Monthly Archives: May 2015

ABT_OnlineData
Data Breach, Merchant Service Providers

Merchants are at Risk, Too! Here’s How to Keep your Data Safe Online

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We always stress the importance of having secure payment processing solutions so that you can ensure a positive shopping experience for your customers. But don’t forget: You and your business are consumers, too! It’s important for you to be aware that other businesses’ online platforms might not be as secure as yours. When your data is put into the wrong hands, you could be in for a lot of trouble (i.e. identity theft, stolen credit card information, computer hacks, etc.)

The solution? Good habits help merchants safeguard their sensitive business data online. Below, we’ve put together some of the most effective ways to ensure your online data is safe:

1. Choose a Secure Password

Once upon a time it was acceptable to create a singular password for all online accounts. Your password could even be as simple as your business name! But those days are now far behind us. Today’s hackers are smart and the less secure (complex) your password, the easier it is for them to access your data. The best way to keep your data safe is to choose a unique password for each online account. Your passwords should include a mix of upper and lower case letters, numbers and special characters, if allowed. To make it easy, you can use a password generator, like this one by Norton. Keep in mind: High profile businesses should change their passwords several times a year, according to Credit.com.

ABT_OnlineData_Icon12. Keep Your Email from Getting Hacked

When your business email gets hacked, you can do some serious damage. You might not even know it was hacked until a client asks you why you sent that “super weird video.” Awkward! An email hack can happen to the best of us, but there are steps you can take to prevent it. First, take our advice and change that password! The more secure the better. While you’re on the settings page in your email, see if there’s an option to implement two-step authentication. This links your email account with your phone number, so anytime you (or a hacker!) logs into an “unrecognized” device, you’ll receive a code on your phone to enter on the device in question. Also remember to be smart when opening email, if a message looks iffy, just don’t click on it!

ABT_OnlineData_Icon23. Shop Safely Online

First things first when shopping online: Do not ever enter your credit card information on a website if it doesn’t have SSL encryption installed. How can you know if it’s secure? Take a look at the URL—instead of starting with “http://”, it should start with “https://”. Also look for a little lock icon in the URL box. A website with SSL encrypts sensitive information so that only the intended recipient can understand it. In general, go with your gut feeling when shopping online. If a website just doesn’t feel right, find another one that you trust!

ABT_OnlineData_Icon34. Use the Internet for Banking

Online banking is just so convenient, it’s no surprise that more than 51% of U.S. adults use it. To ensure that your online accounts are as secure as a bank vault, you’ll want to follow some of the tips above, like creating a strong password and enabling two-step verification. On top of that, you’ll want to be sure to always keep your computer software up-to-date and always log out when you’re done.

Today, using the internet to do business is simply part of doing business! Just be sure to use it smartly and you’ll be good to go!

Stay updated on payment processing trends by following Abtek on Twitter and Facebook. Sign up to receive our newsletter, too.

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ABT_Buzzwords
EMV® Cards, Merchant Service Providers, Mobile Wallets, PCI Compliance, Tokenization

Cheat Sheet: A Quick Reference Guide to Payment Processing Buzzwords

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Payment security is at an all time low and as a result, the payment industry is in process of getting a much-needed overhaul. With this rapid implementation of new rules, processes and technology, there are a lot of payment processing buzzwords that have recently entered into the industry vernacular.

As a business owner, you’re busy with your day-to-day operations, so keeping up on the latest payment processing news and trends is probably not at the top of your priority list. However, as these changes could eventually impact your business, it’s never been more important for you to be in the know.

To help you stay updated, we’ve compiled the following glossary of industry buzzwords for your quick reference.

EMV / Chip-and-Pin

EMV is the future of credit card processing, although it’s not exactly so futuristic anymore. If you’re not already aware of the EMV payment revolution happening in the United States, you can read up on the basics here. In a nutshell, over the course of the next few months, banks will begin to roll out new credit cards in an effort to phase out insecure magnetic stripe technology. These cards will be embedded with microprocessor chips that will allow for more secure transactions. But the benefits of these “EMV” or “chip-and-pin” cards won’t come to fruition unless business owners take action now and update their payment terminals.

