Is Your Business Taking This Crucial Precaution?

I just wanted to send you a quick PCI Compliance update as this is something that can dramatically impact your business. Even though the number of phone orders have increased due to COVID-19 and the various shutdowns, these transactions have not been deemed any less dangerous to chargebacks. If there is not sufficient proof of purchase collected and if the card data is stored improperly/insecurely, this can still be a perilous situation for businesses and your customers. There are, however, steps to take to ensure you protect your business while also protecting your customers. There are many details associated with each item but I wanted to simplify it as much as possible for you:
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• Do not store credit card information without proper encryption and tokenization
• Do not email/text credit card information
• When taking a phone order, acquire a confirmation of purchase from the customer (like a signed invoice, a digital signature, or an email confirming they made the purchase)
• When taking a phone order, ensure the card name and address matches the billing and shipping name and address
• Ensure you are PCI compliant – if you are not PCI compliant, your likelihood of winning a chargeback decreases significantly
• Have information/security protocols in place

Especially during times like these, it is wise to have proper protocols in place for changing the way in you receive payment as well as security standards and knowing who can access your payment processes within your organization. These are some of the important reasons why selecting your processor is so important – there is more to moving money than just a few button clicks; even though it may look that simple in the moment, there is much more at stake if these details are left unattended. If you or someone you know needs assistance with any of the above items or if you are unsure if you have adequate protections in place, please do let me know and I will be more than happy to help in any way possible. At Merchant Masters, these are all problems we solve through our consultative approach to help you succeed.

Stay safe and be blessed!