New technology is being brought to your attention every day. Whether or not you have implemented new tech or mobile payment systems into your payment processing yet, you have likely seen it in action. All types of businesses are expanding their processing to include mobile payment systems, allowing them to take more forms of payment, make more money, and read a card with a mobile attachment and a tap of a smartphone screen. That being said, headlines continue to be flooded with stories of data hacks and security breaches, causing some merchants to be cautious of new tech. There are several ways, however, to safeguard your business and your customers with mobile payment systems security.
1. P2PE solutions.
If available, choose a solution that uses Point-to-Point Encryption (P2PE) to validate. This means that the cardholder data is encrypted before it enters your smartphone or tablet and stays that way until the P2PE solution provider transmits the data to the payment processor.
2. Talk with your payment processor.
Your payment processor should work with you to provide the best mobile payment systems security in the safest manner; bring your concerns directly to the professionals that you have hired. Credit card brands also have recommendations and guidelines for safely processing their cards. Both Visa and MasterCard have created best practices handbooks for merchants.
3. Consider the safety of your phone.
The hardware that you use is important in this process so it has to be safe and up-to-date. Be sure that the mobile device isn’t “rooted” or “jailbroken.” Rooting applies to Android phones and it allows the user to install apps and customize it in ways that are not permitted by Android of the service carrier. “Jailbroken” is generally similar, but it also allows your phone to be used by any service carrier (a Sprint phone with AT&T service, for example). Take your phone to your service provider or any similar store and they can tell you if that is the case with your phone.
Keep your phone and apps updated to preserve the safety of your phone. And while you’re at it, only download apps from trusted sources. Take it to the next step and download an anti-malware or anti-virus app. There are many free ones for every operating system.
4. Don’t store data.
Some mobile payment systems security solutions allow you to store credit card data on the phone or tablet if there isn’t any WiFi service and then processes it later when there is a connection to a network. This lets the data sit in the device and exposes it to the risk of being compromised. Find out if your system has the “store and forward” option and then shut it off.
5. Lock your device.
This tip is for anyone with a mobile device, whether they are making or taking a payment. This is a fundamental principle that is most commonly overlooked. Keeping your phone unlocked leaves no safeguard if your phone is lost, stolen, or otherwise compromised. Turn off your WiFi if you’re not using it for a while, going about your errands or walking around town. Leaving it on is leaving the door open for trouble. Network signals are a direct pathway in and out of your device and keeping it open is propping the door open for mischievous entry.
Choose a secure and trusted payment processor for your business who can educate you on best practices and optimal solutions. Payline offers this and more to help guide your business.