Credit Card Processing, Security

Credit Card Processing security is at the forefront once again. It has been one year since Target suffered a massive security breach and since then we have seen retail giants such as Home Depot and Michaels suffer even larger breaches in security.

Credit Card Processing | Credit Card Processing Fees | Credit Card Processing Companies

 Current terminal types in the U.S are far behind  the technology of other countries when it comes to storing customer data. The old magnetic strip on your cards in your back pockets are vulnerable to all types of theives. As well the type of encryption used to store your data at the corporate level is also old technology.


Let's look at some of the new technology and try to explain why it is so important for the US to catch up to the rest of the world.

EMV - EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions. This is a different kind of card in that a chip is embedded in the card vs the magnetic strip we are all used to.

Although not the only possible method, the majority of implementations of EMV cards and terminals confirm the identity of the cardholder by requiring the entry of a personal identification number (PIN) rather than signing a paper receipt. Whether or not PIN authentication takes place depends upon the capabilities of the terminal and programming of the card. For more details of this (specifically, the system being implemented in the UK)
  
Credit Card Processing | Credit Card Processing Fees | Credit Card Processing Companies
Apple Pay -  Apple Pay is a breakthrough contactless payment technology for credit card processing with unique security features built right into the devices you have with you every day. Billing itself as a way to use your iPhone and pay in a simple, secure, and private way.On the positive side it is afast and easy only having to hold your phone up to a scanner and verify with a thumbprint. The downside is it is not accepted at many retailers yet, so using it will be hit and miss.

Google Wallet -  Before there was Apple Pay there was Google Wallet. It also is a contactless payment method where as you just swipe your phone across areader enter a pin number and you are done. It has been around since the Galaxy 3 so it is a little more accepted but still companies are slow to adapt to the new technology.

There are several other competitors in the field but these are the leaders to date. Why is it taking so long you ask to change? Cost. Simply stated the cost to replace the equipment needed to update the system is a bit steep. Target may be able to absorb this but a single owner pizza shop or auto repair business may have a harder  time.

One thing is for certain change is coming with new standards being implemented and 2015 is the year VISA and Mastercard have slated as the end of the old era and beginning of the new. If you are a small shop there may be programs to help pay for or place new equipment but those costs have to be bore from somewhere, if that's the case watch your rates closely as that is a prime target to help pay for change.
Credit Card Processing | Credit Card Processing Fees | Credit Card Processing Companies

If you have questions about new payment technology, or have an interest in  Credit Card Processing Payments, contact us for a no obligation assessment of your current situation.



Quantum Merchant Services
Credit Card Processing, POS Systems, Merchant Cash Advances, Gift and Loyalty Cards Programs
1-800-815-3123
St Paul, Mn
Servicing all 50 United States











 

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