With internet data theft seemingly on the rise, it should come as no surprise that consumers are now more careful than ever when it comes to making purchases online. The facts show that in the past couple of years more data has actually been created than in all of history. So think about it, that’s a whole lot of information just sitting there ready to be stolen. Cyber security measures are now hotter than ever in order to quell consumer’s fears, and encourage them to keep making those online purchases.
So, what can you as an individual business do in order to help ensure secure payment options for your valued customers? How can you create an environment where the customer is encouraged to browse and make purchases without a second thought? Let’s take a closer look.
Why Choose a Merchant Account?
One of the first steps you can take to help ensure a secure environment is to get set up with a merchant account. You may be familiar with the Stripe payment technology, which now has you weighing the options as far as Stripe vs Square (a merchant account), so we are here to break down the differences.
What a merchant account does is act as the middleman between the customer’s bank account and the business’s bank account. The merchant account is able to accept and process credit and debit card purchases online. A merchant account is, in most cases, also able to accept mobile and physical payments.
Stripe makes it possible to also accept payment by debit or credit card. What should be pointed out though is that Swipe isn’t able to accept debit and credit cards that are swiped right there in the store at your actual point of sale terminal. When making a purchase in person, a special mobile device must be used.
Boost Customer Security
When you use a merchant account, you need to make sure it complies with today’s security standards. Typically, these companies have very advanced forms of technology that are able to keep the data protected and safe, as well as check for fraud. When looking around for a merchant account, you need to find one that is PCI, NFC, and EMV compliant. All of these designations mean the company is taking security extremely seriously and won’t be taking any chances with the data.
Of course, what this also means is that your company hasn’t incurred the extra costs of looking into various secure technology options and setting it all up.
It’s important to also let customers know that you have a merchant account that complies with the most up-to-date security standards. In a survey done by ACI Worldwide, statistics showed that consumers are highly fearful of having their credit card information stolen when they make purchases online. What better way to make them feel comfortable than by showing them how seriously you take the matter and what you’re doing about it.
Give Them What They Want
A merchant account makes it possible to provide consumers with the peace of mind they want and deserve when it comes to their security making online purchases.