FreedomPay and Freedom From Holiday Worries
The holidays are upon us! Millions of people across the country will be traveling to see family and friends. On the road or in the air, there are travel expenses that occur. In a modern world, paying by credit card is easy. The need for cash continues to decline in our culture. However, even though we often swipe without a second thought, it’s still very important to ensure the security of all payments for your customers.
The best way to facilitate security is to use P2PE and EMV with NFC capabilities on customer-facing devices. There are many benefits to this technology, including elevated security and reduced PCI scope for merchants. International travelers can now use EMV cards, and the system even supports gift cards, which is a great convenience.
P2PE and EMV speed up operations; customers can insert or tap the cards themselves. All terminals accept NFC, so any mobile wallet can be used. This solution is integrated into multiple POS types. The system works with various vendors in airport settings. It’s processor-agnostic, so it can support any merchant’s acquirer.
During the holidays, it’s easy to become happily distracted with festivities and celebrations, and for some, it is the only time they have each year to see certain loved ones. This time of year, it’s even more critical than usual to protect vulnerable payment data and reduce a merchant’s PCI scope. That’s why FreedomPay offers PCI-Validated P2PE combined with EMV and tokenization. The EMV chip card standard is transforming the point of sale in the U.S., but the chip technology only prevents card duplication fraud and does not secure payment data.
Thus, there is still vulnerability. A Nilson report estimates that in 2016, credit card fraud topped $24.7 billion, a 12% increase over the previous year.1 PCI-Validated P2PE and tokenization fill the security gaps and reduce the likelihood of fraudulent events. This protects data both in transit and at rest in the merchant’s environment. FreedomPay is approved by the PCI Security Council to reduce scope for PCI compliance. EMV cards (chip cards) are a technical standard for smart payment cards. Their data is stored on integrated circuits in addition to magnetic stripes (for backward compatibility). In addition, Point-to-point encryption (P2PE) is a standard established by the PCI Security Standards Council. Near-field communication (NFC) is a set of communication protocols that enable electronic communication between two devices, one typically a smart phone. NFC devices are used in contactless payment systems, including those seen in most airports and travel centers.
Without a P2PE that supports EMV, systems are still susceptible to attack. Non-encrypting, embedded mag-stripe swipers still capture and save clear text credit card data in the POS network. But the FreedomPay solution is fully integrated. A nonintegrated solution requires additional network drops at each POS, and they utilize a double-entry process, which can lead to reconciliation discrepancies. FreedomPay was the first company in the USA to be PCI certified in this type of encryption.
Holidays are times of celebration and fellowship, and nothing can put a damper on your customers’ festivities quite like financial emergencies. While traveling, consumers are using their credit cards at airports, travel centers, restaurants, and retail shops, as well as many other locations. As a merchant, you need to ensure that the card data is secure, protecting you and your customers. FreedomPay can provide the necessary peace of mind you and your customers need in order to enjoy the happiest of holidays.
Learn more about how Freedom Pay is setting the standard for security with several solutions by visiting us online today!