Most Companies Not Ready to Protect Consumer Data

Apr 09, 2015

The payments industry is having a problem maintaining even the most basic of protocols. Members of the Payment Card Industry (PCI) have a lot of work to do say security experts. It has become apparent that most are finding it difficult to comply with PCI data security standards. Throughout America many companies are coasting on the basics, while criminals are becoming more and more sophisticated.

Simple security measures, such as changing default passwords, are not being followed by companies that house a customer’s most sensitive information. At the “In Digital We Trust” conference on March 26, research was presented that showed the state of information security in the U.S. The event was sponsored by Bloomberg Government and Visa Inc. Verizon and Trustwave pointed to bad password security as a major concern, and also noted that merchants and payment processors should see the federal government as an ally in the effort to protect consumer privacy. Too often when a security breach occurs, the breached company gives information to the federal government, but is unable to get anything in return as it is labelled classified. This is a problem, as it creates a relationship of distrust, secrecy and promotes poor communication behaviors.

The federal government, merchants, nor customers can afford to not be in sync with each other, as cybercrime has grown into international sophisticated organizations. From Eastern Europe to South America, organizations are attacking individual companies who suffer in isolation. It is time, conference speakers said, for there to be a cohesive “Team America” to thwart cybercrime.

The conference encouraged the federal government to create plans that emphasize teamwork and data sharing. Referencing the $172 million-plus that Target had to spend on their last data breach, speakers note that it’s best to spend that type of money on preventative security measures. President Obama’s new initiative to establish data sharing between the federal government and private companies may be a key component in the cyber-wars ahead.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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