ABT_PCI-Compliance

Four Common Misconceptions About PCI Compliance

The cost of not maintaining PCI DDS compliance can be huge, especially when it comes to data breaches and fraud. Unfortunately, many merchants don’t fully understand everything involved with PCI compliance, so card security breaches will continue to occur.

According to a survey conducted by Proficio, 23% of respondents did not even know if their businesses met the most recent set of standards, PCI DDS 3.0, which was released at the beginning of this year.

It’s important for every merchant to understand what PCI DDS means, so that they can take the necessary steps toward ensuring payment security. While it’s not a foolproof solution, it can significantly help to deter data breaches and potential fraud.

ABT_PCI-Compliance_3Deciphering the Alphabet Soup (PCI DDS)

The Payment Card Industry Data Security Standard (PCI DDS, called PCI for short) is a set of 12 requirements that merchants must meet to ensure a secure environment for credit card transactions. The requirements were put in place by the Security Standards Council, comprised of the five major credit card companies: American Express, Discover, JCB, MasterCard and Visa.

PCI Myths Busted!

There are many misconceptions surrounding PCI. Here, we reveal four of the major myths and the reality behind each of them.

Myth #1 – I own a small business; only large companies and e-commerce websites need to be PCI compliant.

False! Every organization or merchant that accepts credit card transactions must be compliant. The size of the company doesn’t matter, nor does the number of credit card transactions. There are, however, different levels that businesses can fall into, as defined by the major credit card brands. Businesses must determine which level they fall into for each brand and complete the correlated compliance verification requirements.

ABT_PCI-Compliance_1Myth #2 – Once my business is PCI compliant, I never have to worry about it again.

Many merchants don’t realize that compliance is an ongoing process, not a one-time deal. As a business owner, you (or your merchant services provider) will need to be in continuous communication with your acquiring bank and the card brands with which you do business. This will ensure that any payment security vulnerabilities are identified and fixed in a timely fashion to maintain PCI compliance.

Myth #3 – My outsourced credit card processing company automatically takes care of all PCI issues.

Using a third-party processor can help to improve payment security and reduce risk exposure, but it is not a guarantee that your business is PCI compliant. As a business owner, you need to take responsibility to ensure that your payment processing system is up to PCI standards. Ask questions and be proactive—if they can’t answer or don’t know, it may be time reconsider your merchant services provider.

ABT_PCI-Compliance_2Myth #4 – Nothing bad will happen if my business isn’t PCI compliant.

If a business fails to maintain PCI compliance, payment brands, such as Visa and American Express, have the right to fine acquiring banks anywhere from $5,000 to $100,000 per month. These fees eventually trickle down to the merchant who violated the compliance. On top of that, the bank will very likely increase transaction fees or terminate the relationship with the merchant. It’s important for merchants to understand that the costs associated with PCI violations can be destructive to businesses of all sizes.

Business Owners: Take Action Now!

Not sure if your business is PCI compliant? The experts at Abtek are experienced at guiding business owners, just like you, through the complex validation process. Contact us today to find out how we help you ensure that your business’s payment processes are secure.


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ABTEK-BreakingNewsGraphic02

Entrepreneur: Everything Your Business Needs to Know About the EMV Mandate

Tami Cohorst, Abtek’s Vice President, was recently featured on Entrepreneur.com, a prominent online resource for business development news.

20150220213125-creditNew and major credit card processing procedures are set to change the way we do business, thanks to the 2015 EMV Compliance Mandate.

The U.S. is the world’s final market to become EMV-compliant. Our adoption and accessibility to the technology will likely transform all industries that depend upon processing payments via credit cards.

Is your company ready?

Continue reading the full article at Entrepreneur.com →


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ABT_Social-Media

How Will Consumer Concerns Shape the Payments Industry Future?

Did you know that payment service providers are taking note of online conversations and shaping their processes and technology based on what consumers want in terms of mobile payment experiences? Here’s a peek at what that looks like:

ABT_Social-Media_TILES_1What’s Coming Up?

After analyzing 19.1 million social posts across Twitter, Facebook, Instagram, forums, Weibo, Google+ and YouTube, the study uncovered a number of trends in social media conversations:

  • Consumers are interested in learning more about “enriched experiences delivered through mobile payments, such as convenience, loyalty and rewards.”
  • 94% of online conversations lean favorably towards mobile payments..
  • Consumers are excited to share their purchases made via mobile payments on social.

Major companies across the globe are playing a vital role in the online mobile payment atmosphere. Key players driving the competition include brands like Apple, PayPal, Starbucks, and eBay, among others.

ABT_Social-Media_TILES_2

So what do these conversation trends tell us about what to expect in mobile payment technology? We can anticipate the following:

  • Better consumer experience
  • Improved, more user-friendly mobile wallet experiences
  • More businesses accepting mobile payments

Mobile payments are quickly becoming an integral part of consumers’ daily lives. In order for businesses to stay competitive, it’s important for them to stay on top of the trends in the industry.


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ABT_Sustainability

Go Green! 5 Ways to Make Your Payment Processing Methods More Sustainable

On Wednesday, April 22, more than 192 countries across the globe will celebrate the 45th annual Earth Day, an event that promotes awareness and support of environmental protection.

As a business owner, you may have already taken steps to make your business more environmentally-friendly, like installing CFL or LED light bulbs, or setting up a recycling program, but did you know that your business could go even greener by extending sustainability to your payment processing?

In conjunction with Earth Day, we’ve got five helpful tips for how your business can make your payment processing methods more eco-friendly.

