In today’s dynamic market, every consumer possesses unique shopping preferences and behaviors. From what they order to how they order it, nearly every step in the customer journey is unique to the individual consumer. Yet, one aspect of the customer experience every consumer shares is paying for items. Whether it is with cash, a credit or debit card, or even a mobile phone, making payments will always be a step in the customer journey.
In recent years, digital and contactless payments, like credit and debit cards as well as mobile wallets, have quickly taken the main stage. Consumers today prioritize these methods of payment over traditional ones, like cash, because they are more convenient, and, frankly, more hygienic. In fact, a recent survey conducted by the Federal Reserve Bank of San Francisco found that over 90% of American consumers primarily pay for their purchases using any form (physical or virtual) of credit or debit card, while 9% of consumers still use cash or check.
However, a rise in digital and contactless payment users has ultimately led to a rise in cyber security threats and hackers attempting to get their pesky hands on valuable customer payment information. According to recent studies, around 65% of all American credit and debit card holders (roughly 151 million Americans) have fallen victim to fraudulent activity. These attacks will not only negatively affect customer satisfaction but also your brand’s reputation.
To combat these payment woes, it is paramount for brands to leverage tried-and-true technology like payment gateways and payment services. PAR Pay, which includes a payment gateway and payment services, handles payment security with the utmost importance. These enterprise-grade solutions stay up to date on required security certificates and standards to ensure brands properly protect their customers’ payment information, which helps you create better guest satisfaction and scale in the marketplace. PAR Pay devices use P2PE at the point of swipe or tap and are PCI compliant as well as PCI-SSF certified. Let’s take a more in-depth look at the various types of security measures PAR Pay provides and what it means for your brand:
Point-to-Point Encryption (P2PE) – This security standard encrypts a customer’s credit or debit card information when a purchase is initiated. The payment information is not decrypted until it reaches the payment processor, which will then approve or decline the transaction. Fully encrypted payment information ensures customer payment data cannot be easily stolen by hackers during a transaction.
PCI Compliance – Payment Card Industry compliance (PCI) is a set of technical and operational standards payment vendors must abide by to fully protect customer payment data. These set of standards are mandated by credit card companies to ensure consumer payment information is always safe and secure. Merchants who do not follow PCI standards are at risk of customers’ card information being hacked and misused.
PCI-SSF – The PCI Software Security Framework (SSF) is a set of security standards payment vendors must abide by to securely design and develop payment software. This protects payment transactions and customer data as well as minimizes vulnerabilities and combats cyber-attacks. PCI-SSF replaced PA-DSS in October 2022.
Tokenization – This security measure replaces a customer’s payment information, such as PINs and card numbers, with a set of unique random characters called a token. Tokenization ensures a customer’s payment information cannot be stolen and stored by hackers during a transaction.
PAR Pay devices comply with the latest PCI PTS security standards, removing all risk and compliance from your day-to-day operations. Additionally, PAR Pay devices and systems are constantly updated to meet current encryption and cybersecurity standards so your brand can grow without the risk of compromise to your customers or business.
Don’t let your brand fall victim to cyber security threats. Fortify your payment strategy with PAR Pay and provide your guests with faster, more convenient, and safer payments and processing.