Entries tagged with “data theft”.
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Jan 30 2015
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.
Jan 28 2015
There are several types of hidden fees payment processors can charge you. If you don’t look out for them, then you might wind up paying much more than you first anticipated.
One source of such fees deals with ownership. Will your business own the payment processors or will you merely be leasing them from another business? If you own the payment processor, then you just have to pay for the initial purchase. But if you lease it, you’ll probably have to pay a monthly or yearly fee.
Before buying a payment processor, you should ask everything you can about ownership and related hidden fees. Here are four questions that a recent Small Business Computing article suggests:
Are they providing the equipment as a rental?
Do they want to lease it to you?
With sufficient cancellation notice, can you return the equipment without being charged for it?
Can you purchase the equipment outright (ahead of time)?
Cancellation is an important one. You’ve probably already dealt with this at one point or another with your cell phone provider. Businesses love to create contracts that trap you for a long period of time. If you decide to lease your payment processor, then you might unknowingly enter such a contract. You can avoid this by asking about their cancellation policy first.
The lesson here is always to ask before signing anything. When you buy a payment processor, you need to know whether you own it or whether you’re entering a lease.
To talk more about payment processors for small businesses, or anything else, please contact us. Thanks.
Jan 27 2015
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.
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.
Jan 23 2015
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
Jan 14 2015
The recent hack of a major entertainment company demonstrates the weaknesses still existing in corporations, both large and small. The hackers, according to recent news, rendered the company “unable to process payments, leading to… canceled film shoots…”
If you think that you’re safe, think again! According to another news article, “the recent high-profile cyber security breach risks unleashing a wave of copycat attacks after the entertainment company showed the impact cyber criminals could have when the [company] canceled the release of [its movie].” Other cyber criminals have the potential to see that they could have a powerful influence on businesses and become brazen with their attacks. The article states that small and large entertainment-related companies are calling cyber security experts, terrified and willing to pull any and all movies that hackers may deem offensive – all in hopes that they are spared from cyber attacks.
During these turbulent cyber security times, you should choose a cyber secure payment processor. ProPay is always on top of the latest cyber security measures. Contact us today to learn more!