It’s no secret that cyber threats are a risk nowadays, as we hear continually about yet another cyber attack. Even years after the fact, cyberattacks are uncovered and we learn that our data was compromised during the holiday season or another time. Of course, as major online spending dates like Cyber Monday increase revenue exponentially, the number of cyberattacks increases as well.
Trends during the holiday season
A whopping thirty percent of the entirety of sales made on Cyber Monday is predicted to occur between 7-11 PM, Pacific Time—the proverbial “golden hours.” Even though the holiday season is shorter this year, forecasters anticipate that an all-time record maybe hit this year on December 2nd: every single day in November and December will exceed $1 billion in sales. The Adobe Analytics’ Holiday Forecast 2019 report anticipates the final sum of Cyber Monday to be $9.4 billion—a $1.5 leap from last year’s Cyber Monday. Low rates of unemployment and steady growth in wages have increased spending during the season.
Deals during the holiday season, especially on Cyber Monday and the time coming up to it, are always accompanied by prevalence in security breaches. Hackers take advantage of the opportunity to seize information from the vast number of people that are drawn to sales that day. Spikes in shopping around the holiday season mean spikes in criminal threats.
Streamlining the payment process enhances security
It’s beneficial to look into the security offerings of an ACH system to ensure that you’re continually protected throughout the holiday season. Fraud and identity threat is a prevalent risk. With ACH Processing, you can help to assure your customers that their information will be protected. When ACH processes bank information, customer information is only exposed one time and moved directly from one account into another. This presents less exposure to any encryption breaches. In the case that fraudulent activity does occur, you are also protected under federal law.
In just a matter of seconds, your business has completed a payment more quickly than a debit or credit card transaction at a lower cost. For more information, here’s a Step-By-Step Guide to How ACH Transactions Work. Lower costs, convenience, faster processing time, and increased time savings are just some reasons to use ACH processing.
In order to incorporate ACH transactions into your business, you’ll want to look into a payment processor or a system that analyzes and transmits transaction data by communicating between banks, securely conveying sensitive information such as whether funds are available. In turn, refunds are also easily and quickly processed.
ACH Transactions are a great way to protect your customers’ data. Methods of advanced encryption and fraud filters ensure PCI compliance and that your customer’s data is safe. You’ll help them prevent against any time sucking incidents that damage reputations. With ACH Transactions, you can open up your time to focus on other areas of your business.