Credit Card Payment Security
When customers see the logos of the major credit cards you accept, they see your business as more trustworthy and legitimate. For better or worse, cash-only businesses are often regarded as sketchy. It won't cost you much. Credit card transactions won't eat up your profits. In fact, payments taken with Square's contactless and chip reader cost 2. 6% + 10¢ per swipe, tap, or dip. Accept EMV chip cards everywhere. Order the Square contactless and chip reader. Now that you know all the reasons why you should accept credit cards and you're ready to get started, let's go over what you'll need. If you've never accepted credit cards, you'll need an EMV chip card–enabled reader. If you have accepted magnetic-stripe cards but haven't upgraded to an EMV-enabled reader, now's the time. Here's why: Ever since the liability shift went into effect on October 1, 2015, businesses that aren't set up to accept chip cards could now be responsible for certain types of fraudulent transactions (whereas previously banks ate that cost).
Credit card tap to pay security
Typically, qualified transactions will have a favorable rate, while mid-qualified and non-qualified transactions will cost you a lot more. Unfortunately, you get no say over how your transactions are classified, and the majority of your transactions are likely to be processed with the less favorable rates. If you're working with a flat fee structure, you'll have one fee for card-present (CP) transactions and one fee for card-not-present (CNP) transactions, no matter the card type. You can calculate the expected amount you'll be paying on each transaction by applying the flat rate for that transaction type. How does payment processing work? Payment processing happens in stages. The first stages, authorization and authentication, happen in-store when a customer buys something from you—these stages verify the payment. The steps involved in verification usually only take a few seconds in total. 1. A customer taps, inserts or swipes their debit or credit card at your point of sale. The information needed to verify the transaction is sent to your processor.
For the moment, the secret codes used in authentication are nearly impregnable, but leading card companies are constantly updating their apps so that the walls they build remain as solid as they've always been. SumUp doesn't merely accept credit cards payments, it maintains your security over the long-term, much like an armed response unit. It also adds value to your point of sale by introducing functions like inventory control and couponing. If you've always wanted to launch a loyalty program but have lacked the capital to implement it, your SumUp reader will make it possible without demanding an upfront fee. iOS SDK 9 If you or your staff are Apple users, SumUp uses iOS 9 SDK to accept credit card payments. This environment requires a secure connection in order to work, or the entire transaction is blocked. Security needn't be complicated to be effective, and this is a prime example of simplicity at its most powerful. How Flexible is EMV? Some readers can only process contactless transactions, others manage contactless and magnetic strip, and still others handle EMV.
Certified terminals make cards harder to counterfeit, which is why fraud is steadily moving to online payment ecosystems, but merchants still hold plenty of sway over how secure their EMV implementation will be. A secure credit card payment app adds power to an already sturdy technology. Look for an app certified by EMVCo with end-to-end encryption. Each transaction should verify that the card is present and "engaged" in the transaction—in other words, that the card and its user are at the transaction site. To achieve this, a secret encryption key is authenticated as a part of each transaction. Only the card and issuer have access to it, and it can't be taken from a previous transaction. If fraudsters can access that number, the entire system falls short. This is why encryption is so important. Your reader should process a credit card without sending critical information into cyberspace. SumUp terminals make it difficult to process stolen data by not making that data available in the first place.
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