Are You Encrypted?

P2PE Encryption

Are You Encrypted?

The Growing Threat to Convenience Stores and Small Businesses

A recent article aimed at convenience store owners talks about PCI (Payment Card Industry) security compliance, in light of increasingly sophisticated hacking groups turning to “ easier systems, including those of small non-profit agencies and family businesses.” here we need data security with P2PE encryption.

The Evolution of Payment Security

For store owners, and indeed for any business owner who accepts credit, debit, and prepaid cards for purchases, the article introduces several options previously discussed. Firstly, it highlights the anticipated arrival of “smart cards.” Secondly, it outlines methods to enhance the security of the data on customers’ cards’ magnetic strips.

Introducing P2PE: A Game-Changer in Data Security

Moreover, the article introduces “P2PE,” standing for “point-to-point encryption,” a system that safeguards card data from the initial swipe through to the payment processor. This technology entirely removes the retailer’s need to secure customers’ magnetic-stripe data, as the retailer never actually holds onto it.

The Benefits of Point-to-Point Encryption

This process can help reduce costs for PCI compliance, which can often determine liability when there is a security breach.

How P2PE Works

But how does it work? VISA recently unveiled its encryption initiative, explaining that only decryption keys, securely held by the acquirer, gateway, or Visa, can access or decode the data. They also noted that merchants of all sizes have shown interest in encryption as a method to safeguard cardholder data within their payment systems and to streamline their security measures.

Taking Action: Secure Your Payment Systems

If you are among those merchants seeking to both simplify and enhance the security of your customers’ — and your own — transaction processes, reach out to your AVPS representative to learn more.