1. Switch to Digital Receipts

In the near future, printed receipts will be a thing of the past. In 2012, 35 percent of retailers offered digital receipts, and that percentage is expected to continue to grow with the advancement of digital and mobile payment solutions. Not only do paperless receipts help the environment, but they also save your business money and provide convenience for customers.

ABT_Sustainability_TILES_12. Protect Your Customers’ Data, Protect the Environment

Did you know that when your employees write down customers’ credit card numbers, you could be putting their data at risk? According to one study, out of the top 100 chain restaurants, 80% have at least one employee who writes down credit card numbers. Not only does this practice violate PCI guidelines and increase the chances of a data breach, but it’s also a waste of paper. Instead, employees should enter the data directly into your secure payment processing system. If you do end up with paper documents containing sensitive credit card information, be sure to shred and recycle them as soon as possible.

3. Integrate Tablets Into Your Business

By implementing cloud-based Tablet Solutions into your business, you can manage your business from anywhere, potentially minimizing extra trips to the office and reducing your gas usage. Additionally, with Tablet Solutions, you can avoid printing spreadsheets of financial summaries or inventory manifests.

ABT_Sustainability_TILES_24. If You Have to Print, Do it Smartly

Simply put, don’t print things that don’t need to be printed! According to Preton, the average employee prints six unnecessary pages per day. When you do need to print, however, use paper that has maximum recycled content to help reduce your business’s carbon footprint. If your printer has the capability to print double-sided, do so and instead of throwing away paper that’s been printed on one side, use it for scrap paper or for printing drafts.

5. Recycle responsibly

When your outdated processing equipment and terminals kick the bucket, don’t just throw them away—donate or sell them to an electronic recycling facility. These terminals contain data that can be breached if they’re not disposed of properly. Also, electronic equipment often contains materials that can become toxic when dumped in a landfill. These recycling facilities salvage the parts they can for resale and properly disassemble the others for safe disposal.

Implementing more environmentally sustainable practices in your business doesn’t have to happen all at once. Start by making small changes, and get your employees involved! A big part of making your business more eco-friendly has to do with creating a culture of sustainability, and sticking with it. And there’s no better time to start than Earth Day 2015!


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ABTEK-BreakingNewsGraphic03

Payments Source: EMV Education Starts with Merchants

Our own Tami Cohorst, Vice President of Abtek, was recently featured on PaymentsSource.com, a leading resource for payments industry news and analysis.

emv-credit-debit-card-security-ts-psWith the card issuer mandate for EMV-ready merchants around the corner, are you prepared?

Globally, the U.S. is one of the last markets to implement this technology so one would think adoption of EMV is inevitable for consumers and merchants alike. Yet, with the mandate upon us, and EMV-ready equipment in place, consumers are still using “old” cards. Which begs the question: Do we need more education to merchants and awareness to consumers in the months leading up to the mandate?

Part of the education process begins with merchants. In order to successfully get buy-in from consumers, we need to look at how we can help merchants completely understand EMV technology.

So, my advice to them is always this…

Continue reading the full article at PaymentsSource →


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ABT_Apple-Pay

Can Apple Pay Put Your Credit Card Security at Risk?

Recently, the payment industry has been a-buzz about reports that Apple Pay may be suffering from security weaknesses. While Apple Pay offers simplicity and speed for users, it is really worth the risks? Or is all the discussion of potential fraud just a bunch of media hype?

ABT_Apple-Pay_ICON1Apple Pay 101

Apple Pay is a mobile payment service that allows consumers to make credit and debit payments directly from their iPhone 6, 6 Plus and the highly anticipated Apple Watch.

Think of it like a digital, mobile wallet.

Apple pay allows users to import their credit card information from their iTunes account into the Passbook application on their device. Once set up, customers can simply wave their phone over a Near Field Communication (NFC) terminal, located in a wide range of retail stores across the country, to make a purchase.

How Secure is the Apple Pay System?

When Apple Pay launched in October 2014, it was touted as being an “easy, secure and private” mobile payment solution. And up until recently, all was going smoothly. So what’s the real deal with all of this talk about fraud and security risks?

Fact: Fraudulent charges are being made through Apple Pay. Some estimates report that upwards of 6% of transactions made via Apple Pay are fraudulent.

ABT_Apple-Pay_ICON2However, it’s important for consumers to understand that Apple Pay accounts are not being hacked. The data infrastructure on Apple’s part is up to standards. The problem lies within the provisioning; a process in which banks verify the legitimacy of cards when they’re uploaded to Apple Pay. What’s happening is that criminals are taking stolen credit card information, creating iTunes accounts, using those accounts to provision Apple Pay accounts and then making fraudulent purchases.

At this time, consumers do not need to be overly concerned about the security of their credit card data once it’s uploaded to Apple Pay, but that doesn’t mean they’re not at risk. Consumers should always take extreme caution when sharing their credit card information to ensure that it’s going into the right hands.

Be Prepared! What Merchants Need to Know

The payment landscape is changing rapidly and for merchants, the most critical thing to take away from this discussion is an understanding of the importance of payment processing security.

Even the most diligent merchants experience fraud, but there are a number of ways that businesses can make transactions more secure for their customers. As Apple Pay and other mobile payment technologies become more integrated into the payment industry, more security weaknesses will likely emerge, and alternate solutions will need to be implemented.

During this time of transition, it’s important for you, as a business owner, to stay informed on all of the latest payment technologies and trends, and be sure that you have systems in place to ensure maximum security for your customers’ payment information.


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