PCI (Payment Card Industry) compliance is a series of security procedures enabling businesses of all sizes to keep customer payment data secure. The general set of guidelines for a merchant to be PCI-compliant include the secure handling of user authentication, firewalls, antivirus, encryption, truncating account numbers, programming maintenance and vulnerability testing.

We hear a lot about “identity theft” in today’s world. A giant piece of this threat comes in the form of users having their credit card numbers and applicable information hijacked. Therefore, it’s a good idea to encrypt card numbers before transmission over any network and store them in a protected environment. Seems obvious, right? Sure. But to be a PCI-compliant entity, you have to constantly monitor your card-processing-systems, else, there’s a real possibility you could be breached. Hence, it’s a good idea to seek help you with a solution that assures you’re at the forefront of the conscious movement of making sure card data is secure at all times.

Why is PCI compliance important?

Simple really. PCI compliance at its core evokes the sentiment of trust. Trust the most important interpersonal trait when conducting business. Without trust there is no loyalty. Without loyalty there is no repeat business or referrals. Without repeat business or referrals it’s only a matter of time before that type of business implodes. In short: You can’t conduct a successful business venture without trust.

So, back to the question – Why is PCI compliance important?

Let us outline the ways:

• PCI compliance on the surface means that your payment processing systems are secure, and thus customers can trust you with sensitive card information.
• Compliance also enlists you as a business that takes security seriously, thus improving your reputation amongst credit acquirer solutions and payment brands, which ultimately enable you to conduct business from the card-processing standpoint.
• PCI compliance is important to your operative systems in regards to the initiation of your corporate security strategy, as well as the continued improvement of the efficiency of your IT infrastructure.
• PCI compliance enables confidence not only with your customer base, but with your operative peace-of-mind as well.
• A payment processing systems breach could very well put you out of business.

What can I do to assure my business is PCI compliant?

The authoritative voice when it comes to PCI compliance is the PCI Data Security Standard (PCI DSS). PCI DSS follows common-sense steps that mirror security best practices. It’s broken down into a three-part process:

• Assess: Identify cardholder data, take an inventory of your IT assets and business processes for payment card processing, and analyze them for vulnerabilities that could expose cardholder data.
• Remediate: Fix vulnerabilities and do not store cardholder data unless you need it.
• Report: Compile and submit required remediation validation records (if applicable), and submit compliance reports to the acquiring bank and card brands you do business with.

For more information and to download resources on PCI compliance click here.

And, of course, we’re here to help. Sometimes it’s hard to keep on top of technology shits, and trending security updates. If you lack the bandwidth to manage your PCI compliance, contact us and we can walk you through ways to make sure your processing platform and network is as secure as it can possibly be.

Be a trusted business. Be a trusted partner. Be sure you’re doing all you can to remain PCI-compliant. In more ways than one, it affects your bottom line.

The important thing to understand is how powerful a POS platform is for your business – not only for processing your incoming payments, but from a management perspective as well. The POS systems that exist today enable you to not only process payments, but also set you up for the possibility of managing inventory, cultivating sales reports, building out robust customer databases, allowing for the implementation of targeted marketing options, and tracking employee resources.

As mentioned, there are a lot of different options when it comes to choosing your POS system. Here at Thrive, we’re excited to offer First Data’s Clover Station – an all-encompassing POS system that scales from small to enterprise-sized businesses.  It operates on a cloud based server, enabling you to remain current on software updates, which in-turn keeps your business operating efficiently, and effectively as possible from a payment processing, and internal digital management capability standpoint.

