631-905-9617    Get SUPPORT

Suffolk Computer Consultants Blog

Considering Payment Cards and Business Use of Them

Considering Payment Cards and Business Use of Them

People use all types of payment options. With more people moving away from cash as a payment option, businesses have to accept and process more payment card transactions. Depending on your business, it could put you in a very precarious position. Today, we will look at payment card statistics, and how the increase in payment card usage could end up be a devastating problem for the modern business.

Payment Cards
How many times a week do you use a payment card? On what percentage of your transactions would you say payment is rendered via card? Some places rely on them more than others. Countries in the European Union, for example, have a lower percentage of cash usage, while some less-developed parts of the world still rely almost exclusively on cash. In the parts of the world where more people utilize payment card technology, data privacy laws tend to be more specific and comprehensive.

Other digital payment options, such as digital wallets, still haven’t become a viable system insofar as retailers and other businesses don’t accept these types of payments. As a result, if you are not paying with cash, you are definitely paying with a card. In some parts of Europe, paying with cards is incentivized, while in the U.S. and most other places, where using cash is still the preferred method of payment for consumers, paying with cards is beginning to cost consumers less. Studies show that with costs associated with getting access to cash (even in places where people use it more) are higher than utilizing payment cards to pay for goods and services.

Data Loss and What It Means for Your Business
The more people that use payment cards to purchase goods and services, the more likely your business is apt to keep their personal financial information on record. This can be troublesome with the amount of hackers there are attempting to gain access to this information. You typically find that this is more prevalent for businesses that have e-commerce sites, but no matter what the justification is for keeping this information on record, businesses need to find a way to keep this data secure.

The problems for organizations that fail to do so are numerous. They can be as severe of a complete loss of consumer confidence, a dire situation for any business. Typically, however, they result in a number of smaller, more deliberate situations that eat away at your business’ profitability, rather than one major forest fire of one. The end result can still be as disastrous, however.

Payment Card Index Digital Security Standard
Much of the world hasn’t been as progressive as the EU on individual data security. In response, the card companies themselves have agreed to standardize their own mandate. The Payment Card Index Digital Security Standard, or what is typically called PCI compliance, is the strategy these financial institutions have come to. The requirements they expect every business that accepts payment cards to meet include:

  • Monitor and test network
  • Maintain security network and systems to ensure customer privacy
  • Protect cardholder data
  • Maintain system that manages and reduces vulnerabilities
  • Maintain strong access control
  • Maintain information security policy.

The requirement goes on to specifically explain how businesses should accomplish these feats. At Suffolk Computer Consultants, we can work with you to produce a secure and reliable network needed to process, or to store, your customer’s payment card information. Call us today at 631-905-9617 for more information.

Tip of the Week: Embrace the Right Software for Yo...
The Key Facets to Managing Personally Identifiable...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Wednesday, February 20 2019
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Mobile? Grab this Article!

QR-Code dieser Seite

Tag Cloud

Tip of the Week Security Best Practices Technology Business Computing Cloud Privacy Productivity Network Security Cybersecurity User Tips Malware Managed IT Services Communications Smartphones Tech Term Microsoft Backup Efficiency Hardware Passwords Software Hackers Business Google Internet Email Communication Small Business Ransomware Browser Innovation Business Management Android Outsourced IT Hosted Solutions Collaboration Data Backup VoIP Wi-Fi Mobile Device Windows 10 Data Data Recovery Internet of Things Cloud Computing Applications Save Money Microsoft Office Network Smartphone IT Services Alert IT Support Social Media Holiday Mobile Devices Password Apps Business Intelligence Twitter Bandwidth Users Miscellaneous Employer-Employee Relationship Saving Money Access Control Wireless Managed IT Services Router Computer Excel Office Marketing Patch Management Workplace Tips Settings Vulnerability Gadgets Automation Networking Government Analytics Office 365 VoIP Data Management Phishing Data Breach Business Continuity Virtualization BDR Word Information Blockchain Wireless Charging VPN Mobility Battery Workers Computers Cortana Data Protection Managed Service Physical Security Managed IT Service BYOD Productivity Gmail Artificial Intelligence App Hacking Company Culture Compliance Politics Dark Web Paperless Office Website Cost Management IT Support Chrome G Suite Windows Tip of the week Remote Computing Virus Remote Monitoring Tech Terms Connectivity Law Enforcement Spam Mobile Device Management Remote Monitoring and Management WiFi Cybercrime Facebook Scam Virtual Assistant Retail Medical IT How To Data Security Travel Server Management Downloads Tablet WannaCry Environment Tech Support GDPR Ink Antivirus Safety Profitability Backup and Disaster Recovery Authorization Websites Microsoft Teams Personal Information E-Commerce Document Management Tactics Live Streaming Spotify Trends Education Smart Technology Training Knowledge HIPAA e-waste Phone System Storage IT budget PowerPoint Eliminating Downtime Telephone Systems File Sharing SSD Files Telephony Remote Support Managing Stress SaaS Big Data Plug-In Payment User Tip Digital Hiring/Firing Internet Explorer WhatsApp Machine Learning A.I. Cables Security Cameras Google Drive Comparison Hard Drive disposal Error IT Management Work/Life Balance Sports Wireless Internet Remote Control User Security Inventory Staffing Voice over IP Threat Managed IT Troubleshooting Hosted Solution Dongle Upgrade Proactive IT instant Messaging Edge Telecommute Office Tips Movies Automobile Information Technology Voice over Internet Protocol Wearables Specifications Processors Value Botnet Gadget Touchscreen Help Desk Spam Blocking Business Technology Lead Generation Mobile Security Reporting eCommerce Laptop Printing Update Copy Apple Bring Your Own Device Printer Server Vulnerabilities Telecommuting News Data loss Unified Communications Entertainment Biometrics Healthcare Multi-Factor Security Conferencing Spyware Hard Drives Shortcut Microsoft Office 365 Online Shopping Network Attached Storage Streaming Media Disaster Recovery Certification Email Management Sales Operating System Recovery Two-factor Authentication Licensing Server Paper Maintenance Outlook Paste iPhone Technology Tips Hybrid Cloud Cleaning Printers Analysis Millennials Authentication Telephone System Staff Google Maps RAM Access Amazon Content Filtering HP Database CrashOverride Avoiding Downtime Wireless Technology 5G Scheduling Dark Data Computer Care IBM Hacker Samsung The Internet of Things Net Neutrality Managed Service Provider Budget Instagram Competition DDoS Gaming Console Customer Relationship Management IP Address Quick Tips Money Employer Employee Relationship Scalability Synergy Fun Video Games Customer Service Regulation Worker Mobile Office Freedom of Information IaaS Television Domains Credit Cards Emoji Emergency Encryption Printer HaaS Yahoo Windows 10 Public Speaking Unified Threat Management Presentation Search Vendor Management Lithium-ion battery Cryptocurrency Leadership Augmented Reality Autocorrect Current Events

Newsletter Sign Up