The majority of small-business owners understand the value of credit card processing software. After all, credit and debit cards are only becoming more common, and not accepting these payment options is a fast way to miss out on what could be easy sales. There's more to effective and secure card processing than implementing the first system you come across. Security, ease of use, dependability, support and many other factors must be taken into consideration. With that in mind, let's review three reasons why your business needs to focus on effective card processing software:
1. Keeping your business and your customers secure
The EMV standard isn't just a mandate to improve function or reliability, its major focus is on improving security for everyone involved. As EMV Connection pointed out, the use of two-factor authentication – made possible by the gold chip in EMV-enabled cards – leads to significant reductions in card-present fraud. Authentication and verification of cards and cardholders, respectively, as well as transaction authorization systems, make EMV more secure than past payment processing standards.
2. Compliance, financial and reputational concerns
It's important to remember that liability for card-present fraud now falls on the least-compliant party in a transaction. For businesses that lack EMV-compliant credit card processors, the absence of modern technology means additional issues to address if fraud occurs. Financial penalties are a significant negative potential outcome for businesses that don't implement payment systems compatible with EMV.
The lack of such a widely used system at a business can also cause customers well-versed in the reasoning behind EMV to be less than eager to make purchases. It's also important to consider that, should a payment data breach of enough significance occur, consumers in general may be dissuaded from shopping at a given store.
3. Dependability and consistency
Securely capturing payment information and reliably processing it is a major concern for all businesses. A system that can store that data even when not connected to the internet and process it when that connection resumes is especially valuable. Store and forward functionality won't be used on a daily basis by many businesses – although those that operate from a mobile base can easily find its day-to-day value. However, the ability to continue accepting card payments regardless of the availability of an internet connection means fewer missed opportunities, higher customer satisfaction and more revenue.
All businesses are different, from the products or services they offer to the areas in which they operate. Effective, secure and modern payment processing is one of the rare capabilities needed by every company, no matter the size, focus or market involved. To learn more about implementing effective, secure and dependable card payment software, reach out to Cloud 9 today!