It is crucial for small businesses to keep an eye on their security and this includes their card payments. When you’re accepting card payments, you need to be sure that the transaction is secure.
But it can get confusing sometimes to understand all the different aspects of card payment security. That’s why we’ve put together a guide to some unfamiliar terms.
What is the Payment Card Industry Data Security Standard?
Compliance with PCI DSS is crucial for a small business. This is the standard applied to any card payment and regulates the safe storage, transmission, and processing of customer data.
It applies to all card payments (including in-store) and all businesses. If your business fails to comply with the standard, it could face extra PCI charges.
What is 3D Secure Authentication?
Used for online payments, the 3D Secure Authentication happens when a customer checks out on your online store and is directed to their card provider’s 3D secure page before their payment is processed.
They will be asked for an authentication code or directed to their online bank to verify their card. Not only is this a quick process, but it is handled by the customer’s card provider.
What is the Address Verification System (AVS)?
An Address Verification System should be used for all phone payments. When you provide the AVS with your customer’s billing address, it will work to match this with the address that the customer has stored with their bank. As these payments are usually done in real-time, you will be able to accept or reject a transaction immediately.
What are Card Verification Value (CVV) checks?
Like with the AVS, CVV checks apply to phone payments. Instead, though, they take your customer’s card security code (the three or four-digit number on the back of their card) to verify their card’s details.
MultiPay Merchant Services is an ethical and forward-thinking payments Company that has been established to serve and support SMEs for all their payment processing needs in the UK and Ireland. We are officially licensed by MasterCard and Visa and fully PCI DSS compliant and certified.
For more information about Card Payment Security or about how our services could help you, get in touch with our dedicated customer service team today.
