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Vision33 Blog

Insights to Transform Your Business

Payment Security for Retailers – The 3 Main Components

Posted by Emily Warren on Fri, Sep 25, 2015 @ 01:30 PM

customersPayment security threats, data encryption, credit card storage, EMV; retailers hear these words all the time, but what exactly do they mean and what affect do they have as retail business solutions?

With the threat of credit card breaches these days, navigating through various credit card security features can be daunting.

Below are the top three components that can help you protect your business and your customer’s card data.

1. How Card Data is transmitted – Point to Point Encryption

You’ve probably heard of Point to Point Encryption (P2PE). It is a protective process used when information from a card is being transmitted through the point of sale system to a credit processor.

The minute a shopper swipes their card, the card number is encrypted. Every credit card comprises a different encryption key so it stays encoded through its lifecycle in your retail environment.

One of the main benefits of these retail business solutions is that they reduce the risk of criminals targeting or stealing credit card data while it’s processing through the system to the credit card processor.

2. How Card Data is Stored – Tokenization

This is also referred to as token replacement. It is by far one of the most secure methods for storing credit card data.

Tokenization works by storing a token and not the actual card number. Retailers can still access transaction information using the token should they need to for returns.

The key benefit of token replacement is should the system be breached, only token information would be visible to unauthorized users and not actual credit card data.

3. Fraudulent Card Usage – EMV

EMV can help prevent fraud by devaluing credit card data.

EMV credit cards make use of a computer chip instead of a magnetic strip. The chip creates a unique code for every transaction. So if card information is stolen during a transaction, an unauthorized user would not be able to use the information again.

The benefit of EMV is that is makes stolen card data harder to use, especially for fraudulent card transactions.

The Bottom Line

While each component has its place in retail business solutions, using all three together will give you the highest level of protection for credit card transactions.

Using a layered security approach in this way will dramatically reduce the risk of card breaches and give you peace of mind that both your business and your customers’ card information is protected.

For more infromation about how your company can leverage a secure retail solution download our retail brochure.

Download the Retail Technology Brochure

Tags: Retail, Industry Solution