Mobile payment apps are all the rage now when it comes to small business owners wanting to accept credit/debit cards with no monthly fees or long-term contracts.
And why wouldn’t they be?
Cheaper than merchant accounts, not tied to a terminal or e-commerce, easy-to-use…
We even offer them as an option to our clients. They are appropriate for small business owners that are truly mobile and have small monthly volume.
But are they safe?
Any credit card platform can be hacked – so I’m not suggesting that mobile apps aren’t as safe as other platforms.
What I will say is that whichever platform you use, please make sure that it is PCI Compliant Level 1. In this day and age when hackers are finding new ways to breach software, ATMs, fuel pumps, etc., you need to ensure that the payment information you are collecting is safe.
Per the ISO & Agent Weekly volume 8, No. 1 – “…the vast majority of developers of mobile wallets and related payment applications are focusing on the business case and user experience. And that likely will lead to data-security problems, Mark Bower, vice president at Cupertino, Calif.-based Voltage Security Inc., tells ISO & Agent Weekly. Bower points to the data-security gaps recently exposed in Google Wallet as an example of the lack of security standards in mobile-application development. ‘It is almost inevitable that we will see some major data breaches in 2012 as a result of a failure to thoroughly protect financial and other data through all the steps where it may be exposed in mobile applications,’ Bower says.”
Make sure that regardless of the application or the processor you choose, that your data is as secure as possible and that your processor has your best interest in mind!