Choosing the Right Chip and Pin Machines and Terminals

Merchants, especially new merchants who wish to set up card based payment processing will need to look at the right set of equipment along with supporting sub-systems as well as compliance with standards.

Retailers need point of sale chip and pin equipment to process payments by card. They can choose from a variety of chip and pin machines such as countertop PDQ that is wired to internet line and to the computer. This is ideal for retail counters. A step up is the bluetooth or wi-fi enabled terminals that are free of wired connections and enable a shop floor assistant or staff in a restaurant to be on the move and accept payment anywhere within the range of the bluetooth connection. Field sales personnel can carry a GPRS mobile PDQ that will help them process card payments anywhere in the UK where GPRS signals are available. This is a boon for taxi drivers, trade personnel like electricians, plumbers and carpet cleaners and also at exhibition points. Contactless chip and pin terminal helps retail stores process cards swiftly. 

Merchants have options when it comes to installing and using the chip and pin equipment. They can opt for acquirer owned terminals. These are given out to merchants on fixed terms such as monthly rental. Maintenance and update of the terminal is the acquirer’s responsibility. However, it must be kept in mind that rentals vary and if the merchant is too hasty, he can end up with sub-optimal rental equipment and agreement and end up paying more. He has the option to buy his own terminals and avoid paying regular rentals. In either case, what suits the merchant best can be arrived at after a thorough analysis of their monthly sales and other conditions, something at which Independent Merchant Services excels.  They help merchants not only with deciding about rentals, pay as you go scheme or self-owned equipment but also the finer points of the machines.

A terminal may accept only credit or debit cards or it may be chosen to accept other cards such as gift cards and petrol cards. It may have a large memory built in to store transactions or a mobile machine with a longer range of bluetooth or wi-fi or capability to receive weak GPRS signals in remote locations. It may be necessary, in some cases, to select a terminal with an inbuilt printer.

Selection of such card terminals may appear to be a simple process but there are details one should explore before making the decision. Having an expert at hand to give informed opinions does help in long term cost reductions as well as better security.

Transparent, Honest Card Payment Processing Guidance and Solutions

Small business owners cannot afford to make a mistake when it comes to selecting point of sale terminals or payment processing service providers. Even a small mistake in this regard can prove to be too expensive. However, they lack the knowledge and the time to go into details of the fine print. The result is they could be tied up with a service provider who simply takes advantage of the contract. It is also a fact that while the internet has made information and services easily accessible, it is time consuming to arrive on the right choice when it comes to finding integrated solutions. 

Requirements of merchants

Merchants, whether small storeowners or chains of retail shops or online stores, need a variety of products and services. At the front end, there are card terminals, and at the backend, there is accounting system and the tie up with a payment processing company. Any merchant offering online card payments need to comply with PCI standards and would have to put in place an IT solution or tie up with a PCI compliant service provider to ensure cardholder data is safe. Terminals he selects for card payments must be reliable, secure and speedy to deliver a satisfactory experience to customers and build confidence. Card payment processing services are important for peace of mind.

Small business owners lacking knowledge or time and due to this, they may simply opt for the very first that they come across with disastrous results. This is where selecting an independent merchant service provider proves to be invaluable.

What an independent merchant service provider offers

Not tied to any specific company, the service provider is a source of guidance on selection of equipment, IT hardware and software and payment processing gateway services. With knowledge and experience, he is the right person to approach. Single point solution for card related services and equipment are their best way forward.

Would you believe that these services are free? Yes. They get paid by service providers and clients get the double benefit of expert advice and choice of right equipment from one source. It shows in their increased business. If they need any information or advice all they have to do is pick up the phone and talk with the independent merchant service provider to get the right answer and the right solution at the right time.

Safety Aspects to Keep In Mind When Using Chip and Pin Machines

You have seen them across malls, restaurants and almost all stores to make payment easier. Basically, these Chip and Pin Machines are payment devices, where cards are swiped and thus quick payments are made. However, in recent years, there have been a lot of issues related to identity thefts. So, it means that there is a risk that someone else or even the individual using this machine is using your card could get some confidential information from you.

