Payment security is fast becoming the top priority for business owners, and rightfully so. It takes a coordinated approach – customers, merchants, banks and card issuers working together – to crack down on fraudulent transactions and the people who perpetrate them. No business, even businesses on the go, can afford to neglect payment security. Here are three reasons why:
Fraud is on the rise
The South African Banking Risk Information Centre’s Card Fraud 2016 report indicates that debit and credit card fraud rose by 3.1% and 13% respectively year-on-year from 2015. Now, more than ever, it’s crucial for all merchants to invest in secure payment solutions.
You’ve worked hard to earn and keep your customers’ trust, you wouldn’t want to lose it because you didn’t invest in secure payment solutions. Reputational damage is as serious as financial loss because the former eventually becomes the latter.
Speaking of financial loss, businesses that aren’t PCI-compliant stand the risk of receiving expensive fines from card issuers and banks. Fines for non-compliance range from $5 000 (R68 000) to $500 000 (R6.7 million) and are levied for every month that a merchant fails to adhere to industry security standards. ZipZap is fully compliant with all the latest PCI security standards. Get yours today and ensure that all card transactions for your business are stress-free for you and your valued customers.