Big changes are coming to security for credit card transactions – are you prepared? At the end of June, all digital credit card transactions will be subject to additional encryption protocols to protect the card data. This is great news for your customers and for you – unless your payment system isn’t set up to support it. If it’s not, you won’t be able to process credit card transactions starting on July 1. Let’s break down the change and how you can make sure your systems are compliant.
Why Is This Happening?
Thought we don’t like to dwell on it, financial theft and fraud is a growing concern in our world. The current (soon to be former) method of encrypting credit card transactions is glitchy and out-of-date – thieves have figured out how to exploit it far too easily. That encryption protocol, called Transport Layer Security (TLS) 1.0, is being phased out and replaced by more secure methods.
How Does This Affect Me?
This encryption update is a pretty big deal – Wired even covered it recently. While the upgrade is obviously a good idea to protect customers and businesses alike, there are some concerns about the implementation process. If you only have one or two terminals and/or a simple ecommerce website, upgrading your system won’t be a big deal at all. Larger companies with more complex networks may have a tougher time meeting the June 30 deadline.
Ecommerce merchants are more nervous than brick-and-mortar merchants, and with good reason. In the world of online payments, tech innovation has allowed for thousands of integrations between POS systems, credit card machines, and websites. This has created unique or nearly unique setups for many businesses, and this might present challenges to upgrading on time. If just one component of a complex payments system isn’t set up to handle the upgrade, the entire transaction will fail and the merchant will be unable to accept credit cards until they find and correct the issue.
How Can I Be Sure I’m Ready?
If you’re conscientious about security for your business, you shouldn’t have any issues. May websites, ecommerce providers, and credit card processors (including 360 Payments) have been helping their customers slowly upgrade and prepare to say goodbye to TLS 1.0 for the past year. Large platforms have even been running “smokescreens” during which they shut off support for merchants using TLS 1.0 for a brief time to give them a sense of what it will be like if they don’t upgrade by the deadline.
You should also check to make sure that your browser and online software are up to date. Click here to access a tool by data security firm Qualys. It will assess the browser and operating system you’re currently using and alert you to any vulnerabilities. If you’re using an old computer, tablet, smartphone, or operating system to run transactions, you’ll definitely want to use this tool. Some older systems simply aren’t capable of running the new protocol. It’s far better to find that out now than on June 30.
When in Doubt, Check It Out
If you have any concerns about whether or not your system is equipped to make the upgrade, check this link. If you see any causes for concern, give your credit card processor a call. They can help you assess your situation and determine what steps you need to take (if any) to have a smooth transition on June 30. We’d love to help. Give us a call at 1-855-360-0360 or drop us a line on our website and we’ll walk you through everything.
PS – While you’re checking out your website, now’s a good time to brush up on your SEO skills.
PPS – Credit card decline codes giving your grief? Check out our guide.