Best Ways to Smartly Handle Credit Card Information
Utilization of credit card for making online purchases is extremely basic these days. Due to incidences, like data breaching; customers stress over how delicate information (personal information of customer as well as credit card details) use by merchants. As a merchant, you have to open a merchant account to carry out transactions and if your payment processor accepts credit card payment, you as an entrepreneur is authoritatively committed to give security to your customer’s sensitive information shared while finishing transaction process, which is engraved in the agreement you signed. If you are using third-party software to manage customer’s information, it ought to have the capacity to ensure all the data of your customer.
Five tips for proper handling the credit card information of your customer.
Protect your customer’s data with these helpful tips.
Use Approved Software
When a merchant uses POS (Point of Sale) terminal, mobile running payment processor software or swipe machine to conduct transactions, as a merchant it is your duty to make sure that your hardware, as well as software, is PCI Compliant. There are many applications and card readers available that come with security loopholes. So, it is advisable to choose reputable hardware and software vendors who take full responsibility for the integrity of their product. For the long run and good reputation of your business make sure to use tested and approved solution.
Genuine Service Provider
You can avail services of a reputed service provider to install credit card processing software, manage credit card processing as well as credit card storage for your business. Service provider includes:
It might also include companies to which the merchant outsources payment-processing functions. Through extensive testing of these service providers, you can make sure that they are trustworthy. Qualified Security Assessor (QSA) who performs a comprehensive audit of policies, procedures and the system of the service providers does this type of testing. You can only use PCI DSS Validated service provider as a part of a contract signed.
Storage of Sensitive Information
Payment processing regulations specifically prohibit the storage of credit card security code or any data contained in the magnetic strip of a credit card. Although you may have business reasons for storing credit card information. The card security number is in place to know whether a user of the card over the phone or internet has the possession. But if the security code is stolen, this approach will not work. In the magnetic stick, which is on the backside of the credit card, track data is stored. This contains the information of the account that is otherwise don’t show on the card. This data assists with authentication and the card cannot be fake.
Encrypted Electronic Storage
For recurring payment authorization or mail order authorization, the merchant might have to store credit card number. If such sensitive data is there as paper documents, you should keep it in a secure place. If you process recurring transactions, you can also store credit card number via electronic storage. But make sure that these files are well encrypted using a robust encrypted algorithm before storing. This provides protection against unauthorized access or if you lose your computer.
Phone Recording
To monitor the service quality and verification of payment approval, a merchant should need to record the phone orders. It is advisable to encrypt recorded calls immediately and store it digitally in a limited access, password protected directory. Also, ensure that there is no other software aligning to this storage system as it might uncover these credit card numbers.
FINAL WORDS
By basically following these five stages, you can meet your contractual requirements to secure credit card account information. Additionally, the merchant can be PCI compliant. It will likewise help merchant in picking up customer’s confidence and loyalty, which will help in expanding the revenue.
Five tips for proper handling the credit card information of your customer.
Protect your customer’s data with these helpful tips.
Use Approved Software
When a merchant uses POS (Point of Sale) terminal, mobile running payment processor software or swipe machine to conduct transactions, as a merchant it is your duty to make sure that your hardware, as well as software, is PCI Compliant. There are many applications and card readers available that come with security loopholes. So, it is advisable to choose reputable hardware and software vendors who take full responsibility for the integrity of their product. For the long run and good reputation of your business make sure to use tested and approved solution.
Genuine Service Provider
You can avail services of a reputed service provider to install credit card processing software, manage credit card processing as well as credit card storage for your business. Service provider includes:
- SaaS (Web-based software)
- IVR phone services
It might also include companies to which the merchant outsources payment-processing functions. Through extensive testing of these service providers, you can make sure that they are trustworthy. Qualified Security Assessor (QSA) who performs a comprehensive audit of policies, procedures and the system of the service providers does this type of testing. You can only use PCI DSS Validated service provider as a part of a contract signed.
Storage of Sensitive Information
Payment processing regulations specifically prohibit the storage of credit card security code or any data contained in the magnetic strip of a credit card. Although you may have business reasons for storing credit card information. The card security number is in place to know whether a user of the card over the phone or internet has the possession. But if the security code is stolen, this approach will not work. In the magnetic stick, which is on the backside of the credit card, track data is stored. This contains the information of the account that is otherwise don’t show on the card. This data assists with authentication and the card cannot be fake.
Encrypted Electronic Storage
For recurring payment authorization or mail order authorization, the merchant might have to store credit card number. If such sensitive data is there as paper documents, you should keep it in a secure place. If you process recurring transactions, you can also store credit card number via electronic storage. But make sure that these files are well encrypted using a robust encrypted algorithm before storing. This provides protection against unauthorized access or if you lose your computer.
Phone Recording
To monitor the service quality and verification of payment approval, a merchant should need to record the phone orders. It is advisable to encrypt recorded calls immediately and store it digitally in a limited access, password protected directory. Also, ensure that there is no other software aligning to this storage system as it might uncover these credit card numbers.
FINAL WORDS
By basically following these five stages, you can meet your contractual requirements to secure credit card account information. Additionally, the merchant can be PCI compliant. It will likewise help merchant in picking up customer’s confidence and loyalty, which will help in expanding the revenue.
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