Out of the Box Solutions 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 Out of the Box Solutions, 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 800-750-4OBS (4627) for more information.

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


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Tuesday, July 16 2019

Captcha Image

Mobile? Grab this Article!

Qr Code

Tag Cloud

Tip of the Week Security Best Practices Technology Business Computing Network Security Productivity User Tips Privacy Malware Data Microsoft Efficiency Communication Internet Tech Term Google Smartphones Hardware Mobile Device Windows 10 Innovation Ransomware IT Support Hackers Email Cybersecurity Android Computer Business Management Passwords Small Business Software Browser Network Communications Cloud Users Mobile Devices Business Managed IT Services Workplace Tips Collaboration IT Services Applications Outsourced IT Smartphone Apps Cloud Computing Bandwidth Employer-Employee Relationship Managed IT services Data Backup VoIp Hosted Solutions Wi-Fi Information Backup Data recovery Internet of Things Saving Money Social Media Wireless Holiday Laptop Managed Service Gmail Business Intelligence Marketing Gadgets Blockchain Save Money Networking Microsoft Office Upgrade Value Company Culture Medical IT Facebook Office 365 Chrome Paperless Office Cortana Artificial Intelligence Healthcare Virtual Assistant Password Cost Management Analytics Telephony Mobility Wireless Charging Voice over Internet Protocol Data Security Net Neutrality Compliance Virtualization VPN Processor G Suite BDR Data Management RAM Managed IT Service Remote Monitoring and Management Computers Tech Terms Patch Management Miscellaneous Remote Computing Access Control Automation Office Connectivity Lead Generation Network Attached Storage Operating System Electronic Health Records Staff Video Dongle Paper Telecommuting Wearables Movies Knowledge Authentication Maintenance Tip of the week Analysis Certification Battery Phishing Error instant Messaging Processors Cables Content Filtering BYOD eCommerce Windows Technology Tips Managing Stress Comparison Troubleshooting Health Customer Service Ink SaaS Twitter Authorization Chrome OS Digital Data loss Router User Tip Data Breach Vulnerabilities Vulnerability Machine Learning Database Plug-In Wireless Internet Online Shopping Updates Streaming Media Workers GDPR Environment Specifications Update OneNote Government PowerPoint Inventory Unified Communications Voice over IP Spam Employees Websites Internet Explorer Training IT Management Downloads Sales Touchscreen Cryptocurrency Spyware Cybercrime Proactive IT Help Desk Backup and Disaster Recovery Millennials Personal Information WannaCry Server Management e-waste Outlook Big Data Windows Server 2008 R2 Sports Data Protection Human Resources Edge Virus Solid State Drive Safety Threat Security Cameras Server Hard Drives Trends Tablet Microsoft Office 365 Windows 7 HP Tactics Business Continuity Settings Display Business Technology Storage E-Commerce HIPAA disposal Bring Your Own Device Conferencing Profitability Taskbar Mobile Security Microsoft Teams Employee-Employer Relationship Antivirus Hard Disk Drive Printing Reporting Word SSD A.I. Excel Time Management Document Management Telecommute IT budget Dark Web Payment Hard Drive Hybrid Cloud Amazon Eliminating Downtime Physical Security National Security Printers Quick Tips Disaster Recovery Regulation Alert Benchmarks