Basically these chip and pin devices are also called chip and pin terminals and are connected to a central power point. They are also connected via a telephone line or even Internet connection. There are different kinds of machines here like the countertop PDQ, which is used for direct or face-to-face transactions. Here the cashier would just match the photo on your card with you and process. In case there’s a discrepancy or he is unsure about your identity then the payment can be denied.

Similarly, there are some steps that you should also implement from your end to ensure that your payments are secure.

·   The first thing to keep in mind when using these Chip and Pin terminals would be not revealing or announcing your pin to the cashier. When the machine is passed to you for entering your pin code, type it carefully without any one else seeing the same. This way no one else can access your unique code.

·   Secondly, you must also make sure that you check the details provided on these chip and pin machines. Often, customers make the mistake of not checking the brief or the details here, which in turn means that you are unable to view the exact amount and hence could be charged double or more.

·   Also, always make sure that every time there is a transaction using your card, you get a notification or SMS from the bank. Doing so is vital because you would be able to then stop or actually prevent the card from getting swiped more.

If you are unsure of a place or it seems that the there could be a misuse of your card or information - then it is best to actually use cash in such instances and avoid making a chip and pin terminal payment. You just need to be careful and benefit from convenient card payments.

Busting 3 Common Myths About The PCI DSS Compliance

often, small business owners start their contracts without having finalized all the details necessary to provide a smooth set of services to the consumers. As a result, problems with certain rules and eligibility criteria creep up when least expected. If you are contemplating providing credit and debit card payment gateways to your clients for the products and services at your website or mobile app, you have to ensure that none of these merchant s’ services cut in to your profit margin. Apart from the merchant services fees, you also have to make sure that any issues with PCI Non Compliance should be curbed at the outset. Many business owners fall in the trap of non-compliance with the PCI rules because of basic ignorance. Therefore, here are 3 of the most common myths about this essential regulatory body truly explained for you.

Myth 1 – The PCI DSS is just a recommendation and not mandatory

Busted:  The collaborative PCI SSC (Payment card Industry Security Standards Council) has designed the PCI Data security standards. This body of popular payment card brands enforces the PCI rules themselves on their own payment gateways and by extension on the industry itself. Any irregularities with these standards can result in heavy fines and even chances of expulsion from the network of card processing, leaving your business unable to provide card payment options to your clients ever. This automatically gives your business an inconvenient and untrustworthy image.

Myth 2 – ASV scans are enough to ensure PCI compliance

Busted: Along with ASV scans, all businesses need to complete the self-assessment questionnaire from the PCI council to clear compliance related confusion for their brands. The questionnaire has been designed to check the level of compliance to different card companies or credit card processing banks. If a business simply fills the questionnaire to seem PCI compliant but on further audits turns up non-compliant at all levels, the issue can become very serious with heavy repercussions attached to the offence.

MYTH 3: If the credit card data is not stored, there is no need for PCI compliance

Busted: The main issue is not just storing the credit card data, but also handling each set of data carefully. This is why, even if your business is not storing the relevant details for your consumers’ credit cards, just on the basis of your handling the credit cards, you will have to go through every PCI compliance standards and abide by it.

Top 3 Ways Chip And Pin Terminals Can Revolutionize Small Business

Small business owners often have to be on the lookout for best payment options to correctly monetize their businesses. Modern lifestyle and shift in working trends has allowed individual service providers to create different types of business formats. Yet, without proper monetization, resources he chances of your business taking off successfully remain quite slim. Most consumers now depend on credit and debit card payments for sustaining their lifestyles. If your business does not provide this option, it is a very definite possibility that you are losing on potential clients even before they hit the sales funnel.

Merchant service providers can help you install efficient Chip and Pin terminals for your businesses, regardless of where you are operating your business. These machines are efficient, affordable, and more convenient than the bulky systems of previous card reading technologies. The installation of Chip and Pin Machines can completely change the brand image for your business. Here is how.

Paying for services before pay day

Your business should put consumers on a priority list providing every opportunity for increased consumer convenience. Providing an option for Chip and Pin operated card payments allow your consumers to pay for products and services before their payday. Credit cards allow them to keep up with continuous services and you can charge for products in different formats, for instance in packages or subscription plans.

