As checks and cash become less popular means of payment, all businesses need to accept credit and debit cards. Businesses need to contract with merchant processing companies to accept card payments. There are many competing firms in the merchant processing market, and it can be challenging for businesses to determine which company is the best fit. PCI HIPAA helps readers draw up the criteria for choosing a merchant processing company and enumerates some of the pitfalls that may occur.
Make Sure Chip Cards are Supported
One of the most important criteria is that businesses need to make sure that the credit card readers are compatible with chip cards. Inserting a chip card at the point of sale terminal means that the business is better protected from fraud, security breaches, and hackers.
Be Certain of PCI Compliance
Payment card industry (PCI) compliance must be met at all times. This entails security standards that ensure security for the merchant as well as for the processing company and the credit card company or bank at the other end of the transaction. If PCI compliance is not met, it is possible that companies could be fined by the FDIC. Also, fraud could occur on the customer end or via hackers. This requires a significant level of trust in the merchant processing company.
Accept Phone-Based Payments
Customers enjoy having the ability to pay via Samsung Pay, Apple Pay, and other phone-based wallet systems. These transactions are also secure for both the merchant and the customer. Having the ability to accept these transactions will build customer goodwill and show customers that your company is up-to-date and ready to handle today’s challenges.
Phone-based payment systems are painless for the company to install, but they must be supported by the point-of-sale terminal.
Encryption is a Must
Using point-to-point or P2P encryption is a crucial part of the merchant processing system. This information needs to be secured at all points in the network to prevent fraud or hacking. Make sure that the merchant processing company is capable of P2P encryption and that this system is used properly.
Medical and Dental Offices Should Be Particularly Careful
For medical and dental providers, it is extremely important to protect not only payment information, but also the PHI. HIPAA or Health Insurance Portability and Accountability mandate healthcare providers to protect patient data or face serious legal action. HIPAA fines are steep, and medical and dental offices can face costly lawsuits from patients if their information is exposed. Reviews of different payment processing companies like these PCIHIPAA reviews are a good resource to determine whether a merchant processing company is capable of protecting a patient’s confidential information.
Legal Requirements
Under FDIC regulations, merchant processing companies must be able to assume credit and transaction risks. Further risks that the merchant processing company needs to assume are compliance and liquidity. If these companies are not well-run, they will expose the merchant to unnecessary financial and reputation risks. Merchant processing companies must be able to support all transactions with accuracy and security.
You Get What You Pay For
Beware of discount merchant processing firms. Do a complete survey of all of their pros and cons before contracting with a merchant processor. Fees for these companies have been positively impacted by competition, so the best companies will likely have affordable services. PCIHIPAA reviews can help companies decide which processor is right for them.
Covering All the Bases
All of these legal and practical considerations need to be considered before choosing a merchant processing firm. With an A+ BBB rating, PCI HIPAA can help companies choose the right firm to process their merchant and POS transactions. Shielding a merchant from the risks associated with payment processing provides much-needed peace of mind.
