What is security and compliance in accepting credit card payment?
In this article, we will talk about what is security and compliance in accepting credit card payments. Also, we will discuss it is taking payment through phones an easy and inexpensive way to get paid.
What is the security and compliance of card payment?
When a company decides to take card payments, it must take proper handling of customer data. Also, the business and owner should know the different ways to preserve and keep the data safe.
There are mostly two ways in which merchants can make the data safe and secure that too with industry standard. The two ways which most of the merchants use are called EMV and PCI compliance. If you are new to these terms, then don’t worry, we are going to explain to you both words.
- PCI compliance
PCI stands for Payment Card Industry, and this is an old and trusted industry by many businesses. PCI Compliance is a set of standards and rules to which are used to protect, preserve and keep the data stored privately. Every business should be PCI compliant, or they are at the risk of getting charged a fine. This is a fee that the business owner has to pay according to the terms and conditions of the processor’s contract. You should make all the documents within 60 days after the decision to avoid any kind of raid or fine.
- EMV compliance
EMV is the newest card in the market which has a chip fit inside the card. This card is given the bank account and security clearance to process payment anywhere. This change is taking place due to many different kinds of security breaches between the transactions. It means that many people are using the stolen card to get access to the network to hack any transaction. This means that if they get access to any server, they might be able to copy the data and sell it. Chips are given in card so that they are uniquely identified, and that card which is lost shall be reported.
That is because the bank will restrict the chip from working anywhere, preventing any financial loss. This will also block and terminate the record of the chip in the system, denying it access to any server.
How are accepting payment by phone easy and inexpensive?
Accepting a card transaction is a new system that is being used by almost every business in the world. That is because slowly, people are shifting from cash transaction to card and cashless transactions. Then there was the rise of POS machines, which are available in every store to swipe and make payment. This gave the idea to the bank to make a unique and also moving payment system which can be on the phone.
So they made a phone card reader which can be used anywhere with an internet connection. Also, there is a certain time at which it can process a single transaction. The process of taking payment through the phone is easy, and also it cuts down so many affordable costs.