These 3 Payment Systems Can Pass Risk Onto Your Business

Are you aware that these 3 payment systems can pass risk onto your business?

If your business is processing through a system like Square, PayPal or QuickBooks, they can pass through risk to your business if you are not aware of the requirements for managing security. Here is some information that you may not have fully understood when you signed up for their services.

PayPal:
As an e-commerce merchant using PayPal, if your business is processing less than 300,000 transactions per year, you are not mandated to hire or pay for a 3rd party PCI Compliance company.

Sounds good, right?

Well, there are some caveats to this. The lesser being that the payment page has to be fully housed on the payment site – it can’t “look” like your website – it essentially has to be the standard PayPal payment page AND you have to be doing the PCI compliance on your own. 

If this sounds confusing? It is.

Of course, that doesn’t mean you can just say “I didn’t realize that” or “I did not understand what that meant.”

Business owners must understand the compliance requirements and meet the scans for their industry in order to protect themselves as much as possible from data breaches and fraud.

There are similar policies for Square and QuickBooks – but they are seemingly as “simple and dismissive” of the effort required to be compliant. Are you compliant on Square if you back up your data or import info into QuickBooks? Will Intuit help you do what you have to do and what do they charge?

If you are concerned about your level of compliance and what you have to do as the business owner, ask your service provider; or, reach out to someone on our team. We can help.

~ Mary Ann