Whenever a customer’s credit card is swiped, the data is sent to your payment processor for verification. This transmission is instantaneous. Though, because the information is may be sent over unsecured Internet connections, it is vulnerable to hacking.
A determined thief can easily get his or her hands on this information and begin racking up fraudulent credit card charges.
What Is P2PE?
To protect user payment data, many merchants use point-to-point encryption (P2PE). With this advanced security feature in place, credit card information is encrypted at the point of origin. The only party that can decrypt this data is the payment processor on the other side.
Because of this real-time encryption, any person who intercepts this information mid-transit can’t easily decipher the payment details.
Why Every Business Should Consider Using P2PE Payment Security
Point-to-point encryption offers pretty obvious benefits for customers. After all, their payment information remains more secure throughout the transaction process.
Yet, this payment security option can also benefit your business as well. Because P2PE helps to reduce the severity and frequency of credit card abuse, this means you’ll face:
- Fewer out-of-pocket losses resulting from fraudulent charges.
- Fewer fees and penalties for failing to protect your customers.
- Less time spent disputing or reversing fake credit card purchases.
Perhaps most important, you’ll have an easier time maintaining consumer confidence in your store’s payment security. Lose the trust of your customers, and you’ll soon lose your business as well.
Point-To-Point Encryption and PCI Compliance
Because of the advanced protection that P2PE offers, this powerful tool can help dramatically reduce your PCI scope. As a result, you’ll face far fewer hurdles in your quest to remain compliant with all the latest data security guidelines.
What’s more, note that P2PE isn’t just for payment data.
It’s possible to encrypt any user information, including names, addresses, emails and even shopping preferences. At a time when data breaches are on the rise, point-to-point encryption represents one of the easiest ways to keep your customers’ sensitive information safe from prying eyes.
Understanding BluePay’s Point-To-Point Encryption Solutions
Point-to-point encryption comes standard with our comprehensive suite of advanced security tools. We strongly recommend using it to help keep your business as safe as possible.
For maximum protection, though, we also recommend using P2PE in conjunction with our other fraud prevention tools, including:
- Tokenization — a security feature that substitutes sensitive information with one-time tokens that only your payment processor can read.
- Hosted payment pages that remove the need to capture or store credit card data within your payment environment.
- EMV POS terminals that can read chip-enabled credit and debit cards.
- Fraud management filters that can instantly flag suspicious activity before it contaminates your payment system.
Any one of these additional tools can help reduce your PCI scope. However, combining these security features together represents one of the best ways to make your business as unattractive as possible to would-be thieves.