Client payments are the bread and butter of a company’s revenue stream. You can encourage your clients to pay their bills on time by offering multiple payment forms.
Electronic payments are one of the more convenient payment options for clients, but this practice could leave your customer’s information vulnerable. The Payment Card Industry Data Security Standard helps protect consumers by securing credit card transactions. Here are several ways you can reinforce payment protections for your clients.
1. Use approved providers
Small business owners often rely on third-party software or retail options for payment processing. When working with a hired company, it is important to choose a highly reputable company and one considered a PCI DSS-validated provider.
2. Install PCI-compliant equipment
A point-of-sale system presents a risk when it is not up to date with the latest software or security protocols. Any cell phones, card readers or POS system equipment requires regular updates. This reinforces PCI compliance and provides your clients with secure transactions.
3. Never store card numbers
There is never an occasion to store a client’s security information related to payments. This is a part of the credit card processing regulations in place. It prohibits the storage of any track data found in the magnetic strip of the payment card or the card’s security code. Although a merchant can store a credit card account number, do not store it in the payment processing system. If storing the number, use encryption for electronic storage.
By protecting your client’s payment information, you safeguard your company’s reputation and success. You can also avoid litigation or governmental regulatory actions over compliance errors or client complaints.