Are you into a retail business and still contemplating to use secured mobile payment acceptance facility for customers? It is better you act fast to extend this facility and improve your business before your peers could take a lead.
According to a recent report by 451 Research, the global MPOS installations will reach 54 million in 2019, a quadruple jump from the number recorded in 2015. The report also pointed out that large retail houses in India have seen marked increase in sales after integrating their business with Mobile POS applications.
Mobile Point of Sale systems as payment device are going to rule the global retail industry as according to a Juniper Research finding, by 2021 more than one third of POS systems will be based on mobile. This is due to the fact that MPOS offers utmost convenience and tangible benefits to both retailers and shoppers.
Other benefits of MPOS are high security for customers and business data from malware and data thieves, queue busting, reduction in transaction time at checkouts, no specific checkouts are required to pay the bill, scalability, anytime inventory reports, less dependence on cash, better customer handling, more sales and improved shopping experience.
To provide safe and secure mPOS shopping experience, following best practices can be considered:
1. Become PCI DSS Compliance
If you accept credit or debit cards, you must be compliant with Payment Card Industry Data Security Standard (PCI DSS) as prescribed by the apex banker Reserve Bank of India. The guidelines and standards are set to ensure customer data and payment security. Though there are a few private payment solution companies cropped up post demonetization, all of them offer digital or cash-less payment facility to merchants adhering strictly to RBI standards.
Retailers can also choose certified payment service providers (PSP) to offer Mobile POS payment facility to customers. This will ensure less exposure to cardholder data, low chances of theft, hacking and fraud. Make sure that your POS software too has strong firewall to prevent any unauthorized access to sensitive customer data.
2. Malware Breach on Stored Data
Some mPOS apps are designed to store cardholder data and save it to be used for various other purposes such as sending offers, coupons, information on new arrivals, etc. But such data storing can be dangerous and can be subjected to data pilferage into the hands of unscrupulous elements. Retailers should not allow mPOS devices to keep the customer data for infinite period but rather download them and keep it in highly secured place in their PC or on cloud server for later use.
3. Check your system for any alteration
Customization or Jailbreaking an iPhone or rooting an Android can grant super user rights to users to install virtually any app which can’t be restricted by either manufacturers or carriers. It possesses serious security risks since majority of the breaches happen through such mobile devices. If you buy a used phone or lend it to a tech-savvy guy, check your phone whether it is rooted or jailbroken. There are instructions available online to know the condition of your device.
4. Make sure you have up-to-date OS
Retailers should enhance the security by updating their system with the most potent version of iOS, MS, Android or Blackberry operating system. POS Software firms are working tirelessly to enhance security and protect hackers getting access to sensitive customer data. Your updated POS software can be a great support. Upgrade your device if that doesn’t support the latest version of POS software.
5. Use apps only from reliable sources
Don’t use the apps from unapproved or trusted sources. Check them and if you have any apprehension, uninstall them immediately. Also make sure that your system has the latest version of apps and replace the old one with the new version.
7. Use anti-malware/antivirus apps
Use dependable and tried and tested antivirus or anti-malware for your mobile OS. You have several reliable options available online for free such as McAfee, AVG, Avast, and few more popular mobile security software out there. Look for their reviews before choosing the right one for you.
8. Use strong password to secure your device
Don’t let your mobile device accessible to strangers and so use strong screen lock and PIN to prevent any unauthorized access to vital data. As many of us use easy to guess password, use something more difficult to avoid virus or malware attacks.
9. Right staff for mPOS security
If your Mobile POS to be used by your staff then ensure that they follow the best practices of safe handling. Take time to educate them and also update them with new information and facts. Take advantage of the every feature mPOS has to offer you for keeping your customers’ data safe. MPOS devices help you to accept the payments on the go. The best practices will help you reap the benefits of accepting payments on the go such as convenience, increased revenue and happy customers.