Here are the highlights of the Clover Station POS:

• Productivity at the point of sale.
  With every sale, Clover Station automatically tracks inventory and builds a transaction record. Customers can opt in to loyalty programs to build lasting relationships and drive repeat business.
• Comprehensive reporting for true insight.
  Clover can run reports that distill your transaction data into powerful intelligence and use these insights to make better decisions.
• Cloud-based access for total control.
  Clover‘s web dashboard lets you remotely manage your business from any computer, smartphone, or tablet. You have access to your business information even when you’re not there.
• Effortless updates.
  Software updates are automatically delivered to your device, so you always have the latest version and strongest security features.
• State-of-the-art security.
  Clover Solution safeguards your customer’s card data with the latest in security technology—including data tokenization and end-to-end encryption.
• Enhance your business with the tap of a button.
  Applications are easy to install right on the home screen of your device. If you have more than one Clover Station, apps installed on one device can sync across all of your devices in real time.

As you can see, Clover Station is a very robust POS solution that boasts an all-inclusive, highly customizable digital interface.

Do you have further questions about POS systems that you need answered? We can help. At Thrive, we have the reliable, secure card payment equipment and support you need – regardless of the type or size of your company.

With that comes spending. A whole lot of spending.

Increased customer traffic during these next months is not uncommon. Transactions will be aplenty, and sales revenue is at its peak as consumers prepare for the giving season. What this also means is the potential visibility of more criminals poised to plan and implement tactful thievery campaigns, robbing from busy retailers who are the ultimate target for payment card fraud schemes. It’s scary for consumers, and it’s scary for retailers who can’t afford to be placed in operative jeopardy by fielding an influx of transaction challenges, and falsified payment information.

It’s not easy to pick up on who is looking to steal from you. However, it is possible if you remain cautious and focused during these busy times. Here are some potential behaviors from prospective customers that might steer you to ask further questions….

Be on the lookout for customers who:

• Purchase a large amount of “inconsistent” merchandise without regard to size, style, color, or price.
• Fail to ask any questions about major purchases.
• Try to distract or rush you during the sale.
• Make purchases and leave the store, but then return to make more purchases.
• Make large purchases just after the store’s opening, or as the store is closing.
• Refuse free delivery for large items.

If you are a card-present merchant with a POS, remind your staff to take these steps to ensure the legitimacy of every card, cardholder, and transaction:

• Check the card security features. All major card companies have unique features built in to aid in protecting your business. Take advantage of them.
• Make sure the presented payment card has not been altered.
• Swipe the stripe. Swipe the card through the terminal in one direction only to obtain authorization.
• Check the authorization response. Take appropriate action for the specific response.
• Match the numbers. Check the embossed number on the card against the four digits of the account number displayed on the terminal.
• Request a signature. Have the cardholder sign the transaction receipt.
• Check the signature. Be sure that the signature on the card matches the one on the transaction receipt.

Some of these thoughts may seem tedious, especially when you’re being inundated with customers, but they’re all there to better protect and serve you.

And finally, make note of the information being provided by credit card companies as they work to help maintain a high level of security as well. For example:

Visa is committed to helping merchants better understand how they can best protect their businesses and customers. As part of this commitment, Visa regularly posts data security alerts on www.visa.com/cisp. These alerts focus primarily on common security vulnerabilities, attack methods, and emerging risks identified in the payment system. Keep your organization informed by accessing alerts, bulletins, and webinars by subscribing to RSS feeds at www.visa.com/cisp.

Again, protect yourself, your business, and your customers from fraud and security breaches. It takes some work, but far less work than what is headed your way if you look past the options you have in front of you.

If you have further questions about credit card fraud protection and POS security features, we can help. At Thrive Payments, we have the  knowledge, secure card payment equipment and support you need.

Enjoy the holiday season!

You shouldn’t be as casual about it. It helps to understand the difference between credit and debit card transactions.

There are different ways to look at this. We’d like to outline two for you, which yield a similar result as far as answering, “what’s better for you (the business)?”

The first is this:

The transaction fees between a customer using credit vs. debit are generally more expensive from the “credit” side of the equation. Card networks charge a number of different fees for both credit and debit transactions – some of the fees are based on the value of the sale and other fees are the same for all transactions, regardless of the sale amount. As we noted, debit transactions generally cost your business less and debit transactions where the customer enters their PIN usually cost you the least, unless the sale is less than around $15.

