Four common misconceptions about payment solutions

Misconceptions abound in the financial services sector. To hone in on one example, many people believe that financial planning is only for the wealthy. But as the Huffington Post asserts, financial planning is in fact for anyone wanting to organise their finances, set money goals and make a plan to reach them, regardless of actual wealth. Misconceptions often breed fear, resulting in a negative impact on business. We clear up common fears about payment solutions.

 

Online shops can’t accept debit cards

Before 2012, only credit cards were accepted on payment gateways and online stores. This has changed, embracing the fact that in comparison to the eight-million credit cards in circulation, there are 35.2-million debit cards Online payment solutions providers have since created the rich functionality for businesses to accept all kinds of card payments and electronic transfers.

Online payment gateways are not safe enough

While there’ll always be fraudsters in the online sphere, the good news is that online payment solutions technology has improved significantly to reduce fraud. But in order to ensure that customers’ details are safe, businesses should partner with a reputable payment solutions service provider, who can build a secure payment gateway suitable for your business. Make sure this provider is compliant with the Payment Card Industry Data Security Standard (PCI DSS) This confirms that they have achieved the highest level in card data protection. For extra security measures, the payments solution provider should be able to have a system whereby sensitive data (like an address and credit card details) is replaced with a unique ID. A company like  EFTPOS has an e-commerce payment solution that allows businesses to accept secure and immediate debit and credit card payments online.

Card processing machines could store my data and compromise my security

The newer credit and debit cards are safer than their magstriped predecessors because they are made with chip and PIN functionality. Now, when a card goes through a card machine, fraud is harder to commit because a unique transaction code is created that can’t be used again. A business can also assure its customers that their information is safe by only using a safe card-processing machine. Businesses should familiarise themselves with the vendor’s mobile point of sale devices and other products in terms of quality, security and support.

Mobile point–of-sale devices are not as sophisticated as traditional POS devices

Using a smart device as a payment solution may once have seemed far-fetched. Regardless of the rapid adoption of mobile POS as point-of-sale devices, many businesses may still have their doubts about their efficacy. Setting up a mobile POS is simple, involving a short process that includes the downloading of an app and purchase of the hardware. As Business News Daily reported: “The beauty of modern payment solutions is that like most mobile apps, they are built to be user-friendly and intuitive so merchants would have little trouble setting them up.” For example, the ZipZap card reader can connect to any smartphone or tablet via Bluetooth or USB. This means that payment can take place anywhere, at any time.  Data captured on the reader is encrypted using modern payments technology and is sent securely via point-to-point encryption to a certified gateway.