Adopt mobile payment processing best practices
May 09, 2013

Small- and medium-sized enterprises that accept credit card payments but are looking for payment integration should consider investing in mobile purchasing platforms. Mobile payments offer an array of benefits for businesses, but implementing best practices is crucial to successfully boosting revenue at the point of sale.

Follow issuer security recommendations
The Payment Card Industry Security Standards Council released guidelines for retailers and small businesses for protecting customer financial information. The council recommends merchants look into payment processing that offers data encryption for increased security measures and to comply with those regulations.

Troy Leach, chief technology officer of the council, said in a statement that credit card security is a top concern for consumers and companies that accept mobile payments should utilize devices with the proper software for data encryption.

"Currently, it is challenging to demonstrate a high level of confidence in the security of sensitive financial data in devices that were designed for other consumer purposes," Leach said. "Which is why we encourage merchants to consider encrypting cardholder data securely prior to using mobile devices to process transactions."

Always accept payments in a safe environment
When a retailer is busy, it is easy to just let customers swipe their plastic and go. However, it is important for businesses to employ the same measures they use with payment equipment as with mobile purchasing devices. Merchants understand the need to put traditional credit card equipment in a secure location at the point of sale to ensure there is limited access and other consumers cannot stand close enough to see financial information. Security is essential, and companies should conduct mobile payment transactions away from other consumers.

Ensure the payment was processed
Spotty mobile network access can sometimes occur when companies are on the road at fairs and non-permanent venues. Visa recommends small businesses remind employees to make sure all purchases are processed and accepted before allowing customers to walk away with a product. It may take a few extra minutes of the customer's time, but ensuring the transaction was completed can help companies prevent revenue losses.

Small businesses can adopt best practices with mobile payment processing to drive sales and guarantee customer financial security. Investing in purchasing software that offers end-to-end encryption can ease consumer concerns over data theft and gives companies one less thing to worry about.

Nexus: G-WEBCD6