Could Self-Checkout Kiosks Be The Next Big Thing?
March 10, 2020
Are Credit Card Processing Fees Tax Deductible?
March 24, 2020
One of the great questions of all time is what came first the chicken or the egg? In the payment processing world it is what comes first security or convenience? For most merchants and ecommerce platforms convenience is important as the easier the site is to use the easier it is to make a sale but at the same time no one wants to have their card information stolen. So which comes first for users? This one is easy to answer and that is security.
So, Which Is It?
Equifax recently conducted a survey in the UK to find out what people value more and an overwhelming 66% of respondents cited security as their top concern. Speed and convenience were a distant 10% each. Security was also a universal concern among all age groups.
Another piece of information was also provided and that was 45% of all shoppers say that concerns over security would prevent them from shopping with a retailer.
The Consumers Have It Right
Here in the US PCI Compliance is important. You’ve probably heard us mention that once or twice on here before. When it comes to data breaches there is one thing that can be said about every single on and that is all of them were outside of PCI Compliance when it happened. That should say enough.
As a merchant you need all of the customers that you can get. You want to stay in business and that for most of you is how you do it. The last thing that you want to do is to scare away potential customers over security concerns on your website and you certainly don’t want to scare 45% of your potential customers away.
The holiday season is behind us and you are probably gearing up for the summer. We hope you had a lucrative holiday season and have a great year. Are you PCI Compliant? If you are not, you should be and you should be yesterday.
So, when someone asks what should come first security or convenience you can tell that unequivocally that the answer is security. Don’t forget to put your money where your mouth is though and make sure that your security meets PCI Compliant. If you don’t you may not be bringing in as much money.