The second:

Chargebacks. As a merchant, you dread a chargeback. It’s a lose-lose situation. You lose out on funds you had acquired, and, you lose out on the product that walked out the door, possibly never to return. So, you’re stuck holding an empty bag for which you may have paid a premium. Obviously, this is not good for the bottom-line and business longevity.

You can minimize chargebacks from a bank card perspective by getting your customers to enter their PIN. If they’re entering their PIN, the transaction is much more sound than generating a signature on the credit end of the transaction. It’s much easier for someone to find (or steal) a card and forge a signature than it is for them to figure out the PIN number.

So there you have it. In a nutshell, this is how you can save your business in interchange fees and peace of mind:

Debit transactions save you money due to lower incurred fees;
Debit transactions are far more secure than their counterpart.
If you don’t have a PIN pad today, contact us to help you get set up – and steer your customers to enter their PIN, steering more profit into your business’s bank account.

Have questions in regards to what your payment transactions mean to your business health? Please contact us to discuss ways you can save money, and increase security through the use of your payment processing platform. At Thrive Payments, we have the knowledge, secure card payment equipment, and support you need.

The first step would be to ask the salesperson for a detailed comparison between your current invoice and their services. Because so many credit card processing companies price their services differently, it generally takes an “expert” to make a proper comparison.

One example is the way that providers charge you for the fees from the big four card networks: MasterCard, Visa, Discover and American Express. These fees, also referred to as “interchange fees”, generally account for 75% or so of your invoice amount and are paid to the various card issuers. Every provider pays these fees at the same rate to the card networks but they are “packaged” in many ways when charged to your business. There are hundreds of different rates based on the card network, the type of card being used and in some cases, your business type.

Some providers will pass these fees through to you at the same rate they’re charged, while others will charge you a base rate for all card types and then a surcharge for transactions that cost them more. Still others will bundle these fees into what they will call a “discount rate”.  And this is just one example of many on your invoice.

So when confronted with a proposal for credit card processing services, ask the salesperson for a detailed comparison and have them explain how they charge various fees. While it may seem complicated and overwhelming, spending some time on this can save your business money, making you more profitable.

In addition to the consumer carrying a plastic card, the card account data is loaded into an “app” on the consumer’s smartphone, which can then be used to facilitate a payment at the point-of-sale. ApplePay uses near field communications (NFC) where the smart phone communicates with the point-of-sale device without touching versus a standard card which is “swiped”.

ApplePay transactions are considered card-present and receive the same MasterCard/Visa interchange rates as a swiped sale. However, only certain point-of-sale devices and applications are designed to accept NFC transactions.

Most businesses enable their consumers to pay how they want and many younger and tech-savvy consumers have started using mobile wallets such as ApplePay. If you are interested in modifying your payment system to accept ApplePay, give us a call today.

Large businesses have internal IT teams that handle a wide array of functions, including managing their computer systems and maintaining a secure environment. Many smaller business outsource this function, relying on a third party to maintain their systems, handle the continuous flow of patches from software firms such as Microsoft and Adobe, and to upgrade their infrastructure as needed, such as the recent necessary upgrade from the Windows XP operating system.

Some small businesses, however, haven’t addressed the need for IT support. Just as any business needs adequate insurance, a bank account, a payroll vendor, an accounting firm and legal representation, in this age of technology driving so many functions, every business also needs an IT support firm. Failure to address this critical area is as dangerous to sustainability as failure to have proper insurance or to properly file tax returns. The work needed to maintain data security standards also applies to general business success – things such as maintaining proper firewalls, insuring password security and addressing software patches.

While IT support is needed to maintain compliance with data security standards, this same support will keep your business secure and operating to maximize your ability to succeed.