the wrong hands.
When consumers trust your business enough to provide this sensitive information to you, you owe it to them to take all steps in properly securing that information. Specifically, that means creating password protected digital vaults for stored client information, making sensitive information accessible to only management, and shredding any hardcopy documents that may have been used during transactions.
3. Being PCI Compliant
One of the most important steps that a business can take to process credit cards more securely is to follow Visa / MasterCard’s guidelines known as PCI DSS. This set of security requirements were created to ensure a secure environment for companies that process, transmit, and store credit card information, and is more formally known as the Payment Card Industry Data Security Standard, or the PCI DSS.
There are a total of four merchant levels within the PCI DSS that are based upon the volume of VISA / MasterCard transactions a merchant or organization is receiving. Complying with the specific requirements for any given level of the PCI DSS is crucial when processing safe credit card transactions online for customers and consumers. For small businesses, PCI DSS’s requirements are relatively straightforward. They require, for example, that if credit card numbers are stored at a business, that they be under lock and key. Additionally, that your business’ router is configured to minimize the possibility of hackers accessing it. In all, there are approximately 20 requirements for small businesses to follow, most of which can be met with just a few hours of setup and configuration. For a complete set of PCI DSS rules, read here .
Unfortunately, the most common target for attackers seeking to compromise credit card data is small businesses. So taking the three steps outlined in this article, establishing a secure Wi-Fi connection, keeping sensitive information safe, and maintaining PCI compliance will help to protect your business, and more importantly, your customers. That’s important not only from a security perspective, but also because keeping customers confident in your ability to be trustworthy will enable your business to continue growing in online and telephone sales.