PCI Compliance

PCI compliance is a term often shrouded in myths and misconceptions, but it isn’t all that confusing once you break it down. PCI is a set of 12 requirements that all merchants, no matter the size or industry, must meet to ensure a secure environment for credit card transactions. If you’re not sure what’s required of your business in order to establish compliance, you’ll want to check in with your merchant services provider or visit the Security Standards Council website.

ABT_Buzzwords_NFCNFC

Near field communication (NFC) is the technology that enables wireless data transfers between two devices in close proximity, without the need for an internet connection. Think of it like modern-day Bluetooth. Today’s smartphones are embedded with NFC technology to allow for consumers to make payments directly from their phones by simply tapping or waving their devices over an NFC terminal.

Apple Pay

Apple Pay is a mobile application that is sweeping the nation. Essentially, the application allows consumers to transform their phones into mobile wallets by syncing credit card information from their iTunes accounts. Consumers can simply wave or tap their phones over an NFC terminal (currently available at numerous retailers across the globe) to make a purchase.

ABT_Buzzwords_TOKENTokenization

When a credit card is swiped through a terminal set up for tokenization, the card’s Primary Account Number (PAN) is automatically substituted with a randomly generated sequence, called a token. Merchants can use this token to handle refunds, returns and manage other transaction details. The benefit? Tokenization takes sensitive payment card data out of the picture for merchants, eliminating the need to store the data on their networks and the risk of a data breach.

Stay updated on payment processing trends by following Abtek on Twitter and Facebook. Sign up to receive our newsletter, too.

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ABT_Upgrade-POS
Data Breach, EMV® Cards, Merchant Service Providers, Tips

5 Signs It’s Time to Upgrade Your POS System

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An outdated point-of-sale (POS) system may not only be holding your business back, but endangering your customers as well. Many retailers, however, are reluctant to upgrade their payment processing systems and terminals because of the resources (i.e. money, time) required to do so.

“Every two to three years a big change emerges in retailing. Every four years in-store processes change. But retailers only change their POS every seven to 10 years. POS has become a big problem retailers need to solve,” said Leo Suarez of Toshiba Global Commerce.

While it’s easy to simply stick with the familiar, failing to switch to new POS technology can have serious consequences such as slower transactions, lack of usability and lost profits. In addition, if your POS system is behind the times, it’s very likely that you are putting your customer’s data at risk.

No business owner wants to spend unnecessary time or money, so how do you know when you really need to upgrade your business’s POS system? Here are the top five signs that indicate it’s time for an update:

1. It’s Not EMV-Compliant

By now you’ve probably heard about the rapidly approaching EMV liability shift. If your business isn’t equipped EMV-compliant POS systems by October 1, you will be liable for out-of-pocket coverage of losses due to fraudulent transactions. It’s critical for your business to update its POS system before the liability shift to ensure that you’re safe from these new costly consequences.

ABT_Upgrade-POS_TILES_12. It’s Not Customer-Friendly

Today’s shoppers are very tech-savvy and many don’t need any guidance on how to use POS systems. But, when your terminals aren’t functioning properly or aren’t integrated with a user-friendly software program, your customers will get easily frustrated–and unhappy customers are bad for business.

3. It’s a Standalone System

If your business has a standalone POS system, it’s probably perpetually outdated. Since this type of POS requires time-consuming manual software and hardware upgrades, it is extremely easy for business owners to let the technology slide. And once the technology gets so far behind, the cost to upgrade increases exponentially. An integrated solution, on the other hand, allows for software updates to be pushed through automatically, without requiring new hardware or much effort on the business’s end.

