Hardware Retailing

JAN 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

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HARDWARE RETAILING | January 2018 14 NRHA News The Latest on Payment Processing Technology W ith technology rapidly developing, there are some major subjects related to payment processing that business owners need to be paying attention to as we enter the new year. To get clarification on some of the most talked about topics in the payment industry, Hardware Retailing got in touch with representatives from North American Retail Hardware Association (NRHA) Business Services partner Clearent, a company dedicated to providing retailers with credit card processing and payment solutions. For more expert insight on topics like EMV chip card technology, PCI standards and alternative funding, visit TheRedT.com/payment-processing. Businesses that accept card payments should follow these guidelines to reduce the likelihood of credit card fraud and data breaches, according to Clearent. • Follow PCI data-security standards. Complete the self-assessment questionnaire and any required vulnerability scans, and stay current with all assessments. If you experience a data breach and are not PCI-compliant, you could face penalties. • Adopt EMV technology. Chip cards are meant to reduce fraud by encrypting all information between the card and the reader, while magnetic stripe cards contain analog data that's easy to intercept and steal. • Consider a PCI-Validated Point-to-Point Encryption (P2PE) solution. P2PE protects data as it moves through the payment process until it reaches a safe decryption environment. This makes data undecipherable and worthless to fraudsters. • Develop a data breach action plan. No system is foolproof. Preparing for a data breach in advance can help you move on after one occurs by mitigating the financial damage of cybercrimes. Protecting Your Business From Fraud According to Clearent, there are three major topics retailers should be paying attention to now. • EMV chip cards. Nearly all customers have them, and by accepting chip cards, you won't be financially liable for counterfeit card fraud, and you'll reduce your liability in the event of a chargeback dispute. • Near Field Communication (NFC). This is the technology behind Apple Pay, Google Wallet, Samsung Pay and any other contactless payment methods. This technology allows you to take payments quickly, and your customers can complete payments by tapping their phones on equipment. • Payment Card Industry Data Security Standard (PCI DSS). These standards are a set of technical and operational requirements to protect cardholder information. PCI DSS are the rules of engagement for processing payments. PCI aims to ensure that all entities accepting, storing, processing or transmitting card information maintain a secure environment. When you stay compliant, you are part of the solution and limit your threat of data compromise and breaches. Your Payment Processing Information Checklist Reducing Payment Processing Costs The most obvious way for a business owner to reduce costs, according to Clearent, is to make sure your current payment processor isn't overcharging you. To confirm your costs, compare a recent statement to your merchant agreement to make sure you understand every charge. If you don't, contact your sales representative for clarification. You can also contact a different payment processor for a statement analysis. For more information on Clearent's products and services, and for more educational content on payment processing, visit clearent.com.

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