SecureTablePay brings the security of EMV right to the table. Client data is protected by the chip in their credit cards and restaurants can breathe easy knowing that EMV processing will protect them for costly charge backs from fraudulent cards.
Before that little chip was placed in cards, credit card data was stored on the magnetic strip on the back of the card. The card number, the expiration date and the name of the card holder could easily be stolen with a quick swipe. The Chip changed this. That little chip creates a unique encryption code every time it is used. Verifying to the bank that the correct chip was present with the correct card at the time of the transaction. This little dance between the chip, the point of sale and the bank stops fraud in its tracks.
Although, you always need to be PCI compliant, because there is no cardholder sensitive data that gets exchanged between the payment terminal and your POS system, SecureTablePay will reduce your PCI scope.
As cyberattacks and malware continue to proliferate globally, restaurants have increasingly become a prime target. In recent years, major credit card data breaches have been reported by some of the largest restaurant chains in the U.S.
According to IBM and the Ponemon Institute, the average cost of a data breach is $158 per compromised record, and well over $6 million for attacks involving 50,000 or more records. But the negative impact on a restaurant’s brand and customer loyalty may be even more painful.
What restaurants should be doing to protect themselves and their customers?