MSPs play a critical role in providing cybersecurity solutions to SMBs. MSPs help protect SMBs from cyber threats and provide essential services such as data backup, disaster recovery, and network monitoring. However, despite their focus on cybersecurity, MSPs often overlook a major security flaw in how they run their business: payments.

One of the biggest security flaws in the way MSPs handle payments is accepting checks as a form of payment from clients. Checks are not the most secure form of payment and can be easily forged or altered. Additionally, checks often contain sensitive information, such as bank account and routing numbers, which can be used to commit fraud or theft. If accepting checks is absolutely necessary, MSPs should ensure they have well documented procedures on who has access to checks and strict timelines for handling and depositing checks.

MSPs also commonly accept credit cards over the phone. While this may seem like a convenient option, it poses a significant security risk. Credit card information can be easily stolen if not stored correctly and this method of payment opens MSPs up to regulatory scrutiny and liability if they are not PCI compliant.

Fortunately, there is a solution to these payment security issues: FlexPoint. FlexPoint is a payment processing platform designed specifically for MSPs. It offers a secure payment gateway that uses tokenization to protect sensitive payment information. Tokenization replaces sensitive data, such as credit card numbers, with a randomly generated token, which can be safely stored and transmitted without exposing the underlying data.

FlexPoint also offers a secure online payment portal that allows clients to make payments directly through a secure website, eliminating the need for checks or credit card transactions over the phone. This not only improves security but also provides a convenient payment option for clients. By using FlexPoint, MSPs no longer need to worry about PCI compliance and annual audits.

Ultimately, while MSPs play an important role in protecting SMBs from cyber threats, they themselves are vulnerable to cybercrime when it comes to handling payments. Checks and credit card transactions over the phone are not secure payment methods and can expose MSPs to fraud and data theft. Schedule a demo to learn more about how FlexPoint can help you improve the security of your payments and provide a convenient payment option for your clients.