Payments 101 What Every Business Needs

Our note: Online hacking is prevalent these days; even big name companies get hacked. That’s why it’s absolutely critical to make sure your systems are secured and meet industry standards. This article does a great job of explaining what your home care business needs to stay secure with online payments.

Written by: CardConnect

If you own a business or want to own a business, the information below will prove invaluable. We’ll discuss interchange optimization, becoming PCI-compliant and the types of security measures you must take to protect your livelihood and customers.

Necessity #1: Interchange Optimization

Every business owner must pay interchange fees in order to accept credit card payments from customers. These rates are established by card associations and card-issuing banks and vary based on card type, purchase amount and how the transaction data is specified.

In total, there are over 300 levels of interchange, which may sound discouraging, but there are ways to lower your interchange costs! For example, when Level II and Level III data is passed, interchange discounts are as high as 0.8-0.9%.

CardConnect, a leader in the payments industry, not only passes Level II and Level III data, but also aggressively manages merchants’ interchange rates to ensure they receive the lowest possible rate for every transaction.

Want to see how much you could be saving? Email a recent statement to CardConnect at mbristow@cardconnect.com for a free (and thorough!) Interchange Analysis.

Necessity #2: PCI Compliance

Every business that accepts credit and debit cards has an obligation to meet the requirements set forth by the Payment Card Industry (PCI), which are used to facilitate standards for maintaining a secure environment. Becoming PCI-compliant can be quite a headache, which is why many businesses count on guidance from CardConnect.

CardConnect helps organizations become PCI-compliant and reduce their scope of PCI compliance by tokenizing each payment card at the initial point of interaction, and then storing the sensitive data in a secure, off-site vault.

This mitigates the threat of a data breach and ensures your entire network contains zero sensitive information, which means in the event of adata breach, all that will be stolen is value-less, irreversible tokens.

Think this is too good to be true? Think again!

Necessity #3: Up-to-Date Security Measures

Today’s hackers are becoming increasingly sophisticated with their methods of attack, and simple security measures are no longer enough. In order to fully protect your business from a detrimental breach, you must utilize encryption and tokenization technologies.

Point-to-Point Encryption (P2PE) protects against POS-based malware attacks by instantly encrypting all sensitive data upon swipe or card data input, while tokenization replaces sensitive data with distinctive identifiers that cannot be mathematically reversed. CardConnect is well-versed in current security measures and offers merchants CardSecure®, our proprietary security product that combines P2PE with a patented tokenization process and secure off-site storage.

The power is in your hands— visit to learn how you can fully protect yourself from a data breach today.

About CardConnect

CardConnect (NASDAQ:CCN) is a leading provider of payment processing and technology solutions, helping more than 67,000 organizations – from independent coffee shops to iconic global brands – accept billions of dollars in card transactions each year.

Since its inception in 2006, CardConnect has developed advanced payment solutions backed by patented, PCI-validated point-to-point encryption (P2PE) and tokenization. The company’s small-to-midsize business offering, CardPointe, is a comprehensive platform that includes a powerful reporting and transaction management portal which extends to a native mobile app.

To learn more, please contact Mark Birstow at mbristow@cardconnect.com.

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