Maintaining compliance, establishing business access controls and taking payments securely at your dealership are top priorities, but these aren’t the only responsibilities you may own as a controller. So, how do you delicately balance and maintain the several tasks you oversee daily in your role?
Leaning on processes and tools to streamline and automate some of your workload is one of the best ways to tackle the issues you may see in your dealership, such as theft, embezzlement, cybersecurity threats and fraud. When it comes to payment security, there are three key features to look for in the tools you consider.
Without a reliable, cloud-based payment solution, it’s nearly impossible to automate access controls across your dealership staff. Using an old-school terminal leaves your dealership open to vulnerabilities, and it provides zero structure for duty separation and little oversight. You can manage your dealership’s staff more effectively with software that offers customization and tracking around user access and activity.
Grant user access by department or location to ensure that transactions are associated with the correct batch so reconciliation is that much easier at the end of the day.
Protect your dealership from employee fraud by limiting the type of transactions, such as refunds, certain users can perform and what information they can see. Transaction histories, batches and cumulative reports can be accessed on a need-to-know basis, and a user is tied to every action taken, so you can hold employees accountable and uncover patterns in workflows all while juggling your other daily tasks.
For dealerships, there are a number of payment-related laws and standards to abide by. Yet, compliance spans beyond payments, so why wouldn’t you utilize a tool that could alleviate some of the work for you?
Let’s focus on PCI compliance, for any business that stores, processes or transmits cardholder data is within PCI scope. If you internally store any customer payment data, whether in a filing cabinet or on your own servers, you are within scope and likely in breach of PCI standards. Failure to comply can pose a heavy cost to your dealership, and as a controller actively working to keep costs down, it’s in your best interest to opt for a secure, cloud-based payment system that significantly reduces the PCI scope for your dealership.
The term EMV shouldn’t be new to you. If you’re unfamiliar with it, then you may be behind on important payment industry changes. With the 2015 liability shift, businesses are now responsible for fraudulent losses in the case when fraud occurs on an swiped EMV-chip credit card (note: this doesn’t apply to certain edge cases).
The incentive to upgrade your credit card processing software and hardware coupled with both the rollout of EMV and the liability shift also offers smarter security in credit card payments to protect your business from fraudulent transactions.
When it comes to over-the-phone payments, you can take an extra step to ensure payment security: remote signature capture. Emailing a digital receipt to be signed via smartphone or desktop allows your dealership to obtain a signature and gain buyer intent. These signatures come in handy if a customer forgets whether they actually made a payment or in the chase of a chargeback.
Opting for fraud-fighting payment tools that can process EMV and collect remote signatures can elevate your dealership’s payment security and give you peace of mind that you’re keeping up with the industry.
How do you maintain your dealerships payment security today? Tell us in the comment section below!