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Security imperative for electronic payments success

Dec 12, 2018 Dave King

Security imperative for electronic payments success

Electronic payments continue to become more popular among the modern consumer landscape, as well as with businesses in a variety of sectors. Between ACH cards and mobile transaction processing, electronic payments are outpacing other methods such as cash, credit cards and checking accounts, especially in younger demographics.

However, businesses need to ensure that their payment processing protocols and solutions are secured to avoid data breach and stolen personal information.

Business News Daily recently reported that financial institutions, retailers and a variety of other organizations are now far more concerned about security than in the past, and that these entities are looking to strike a better balance between protection and convenience. Because one of the biggest selling points of electronic payment processing is its ease of use and speed, businesses can not throw out convenience for the sake of security.

Rather, payment processing strategies should be expertly crafted to sustain data and monetary protection while still being flexible for employees and customers. According to the news provider, one survey of organizations and consumers found that 9 out of every 10 mobile payments users rank convenience as their top reason for adopting the associated technology.

However, 77.7 percent of those same respondents stated that mobile payment security continues to be their top concern, the source explained. Data breaches have become a much more prevalent challenge for businesses in recent years, and electronic payments processing is one of the riskier components of operations that need to be secured.

Decision-makers can dramatically reduce their risk of data loss and theft by incorporating strong accounts payable and receivable oversight protocols, and training all employees in the best practices of information governance. Additionally, investing in security software that specifically protects electronic payment processing technology will further strengthen the firm's resilience to attacks.