Mobile card readers offer business owners an easy and convenient way to accept point of sale payments from customers. Mobile card readers connect to a tablet or smartphone to accept debit or credit card payments. The device is typically associated with a mobile app on the tablet or smartphone and can produce e-receipts, invoicing and sales tax calculations.
If you’re thinking about adding this convenient payment method to your business, here are three tips to keep in mind when you’re selecting a mobile card reader:
- Encryption: Just like you have a back up to your computer’s files, you want the same type of back-up and security for your customers’ personal information. When choosing a mobile card reader, it’s important to make sure the device has layers of security protection for customer information. You’ll want to make sure the reader you choose encrypts your customers’ data as soon as it’s received.
- Fees: For many years, credit card fees were too high for some small businesses to justify accepting card payments. With updates in technology, yes, it’s much less expensive for all types of businesses to accept card payments. However, make sure to do your homework to understand how transactions work and what types of fees you could end up paying.
- Certification: As a way to keep your information safe and secure, it’s worth looking into which security network your mobile card reader has in place. Many mobile card reader companies have invested in following the Payment Card Industry (PCI) security standards. Industry users have access to training and education before receiving product certification. Card readers following these protocols will typically have a link to the PCI website indicating their affiliation and adherence to the security standards.
Here's another tip for your business: Consider adding data breach protection to your business’s insurance policy. Even though you’re doing everything right and taking extra precaution in selecting tools and software to keep your customers’ credit card information safe, a data breach can still happen.
If your customers’ data is compromised, the results can be costly, including substantial third-party damages. That’s where your local ERIE agent and data breach coverage comes in. It offers crisis resolution support and can help cover your expenses when you have to notify affected individuals of a breach.
Watch this four-minute video to learn more about data breach risks and coverage. Ready to learn more? Get in touch with your local Erie Insurance agent to make sure your business has the right coverage.