ABT_Upgrade-POS_TILES_24. Its Quirks are Just Getting Out of Hand

Sick and tired of that coupon button not working? Fed up with your POS system’s tendency to shut of in the middle of a transaction? Save yourself the headache of dealing with these little “quirks” and invest in a new system–you’ll be amazed by how less stressed you feel, and how much time you’ll save!

5. It Doesn’t Align with Your Needs

Businesses are continually evolving, so your POS system should be flexible in order to meet your changing needs. Since your business will likely need to update your POS system due to the EMV liability shift, take this opportunity to pick out a system that will accommodate your needs several years down the road.

If your business is experiencing any of the above signs, it’s time for you to upgrade your POS system. Embrace the change! If you aren’t sure where to start, give us a call–we’re more than happy to help walk you through your POS system options and help you understand the updating process.

Stay updated on payment processing trends by following Abtek on Twitter and Facebook. Sign up to receive our newsletter, too.

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ABT_Merchant-Services
Chargebacks, Merchant Service Providers

Trying to Grow Your Small Business? Merchant Service Providers Can Help

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Today, the ability to process credit cards is essential for the success of any business, regardless of size. According to a Javelin study, approximately 66% of all in-store purchases are made with credit or debit cards–and that percentage is only expected to grow as more and more people move towards EMV and mobile payment solutions.

For so long, small businesses have been plagued with not being able to afford the charges associated with accepting credit cards, but today, there’s really no way around it. And while it may be tempting for small businesses to try to save a few bucks by not using a merchant service provider (MSP), it could end up costing you much more in chargebacks (and headaches!) in the long run.

Here’s a look at why your small business may benefit from utilizing the services provided by a MSP.

ABT_Merchant-Services_1Does Your Business Really Need Merchant Services?

MSPs provide value added services, so businesses are not technically required to work with one. However, the benefits of working with an MSP often outweigh the costs. A few of the major advantages include:

  • Keeping You Connected – Merchants can’t legally have a “direct” relationship with providers like Visa or MasterCard. That’s where MSPs come in handy. They help businesses stay connected with the credit card associations and help to keep communication flowing.
  • ABT_Merchant-Services_2Your Advocate Against Chargebacks – Most small businesses have to deal with chargebacks at some point or another, which can cause a lot of stress and lost profits. In the event of a chargeback, it’s critical for the business to react quickly. MSPs actively monitor account activity so that no wrongful chargebacks or errors slip through the cracks.
  • Providing the Support You Need – Let’s be honest: Credit card processing can be really confusing. MSPs provide your business with the expertise and resources you need to navigate through the complex world of changing compliance rules and new technology.

ABT_Merchant-Services_3Don’t Settle for Less: How to Select a Provider

MSPs come in all shapes and sizes, so it’s important for your business to select one that’s a good fit for your business. Here are a few things to consider:

  • Longevity – Over the years, MSPs have gotten a bad rap for being rather “slimy,” but they’re not all bad guys. One of the best ways to be sure you’re working with a reputable company is to take a look at how long they’ve been in business. Frequent “restructuring” isn’t a good sign in this business.
  • ABT_Merchant-Services_4AAccessibility – The only time you’ll probably need to call your MSP is when you run into a problem that needs to be fixed ASAP. A great MSP will have 24/7 live customer service available to walk you through the most frustrating credit card processing challenges.
  • Top-of-the-Line Technology – In today’s super speed world, you’re going to want to work with an MSP that stays up-to-date on the latest payment processing technologies, especially with the EMV transition around the corner.

At the end of the day, merchant services providers can make credit card processing a whole lot easier for small businesses. They’re able to save you money by proactively managing chargebacks and fees, and keep the lines of communication open between the credit card companies and the businesses. As your small business grows and your credit card processing needs expand, an MSP can be there every step of the way to ensure a stress-free payment experience for you and your customers.

Stay updated on payment processing trends by following Abtek on Twitter and Facebook. Sign up to receive our newsletter, too.

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