As business owners we can spend a lot of time worrying or ruminating about what the future will bring – particularly during these volatile times. There can be a tendency to second guess and speculate about the changes happening; how they will impact us individually and as an industry. Payments are one of these ‘future-concerns’ for many hospitality businesses. The payments landscape is fast evolving, and it can be hard to know how best to prepare for the changes that will undoubtedly lie ahead. However, whilst planning for the future is prudent business management, it can be helpful to take a step back, reflect and focus on the here and now, and to take small actions that will benefit us in the current moment. In this article we are going to review some of the crucial payments knowledge hospitality providers should harness right now and advise on practical steps you can take that will have an immediate positive impact - as well as build a good foundation for the future. PCI-DSS Compliance The most important thing is to focus on the essentials, particularly your obligations as a merchant. This includes PCI-DSS compliance. PCI-DSS is the Payment Card Industry Data Security Standard, an information security standard for organisations that handle credit cards from the major card schemes. The PCI Standard is mandated by the card brands, but administered by the Payment Card Industry Security Standards Council. If you take card payments you must meet the 12 standard requirements stated within the PCI Data Security Standard (DSS).Things to know:
Contactless The big news in October 2021 was the increase in the contactless payment limit to £100 - a significant leap from the previous limit of £45.Things to know:
Pin on Glass & Pin on COTSPIN on Glass is where the PIN entry is done on the integrated touchscreen of a PCI-approved smart terminal. The touchscreen of the terminal displays the virtual PIN pad when needed, where the customer can enter their PIN code.With PIN on COTS (Consumer-Off-The-Shelf Devices) a PCI-certified card reader is used to read the card, then if the PIN is required the app linked to the card reader on the synced smartphone or tablet will display a virtual PIN pad on the screen for customers to enter their pin.Things to know:
E-commerce Covid has massively changed online purchasing and payments, with digital wallets accounting for 32% of all online payments in the UK. Three-quarters of UK consumers also say they want a “click and collect” option[2].Things to know:
3D Secure 2.03DS has been around for quite some time now. It’s an authorisation system designed to protect customers when shopping online using credit or debit cards. The updated version of 3DSecure, 3DSecure 2.0, is designed to be more seamless. The customer will enter into the framework of a third-party payment gateway and back to the webpage or app seamlessly. Things to know:
Personalisation, digitalisation and data As more of our transactions move through digital platforms, payments and data offer the possibility to improve personalisation and customer service. It may not seem ‘essential’, and certainly security, costs and compliance are first and foremost, but it’s important to be aware of this shift and to react to it where possible in your business in order to meet customer expectations and demands. Things to know:
Conclusion In the midst of all the day-to-day challenges of hospitality it can be beneficial to take some time to stop and review your knowledge, and assess how payments fit into your business. Checking a few simple things, or communicating with your payments acquirer can save you money and time, as well as improve security, compliance and customer service.
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