Saving administration time otherwise lost on invoices

Invoices take up a lot of time in both creation and maintenance. Instead of generating invoices for every client that books your services, you can automate the entire process by putting up your services for card payments. It allows your business to have automatic written records of transaction with each payment.

Possibility of up-selling services with card payment convenience

If your business is selling products and services for cash, the sale becomes limiting to the amount conveniently available with the consumer. With card payment option, consumers can be pitched for compatible services and products to up-sell the final sale. Any changes in the final invoice can be made within a few moments and the sale can be processed without any time lag in between.

Chip and PIN Payment Technology - Is It Really Essential?

This technology has been around for a few years, but it has undergone a lot of development in the last couple of years. This is considered to be the best mode of payment for small businesses. Do you want to know more about Chip and PIN? 

 

Why should you go for it?

It reduces the risk of frauds to a large extent. Cards that follow magnetic stripes and signature systems are highly risky because signatures can be forged easily. PIN number cannot be forged. It is safe to use cards with PIN code because no one else knows your PIN code. It has been proved that frauds on cards have been reduced almost by 80% in UK after this technology was introduced. 

How does it work?

There is a small computer chip in a Chip and PIN card. The chip stores data and acts as a data processor too. You have to insert the card into a Chip and PIN terminal. The next step is to enter your PIN number. The PIN number entered should match the number stored in the chip. The four digit PIN code is the means for authorization of the card. This is the proof that the card is used by the owner and none else. This helps in reduction of frauds. 

What are the requirements?

The first requirement is a merchant account. It is through this account that your transactions on Chip and PIN will be carried out. From the merchant accounts the money will be cleared to your main account. The next requirement is a Chip and PIN machine. You have to make your monthly rental payment through this machine. The fees charged are not very high. It varies depending upon the transaction. 

Chip and PIN card services are provided by a lot of companies. Chip and PIN solutions is one among them. They provide you with the machine. You need not buy it from a third party. They offer quick service. It takes a couple of minutes to complete a transaction. They offer competitive rates. You can save your money as well as time. Go to the unrivalled leaders in contactless payments to get the best.

A Brief Guide to PCI Compliance

PCI DSS is an abbreviation for the Payment Card Industry Data Security Standard. It is a security standard structure designed to make sure that every company accept, practice, store or pass on credit card information in a secure environment.

The Payment Card Industry Data Security Standard applies to every kind of organization. The size or transaction number to accept, transmit or store cardholder data does not matter. 

Compliance levels of Payment Card industry

All merchants fall under 4 merchant levels, as described by Visa are - 

1^st Merchant level

 

Regardless of approval channel - processes more than 6M Visa transactions in a year  

     

2^nd Merchant level

 

Regardless of approval channel - Processes 1M - 6M Visa transactions in a year

3^rd Merchant level

 

Processes 20,000 - 1M Visa transactions in a year

4^th Merchant level

 

Processes less than 20,000 transactions in a year

To fulfil PCI requirements, a merchant must follow the given steps:

• Determine, which SAQ (Self Assessment Questionnaire) your business must use to authenticate compliance
• Conclude SAQ, according to instructions it includes
• Complete & obtain proof of passing vulnerability scan with PCI SSC approved scanning
• Complete relevant compliance attestation
• Submit SAQ, passing scan attestation and compliance attestation along with requested documentation to acquirer

Organizations using 3^rd party processors can cut down risk exposure as well as alleviate effort to confirm PCI compliant. If your business has multiple locations but processes under a single tax ID then you will need to validate once yearly, for every locations. 

Methods to use for storing credit card data

Majority of merchants have to store the data of credit cards for recurring bills. For storing credit card data use 3^rd party credit card vault & tokenization provider. Vault application allows removing card data and giving a token enables to be applied for recurring billing. Use of 3^rd party eliminates risk of storing the card data, thus maintaining card data security.

Non-compliance penalties

Penalties for PCI non compliance can be $5,000 -$100,000 every month. Banks will either terminate the relationship with that merchant or increase their transaction fees. Fines for PCI compliance violations are not discussed openly, but can be catastrophic for small businesses.