Americans reported 271,823 cases of credit card fraud in 2019, with skimming being the most common type. Skimming occurs when thieves implant a small device into a credit card processing terminal to steal valid information. Hackers working online are also a legitimate concern if you're processing e-commerce payments. Fraud protection is essential. As many as 86% of global consumers fell victim to identity theft and fraud in 2019. As a merchant, you have a responsibility to protect your customer's information when processing transactions. Doing so can also build trust, giving your customers peace of mind knowing that you're processing their payments securely. In this article, we take you through everything you need to know about secure payment processing, including why it's important and how to get set up.
The Technology Behind Secure Payments
If you need to start processing secure payments, you must understand the technology behind it. Below are some of the basics.
SSL stands for "Secure Sockets Layer." An SSL protocol is a must whenever you are operating online. It allows you to encrypt information that passes through the site, such as credit card details or medical information. If you have SSL protocols in place, you'll see a padlock visible on the URL bar next to your web address. Your web address will begin with "https."
Tokenization is another technology that improves payment security. It is a form of verification that allows you to authenticate the customer without impacting the transaction in any other way. With tokenization, random strings of characters replace sensitive information, like a credit card number. If hackers were to somehow breach your website, they wouldn't get very far because the tokens would be of no use.
If you process payments online, consider having a 3D Secure authentication option. This process protects merchants when the card used for payment is not present. The system requires tokens or biometrics to authenticate information. And, once someone has been identified, the liability of the transaction shifts from the merchant to the issuing financial institution.
HIPAA-Compliant Credit Card Processing for Medical Professionals
If you are a health care professional, you also need to concern yourself with HIPAA. HIPAA is short for the Health Insurance Portability and Accountability Act of 1996. It is a federal law that helps protect a patient's sensitive information. As a health care provider, there are a few things that you need to consider when processing payments. For one, make sure that you only provide information relevant to the credit card transaction itself. Don't offer any health information about treatment or care on the payment screen or a receipt. You should not send receipts via text or non-secure email. You also want to verify with your credit card processing company that they are HIPAA-compliant.As a merchant, you are responsible for securing all credit card data. If you are required to store any information that may contain your patient's credit card information, you must do so behind lock and key. Credit card processing companies can store this information in encrypted vaults.
Secure Payment Solutions
If you are looking for secure payment options, look no further than Nadapayments. Nadapayments offers the payment security you need, no matter if you are a small business operating exclusively online or a health care practice accepting credit cards in-person. Nadapayments operates as a payment gateway, meaning that it:
Analyzes transaction data
Transmits data to the issuing banks
Authorizes the transfer of funds between buyer and seller
Nadapayments is a payment processing company focused on saving you money and keeping your payments secure. It works like this: Credit card companies charge processing fees on top of every transaction. Typically, these fees are around 3%. The merchant — that’s you — is often responsible for paying these fees. However, with the Nadapayments surcharge program, you never have to pay one of these fees. Should a customer choose to use a credit card to pay, they are responsible for the additional surcharge. Nadapayments will even provide you with the necessary signage for you to display so your customers are aware of the extra fee. Not only does Nadapayments save you money on credit card surcharges, but it also processes your payments securely. Doing so can save you money on chargebacks. Chargebacks occur when a customer disputes a credit card transaction. The merchant not only needs to refund the sale but also needs to pay the chargeback fee. Below is a breakdown of how Nadapayments can protect your business when processing card payments.
Point of Sale (POS) System
If your business uses Nadapayments, you'll be provided with a fully compliant POS system to process in-store transactions. The credit card machine is:
EMV-capable, meaning it can accept Mastercard, Visa, American Express, Discover, Apple Pay, and contactless payments
But since Nadapayments offers a unified payment experience, you’ll also be able to process secure transactions via the virtual terminal. Not only does this allow you to accept payments online, but you can use the virtual terminal to accept payments over the phone. Whether you accept payments in-person, on the phone, or online, you’ll be able to see all your transactions in one place.Plus, both the credit card machine and the virtual terminal allow you to process credit card payments without storing payment information. Keeping sensitive information, like a cardholder's credit card number, makes you more at risk for severe data breaches.
If you offer online payments, Nadapayments gives you two ways to accept payments virtually: invoices or a “pay now” button. First, you can email an invoice directly to a customer. All they have to do is open the link and pay. Second, Nadapayments provides a secure payment link, so you can have a “pay now” button that leads to a payment form. The customer simply enters their payment amount and their credit card number.With both options, customers enjoy 100% secure payment processing with no PCI exposure. Being PCI-compliant tells your customers that you follow the general rules and conditions set forth by the payment card industry. These rules are known as the Payment Card Industry Data Security Standards (PCI DSS). The PCI Security Standards Council develops the PCI DSS in the interest of protecting both merchants and consumers. Any merchant who processes, stores, or accepts credit card data is required to be PCI-compliant. Unfortunately, reaching PCI compliance on your own can be very challenging, which is why it's best to work with a third-party credit card processing company, like Nadapayments, to help address all of your PCI issues.
Nadapayments also offers a secure mobile app that makes it possible for you to accept payments from customers who are shopping on the go. The secure app protects payment information, even if the customer is operating off a public cellphone network or an unsecured Wi-Fi network.
Process Secure Payments and Protect Your Customers’ Information
As a merchant, you need to be particularly concerned about protecting your customer's private information. This should be the case no matter if you operate online, in-store, or both. Though all merchants should be concerned with secure transactions and PCI compliance, those operating in the medical field need to be particularly concerned. Not only do they need to protect a customer's credit card information, but they also need to protect their sensitive medical information to maintain HIPAA compliance. Putting these measures in place can be challenging for merchants. Fortunately, Nadapayments can streamline the process. Not only will your payments be secure, but you’ll also save money on credit card processing fees.If you’re ready to get started, get in touch with us for more information!