Entries tagged with “Data Security”.


A recent security breach of one of the largest American banks was not the result of sophisticated software or malware. Instead, the data breach that exposed the information of 76 million households and 8 million small businesses came down to an overlooked server and insufficient security controls.

Details of an investigation into the hack traced the breach to a neglected server as the hackers’ entry point.

That breach could have been avoided with a relatively simple fix – two-factor authentication. Double authentication requires users to enter a second, one-time password in order to gain access to the system. That second password can be provided by a text message to a phone or another device, such as a key fob.

While breaches of retailers have made headlines and are immediately recognizable to consumers, the latest bank breach should be even more disconcerting. That’s because banks retain more sensitive financial information for their customers and banks are supposed to have more robust security compared to retailers.

To learn how to avoid similar vulnerabilities in your business we invite you to contact us here at ProPay. Our team of experts stays up-to-date on industry news and how to support your business in having the most robust payment processing security system available.

Larger businesses sometimes have entire departments dedicated to preventing fraudulent actions from occurring, but small businesses have to often rely on their own wits. Fortunately, there are a few things you can do in regards to fraud prevention for small businesses.

Always Check Large Transactions

Most thieves don’t want to risk more than they have to if they can help it. This means that they’re going to want to get as much as they can at once in order to cut back on how much risk they take of being detected. This also means that many fraudulent actions involve large transactions.

So, if you look extra carefully at large transactions, you’ll reduce your risk of being the target of fraud.

Watch for Bad Addresses

In transactions where the card isn’t present, also called “CNP,” it’s important to be particularly careful about getting bad addresses. Many fraudulent actions involve a criminal giving an address not connected to a card since the card is stolen, or in order to receive items at an address not connected to the account.

Therefore, if there’s anything strange about the address connected to a card, it’s a good idea to look into it further.

Get Electronic Help

One of the best approaches to avoiding fraud is to use a payment processor that offers fraud and risk protection as part of their offering and who also has experienced dealing with fraud themselves. They will have resources in place to help you fight fraudulent activities, which is something that you may have more difficulty doing on your own.

For more information on finding such systems, please contact us today.

The key to finding the right payment processor for your small business is to locate businesses that have the kind of security that you’re looking for. The current age is one where cyber security breaches are common, so it’s important you find only the most secure payment processing companies to ensure the security of your customers’ data.

High BBB Rating

The Better Business Bureau (BBB) represents a non-profit entity that provides a neutral, third-party assessment. It’s important to not just look for the BBB seal when you’re assessing payment processing companies, but to actually click on it as well to make sure the seal really goes to a BBB website.

Once there, it helps to check the grading scale. If a business gets an “A+” rating, this usually means that they are dependable and that the BBB has determined that they go the extra mile to solve disputes and complaints customers lodge against them, including security issues.

This page should also give you a phone number and an address for the business so you can further confirm they are legitimate.

Encryption

Another important feature to look for is that the payment processing company has end to end encryption. This should include an encrypted method for collecting sensitive data. This data collection could occur either in-person or at an online portal.

The main point is that your organization doesn’t have to store the data personally, and all of the customer’s data is stored and protected by the payment processing company itself. This makes it so that breaches that occur into your company won’t have any chance of leaking customer data to hackers.

For more information on finding the best payment processing companies, please contact us today.

Accepting transactions is a major part of any business, regardless of whether these transactions generally take place in person, on the phone, or online. In order for your business to succeed, you need to make it easy for customers to make payments, which you can do by following small Business financial success tips.

While getting transactions to go through properly is an important part of the process, there are other details of payment processing that cannot be forgotten because of their importance.

Pay Fair and Known Fees

It is essential to find a payment processor that does not try to charge hidden fees or surprise you with transaction percentages that are higher than you originally planned for. In this situation, you need to make sure that any information regarding fees can be found online and is true, which can be accomplished by verifying online data either through a live chat online, on the phone, or in person.

Have Plenty of Payment Options

In order to reach the widest number of customers, you should look into payment processors that give you numerous options to receive payments from. For instance, payment processors that allow payments to be made through card readers and smart phones are important and expected, but the addition of payments through stored cards, shopping carts, and mobile applications really maximizes the potential.

No Toll Customer Service

Handling all of these payment methods and receiving a lot of transactions means that running into a problem here and there is almost inevitable. In this situation, you deserve toll-free and high quality customer service that is able to provide a quick and efficient solution to any issue you experience.

Business success comes from many pieces falling into the right places. Following the suggestions above will help your business succeed. Contact us to learn more about the payment processing we offer.

Running a small business requires a whole lot of patience and an even larger amount of decision making
skills. As part of the decision making process, managers and business owners have to decide on details
such as, what payment processor to go with. Approach your decision making process with a clear mind.
With these 5 tools, you will be sure to make the right decision for your small business.
1. Compare Fees and Associated Rates

Fees and associated rates are just two things that most credit card processing companies try to
manipulate customers with. Although some companies might provide seemingly low rates, look
for associated hidden fees—that’s usually how they mislead customers. Compare fees for both
swipe and keyed rates because they will be different.
2. Evaluate Point-of-Sale Solutions

Point of sale solutions, or POS is when a customer makes a merchant payment in exchange for
goods or services. During the POS, the merchant calculates the amount owed and provides a
payment solution. When evaluating POS, look at what equipment and software are available to
either rent or lease. Compare and contrast the benefits that equipment and software companies
are offering. Evaluate what your business needs and compare it to what companies are offering.
3. Not all Payment Processors are Equal

When you start to evaluate which payment processing company is good for you, remember that
not all payment processors are created equal. Meaning that although some companies rates
might appear to be lower than their competition, their hidden fees might actually result in their
fees being equal to their competitors.
4. Evaluate Security & Fraud Assistance

Are fraud detection and protection services included in the pricing? Or are they being offered at
an additional charge? As two of the components that can ultimately save your business tons of
money, security and fraud assistance are a must-have. Make sure your credit card processing
company can provide you with these services at a price you can afford.
5. Assess Monthly Minimums and Caps

Did you know that it typically takes between 24 and 72 hours for funds from a sales transaction
to be deposited in your account? Make sure your credit card processing company can guarantee
the transferal of funds within at least the 72 hours.
For more on learning how to select the ideal payment processor a team member at ProPay is here to help, contact us.