5 reasons why data security is a really big deal

5 reasons why data security is a really big deal

With identity theft and data breach incidents on the rise, it's more important than ever to make sure all of your data systems are safe and secure. Here are some more reasons why data security needs to be a top priority for your business when it comes to your credit card processing systems:

1. Data security makes it easy to validate transactions. Validating a transaction can become complicated without the right tools and equipment. When you set up a merchant account, it's important to makes sure you have the tools and support you need to validate the transaction appropriately.

2. Reduce the risk of fraud. Fraudulent transactions can take their toll on your profit margins and have an impact on your company image. You can reduce the risk of fraudulent transactions with a merchant account from a well-established credit card issuer. Established credit card issuers typically take extra steps with data security and staying compliant with PCI standards, according to PCISecurityStandards.org. (Credit card processing terminals and systems must meet the payment card industry, or PCI, standards that protect transaction details and consumer data.)

3. Improve consumer confidence. Compliance with PCI standards and using up-to-date credit card processing software and hardware will build trust with prospective clients. More people are likely to do business with a company that has taken steps to protect sensitive information.

4. Avoid fees from card associations. PCI standard compliance is mandatory; if you fail to meet the requirements, you could risk losing your merchant account permanently or end up paying hefty fines just to maintain your account. You can avoid all of these by ensuring maximum data security throughout your credit card processing systems and processes.

5. Be the first to report a fraudster. When you are actively validating transactions, keeping your records up-to-date and using the latest software, catching fraudulent transactions and fraudsters becomes a simple process. You can take immediate action when you suspect fraud so that your data and sales are not compromised.

When you take the time to improve your data security procedures, you can build trust with prospective customers and even increase sales. Make sure your credit card processing terminals and programs are aligned with PCI standards, and that you have access to all the reporting and validation tools you need to protect sensitive data.

Published: June 4,2023