Tag Archives: accepting credit cards

What you need to know about EMV Chip Credit Cards

So what the heck is a chip card anyway? In short: it’s a new credit card standard set forth by Europay, MasterCard, and Visa (the initials of each = EMV).

Chip cards, with their embedded “chips,” were designed specifically to eliminate counterfeit credit cards in retail environments.

How do chip cards work?image

The way it works is that the chip on the card contains a microprocessor that can store information securely and perform cryptographic processing during a payment transaction.

Chip cards carry security credentials that are encoded by the card issuer at personalization. These credentials, or keys, are stored securely in the EMV card’s chip and are impervious to access by unauthorized parties.

In a nutshell, an EMV chip credit card makes it next to impossible for a criminal to make a “fake” of your credit card. Magnetic stripes are easy to fake; Embedded computer chips are hard – too costly and complicated for a criminal to replicate. This is important because… image

What does this really mean for my school?

In reality, it means very little. Most studios today that are accepting credit cards have next to a zero fraud rating.

Why is that? Can you imagine a parent trying to pay for several months of classes for their son or daughter with a fake credit card? It’s practically unheard of.

This means that you can rest assured that, even if you are not taking cards in a retail setting – face-to-face with a chip-ready terminal – using batch auto payment features in popular studio management software, like ClassJuggler, won’t increase your chance of fraud. image

Besides, unless you do a lot of retail sales, you likely don’t use a terminal so don’t need to worry about chip cards. However, if you are doing a large amount of retail sales, a chip terminal will reduce or eliminate any chance of fraud.

FAQ — Understanding how PCI compliance affects your business

Here are some common questions about PCI Compliance from business owners.

What is PCI Compliance?image

PCI compliance is short for PCI DSS or “Payment card industry data security standards.” PCI standards are a set of guidelines developed by the major players in the card industry to set forth best practices in security for merchants and their customers.

Does PCI compliance apply for my business?

The compliance affects any U.S. business or organization, of any size, that accepts credit or debit cards.

What do I have to do as a merchant to become PCI compliant?

Complete a once-a-year PCI self-assessment to identify and ensure your business is compliant – to identify and ensure that you are following all of the standards and guidelines set forth in the PCI DSS compliance rules.

What procedures and policies do I need to adopt to be considered PCI compliant?

PCI Compliance is mostly common sense business practices. For example:

  • Make sure your computers do not have viruses or malware on them that could capture cardholder information.
  • Ensure your software providers are PCI compliant (and, yes, ClassJuggler is).
  • Maintain an information security policy at your business.

How do I maintain an information security policy at my business?

For example:

  • If you capture cardholder information on paper, set a policy and practice that the paper is then immediately destroyed after use, or is stored under lock and key.
  • Assure you and your employees follow PCI policies when handling a customer’s card information to prevent that information from being compromised.
  • Better yet, implement a policy whereby the majority of payments are managed directly by the customers themselves to reduce the amount of interaction with their information by you or your employees.

What are the penalties for not being PCI compliant?

  • Possible increased transaction processing fees
  • Monthly non-compliance penalty fees levied by your merchant provider
  • Suspension or loss of your merchant account
  • Penalties of $5,000 – $500,000, depending on the severity of the breachwoman_at_home_cssc

As you can see, PCI compliance is very important, so make sure to maintain your compliance.

Does all this have you questioning whether or not offering credit cards are worth it? Check out this article that answers that very question: The Top 5 Benefits of Merchant Processing for Your Business.

Also, check out How to accept credit/debit cards in your business.

Five Key Reasons to Offer Customers Online Credit Card Payments

ClassJuggler founder Jon Koerber was just published in the most recent issue of Dance Exec Magazine.

Check out his guest article Five Key Reasons to Offer Customers Online Credit Card Payments.

fivekeyreasons-dance-exec

To learn how ClassJuggler can make it easy for you to accept credit card payments at your school, read about our merchant processing add-on feature.