A Guide to Digital Payments for Agile Event Businesses

If you asked someone to write a paper check today, you might be met with some quizzical looks. Some might have no idea where to find their checkbook, while others may not even know how to correctly fill one out (looking at you, Gen Z!). Fortunately, there’s no need to worry about paper checks, thanks to the dawning of digital payments.

Technology has simplified many aspects of business ownership, and accepting virtual payments is no exception—especially for those making on-the-spot sales. But the prevalence of digital payments doesn’t necessarily help to demystify the process for entrepreneurs; for many, it’s merely accepted as today’s status quo.

If you’re looking to adopt a digital payment system or are seeking a new processor, keep reading to learn what to look for and how to protect your business interests.

Prioritize security when selecting a processor

By accepting digital payments, you’ll make your customers’ lives easier by offering a seamless payment experience. However, it’s essential to recognize that you’re asking them to entrust their private financial information with you, whether it’s their credit card details or bank account number. 

So above all else, security must be a top priority when selecting a payment platform. Look for processors that offer fraud detection and other security measures that protect sensitive information. In addition, confirm the use of encryption protocols, such as SSL (Secure Socket Layer) and TLS (Transport Layer Security), to protect data during transit. If a payment processor does not offer adequate security features, it should be an automatic “no.”

Look for reputable companies with proven track records that show they prioritize security and compliance. If a company has bad business practices or has not undergone a security review, your information is more at risk for exposure to a data breach and payment fraud. 

Keep an eye out for red flags

Unfortunately, some payment processing companies put profit before their customers (or their integrity). So as you’re reviewing options, steer clear of platforms with:

Mitigate risks with internal security measures

While your payment processor should provide a certain level of security, it doesn’t mean you’re off the hook. As a business owner, you’re ultimately responsible for safeguarding sensitive information on behalf of your company and your clients. 

Set a recurring reminder to regularly monitor and audit your payment transactions for signs of anomalies or potential security breaches. If you notice anything fishy, contact your payment processor immediately to resolve the issue.

It’s also important to train event staff about the importance of financial security measures so they aren’t unknowingly breaking protocol and putting clients at risk. For example, teach them to be cautious of phishing emails and show them how to report any suspicious activities they notice. Educating everyone who uses the software will establish standard operating procedures that are consistent, reliable, and safe.

Leverage software features to enhance the client experience

Digital payments are designed to improve the client experience but don’t forget to take advantage of additional features that can make it even more enjoyable to do business with you. Here are a few ways to do so:

Digital payments are here to stay, but recognize that operating online comes with inherent risk. Choosing a reputable provider and staying vigilant of cyber threats will provide you with the systems and procedures to streamline the client experience while protecting all parties involved.