Photo by Two Paddles Axe and Leatherwork on Unsplash

For small business owners, handling customer payment data is among the most nerve-wracking to outsource or entrust to an outside vendor. That’s why it’s so important for small businesses to find a payment partner they can trust.

Here are some standards to use when searching for a trust worthy payment partner:

Third-Party Security Certifications

Third-party certification means that a payment processing company has solid security management practices and is constantly updating and testing its defenses based on proven data protection methods. According to Jeff Korte, director at the Financial Services Information Sharing and Analysis Center, the standard certification is the Payment Card Industry Data Security Standard (PCI DSS). This certification is regularly updated by a professional auditor designated by the PCI Security Standards Council. Another certifications is the ISO/IEC 27001-certification through the ANSI National Accreditation Board.

Advanced Encryption and Tokenization

Encryption and tokenization are methods for ensuring the customers’ payment data is protected by converting or substituting them with a code or digitized non sensitive equivalent respectively. Business owners should find a payment provider that manages multiple token sets and can handle security across multiple, if not all, payment services.

PCI Compliance

Credit card companies should be compliant with the Payment Card Industry Security Standards Council to make online transactions. The standard basically proves that businesses are secure enough to handle payments. The more advanced the payment processor’s security measures are, the easier compliance is to achieve. 

Excellent Customer Service

It is also important to find responsive payment processing companies that can help detect possible fraud in a timely manner. Being able to find and fix security issues is the key to minimizing operational and financial risk by reducing the likelihood of a compromise. By looking for a payment processor that prioritizes both customer experience and security, small business owners can find a partner to trust with their business and customers’ payments.

Leave a Reply