Unsafe payments don’t just create unnecessary short-term financial risks for your business. They can also seriously erode the trust you’ve developed with your clientele, potentially harming your business in the long term.
Back in the day, it may have been enough to lock up your store and cash register. Today, however, the diverse cashless payment environment requires you to keep your electronic point of sale (POS) terminals secure as well.
If you have a Maya POS terminal or some other cashless payment solution from a trusted provider, you can significantly reduce the scope and scale of your security responsibilities. However, this doesn’t mean you’re off the hook. Below are some key strategies for keeping your physical POS processes secure against today’s emerging threats:
1) Use EMV-Compliant Card Readers
One of the foundational steps toward improving payment security is investing in EMV-compliant card readers and terminals. EMV (Europay, Mastercard, and Visa) chip technology provides an added layer of security compared to traditional magnetic stripe cards. Ensure that your POS terminals are equipped with EMV-capable card readers to protect against card cloning and skimming.
If you run a physical store and need to update your payment devices, the Maya Terminal and Terminal Lite are great picks. They’re not only EMV-compliant but they accommodate NFC tap-to-pay cards, QR payment codes, and digital wallets as well. The Maya Terminal can also accept traditional swipe card payments, should customers need to pay with them.
2) Update Your Devices’ Firmware Regularly
The older a technology is, the more time malicious actors have to figure out its vulnerabilities and to devise exploits. To avoid this issue, make sure to use modern POS hardware and enable firmware updates. Updating your Maya credit card terminalfirmware whenever a new version comes out can drastically reduce your payment system’s vulnerability to attacks by unauthorized parties.
3) Train Employees to Recognize Social Engineering Attacks
While a lot of the conversation surrounding payment security is about securing systems from technical exploits, humans are, by far, the weakest link in any system. A recent poll of cybersecurity professionals found that 75% viewed social engineering attacks as the biggest threat by far.
While many of us don’t think we’re susceptible to human-focused threats, the reality is that our emotions and natural tendencies provide criminals with numerous potential vulnerabilities to exploit. As such, make sure that you and your employees can recognize and avoid popular payment scams that are out there. Also, make it a point to read up on new threats at least once a quarter to better keep up with emerging threats to your store’s POS.
4) Regularly Inspect Equipment for Tampering
Criminals may tamper with your POS devices to access customer data or breach your payment system. Be sure to establish a regular protocol for inspecting your devices. Check your devices for the following at least once each month:
- Signs of the terminal being opened.
- Unknown devices plugged into ports.
- Objects attached to card readers.
- Damage due to unknown causes.
5) Follow PCI-DSS Guidelines
The Payment Card Industry Data Security Standard (PCI-DSS) is relevant for any business that stores, processes, or transmits payment cardholder data. If you have a Maya Business terminal like the Maya Terminal or Maya Terminal Lite—or if you use other Maya Business Manager services, your scope for compliance will be significantly reduced and you will receive support for the remainder of your PCI-DSS responsibilities.
6) Conduct Regular Security Audits
For tighter security, conduct surprise systemwide security audits to spot human or technology-based vulnerabilities in your store’s POS system. For a more thorough overview of your risk profile, engage the services of third-party security firms that specialize in store POS devices and systems.
Secure Your Physical Store’s Point of Sale By Using the Maya Terminal
Malicious parties can be extremely innovative and adept at exploiting weaknesses in payment devices. That being said, you can significantly reduce your payment system’s risks by adopting modern payment terminals like the Maya Terminal and Maya Terminal Lite. Create your Maya Business Manager account today to enjoy the benefits of Maya Terminal in your store.
Signing up lets you in on the Maya 1-2-3 Grow bundle. Maya 1-2-3 Grow gives you an exclusive 1% MDR (merchant discount rate) discount on all QR Ph transactions for 3 months after signing up. That translates to PHP 14,600 in transaction fee savings for every PHP 1 million in QR Ph sales.
The Maya 1-2-3 Grow bundle also lets you settle your transactions and grow your savings with a Maya Business Deposit account. With an astounding 2.5% per annum interest rate, you’ll earn an extra PHP 25,000 each year on just a PHP 1 million deposit. Even better, you’ll earn more savings with Maya Business Deposit’s zero maintaining balance and free transfers via InstaPay and PesoNET.
The Maya 1-2-3 Grow bundle also comes with a Maya Flexi Loan offer of up to PHP 2 million in just 3 months. For better loan offers, just rely on Maya Business as your primary online payment service processor. Use Maya Business solutions every day to receive a better loan offer.
Sign up for Maya Business Manager today for secure in-store payments and unique opportunities like Maya 1-2-3 Grow. Check out the Maya Terminal price table to learn about the MDR for different transaction types.
