How Merchant Accounts are Changing in 2020
The online payment industry is changing. Merchant account websites are preparing for the increased number of users. Businesses are looking to expand their online payment sectors during this time of remote work and even after it has lifted. The expectation is that high volume payment processing is going to become an even bigger industry in 2020. With that, changes are expected throughout the sector.
While there may still be some surprises in store, there are many things that can already be expected from the industry and some changes businesses can make to to ensure that their websites continue to operate safely and effectively.
Security expectations
While volume payment processing is becoming the norm, users still expect their transactions to be as secure as if they were the only ones buying. As security requirements for businesses change in response to improving online payment processing technology, businesses are taking on increased responsibility for making sure their merchant account equipped website is secure.
The operators of any website with merchant account capabilities are almost always concerned about security. With all the regulations and new security measures in place, it can fall upon businesses who process consumers’ private financial information to be responsible for taking reasonable precautions against possible fraud. This is why businesses need to make sure their high volume payment processing systems are up to date with the latest security features.
These security features can include things like biometric identification tools, geolocation systems, or AI-powered verification programs. Data thieves are getting better at taking advantage of systems and finding people’s data, so it’s important to do all you can to keep that data secure.
Security tips
There are a few things any business can do to make sure to keep its merchant account enabled website safe. The first is making sure that all the network passwords are unique and strong. Don’t rely on the manufacturer’s default passwords, which are easy to hack!
Another action businesses can take is to make sure that their payment gateway on their high volume payment processing system conforms to all PCI requirements. These requirements refer to firewalls and other safeguards that businesses with online payment components are expected to comply with when processing users’ sensitive financial information.
The Takeaway
Merchant accounts are changing in 2020 as high volume payment processing becomes increasingly common. If your website includes the ability to accept credit cards through your merchant account, then it should comply with security measures, including PCI requirements, to keep it safe from fraud. Always ensure that any firewalls, biometrics, and passwords are all in working order.
Contact Charge.com at (888) 924-2743 to see your options in terms of merchant client products that you can use to make your merchant account website more secure.