A breach in the online security of your business can spell disaster for your reputation and your customers, and hackers have become increasingly adept at swiping private information. In the past year several large companies have experienced theft of private customer details, even when working with trusted data brokers. T-Mobile was hit in October when information from 15 million potential customers seeking financing was stolen from Experian. In 2014, credit agency Equifax was breached by hackers who tried to sell the credit card information of celebrities and politicians. As the payments industry tries to respond with increasingly secure and convenient options, now is prime time to decide what works best for your business.
Many business owners are now following the lead of their patrons to new technology that changes the way we pay. Square, the credit card reader that can take payments on an iPhone, will release a reader this fall that can receive payments from smartphones and EMV credit cards, which include a security chip. The Square device will be sold in Apple stores and on their website. The partnership will promote Apple Pay, but other smartphone payment systems will benefit. MasterCard, Visa, and Discover have timelines for merchants to accept EMV cards in 2016, and liability for credit card fraud now falls to merchants if they fail to use an EMV card reader.
Adapting to newer forms of payment is more than an issue of convenience and security. It is a simple way to grow trust in your brand and update your image. Another way to entice online shoppers? Offer a simple financing option. Affirm Split Pay allows customers to choose an installment payment plan at the point of sale with low fees that beat credit card interest rates. More buying power can bring a new crop of customers to your business, and Affirm pays merchants in full at the time of purchase so there is no risk. Considering the needs of new customers in the safety and ease of payment can grease the wheels for sales in your business, and keeping up to date will bring you peace of mind.
If your business is behind on going paperless, trust FileSave Imaging, a service by Easterseals New Jersey, to scan and host important documents with proper security and backup. Collating and indexing all paper invoices improves organization and customer service with fully searchable PDF documents.