What security checkboxes should your payments platform tick?

A security breach exposing their clients’ most sensitive data is every MSP's greatest fear. Yet, with 71% of organizations reporting that they had experienced payment-related fraud attacks in 2021 alone, this fear is quickly becoming the norm. 

As payment processing becomes a focal point of modern cybersecurity, many MSPs are abandoning manual invoicing for dedicated (and secure) payments platforms. The problem? Not every platform is created equal, especially within the lens of security, which makes vetting and choosing the best option for your business a challenging endeavor.

So, we sat down with Lisa Niekamp-Urwin, President and CEO of Tomorrow’s Technology Today, to get her take on what security checkboxes your business should look for when vetting a new payments platform.

Table of contents

• Why secure payment processing is such a crucial factor for MSPs
• Lisa’s must-have security checkboxes when vetting a payments platform
• Why FlexPoint became Lisa’s go-to payments platform

Why secure payment processing is such a crucial factor for MSPs

As a cybersecurity veteran with decades of experience, Lisa knows how important security is for payment processing, especially for MSPs asking clients to pay large invoices online. Clients need to feel confident that their information is always protected. An MSP’s trust and credibility hinges on it. 

For a security-first firm like Tomorrow's Technology Today, choosing a secure payments platform is also paramount to maintaining its reputation. Lisa is well aware that one security-related mishap can sink a company’s credibility indefinitely. So, when her previous payments platform abruptly shut down, one of her top considerations when vetting a new solution was a security-forward ethos. 

While Lisa doesn't discount the benefits of other features like a streamlined UI or automated billing workflows, security should be every MSP's most crucial consideration when choosing a payments platform.

“When a client is trusting you with their money, you want to make sure you can show them that they’ve made a good decision and their money will go to the right place. That peace of mind builds long-term relationships.” 

Lisa’s must-have security checkboxes when vetting a payments platform

While security should be at the top of your consideration list, what specific attributes should you be looking for from your new payments platform? 

Lisa shares her rundown below.

Secure transition and implementation

Security red flags can start to appear as early as the onboarding process. That’s why, before you make the partnership official, you should know how your vendor plans to handle the logistical aspects of shutting down your existing system and setting up the new one. A trustworthy partner will have anticipated potential risks and built safeguards to protect your data during this critical phase.

One of Lisa’s most pressing concerns during this transition is data loss. Without robust backup protocols, there’s a real danger of losing transaction histories or other essential records. On top of this, migration periods often create security vulnerabilities for potential breaches or unauthorized access.

To mitigate these concerns, Lisa recommends asking your potential partner to walk you through (step-by-step) how they’d transition from your existing workflow to this new one. Watch out for vendors who can’t provide a detailed roadmap, lack robust data backup protocols, or fail to assign a responsive onboarding and support team for the transition. 

A trustworthy payments platform anticipates these challenges and builds safeguards into its migration process to protect your business from these risks. For example, weekly data backups stored in isolated environments ensure that recent information can be recovered if a data loss arises. Similarly, a security-forward payments platform will ensure all data is encrypted both in transit and at rest to prevent interception. 

A seamless, security-conscious transition is your first signal that your new platform truly prioritizes your business's safety.

“Transitioning to FlexPoint was literally like turning on a switch. It was an incredibly simple, user-friendly experience.”

Trustworthy client experience

For Lisa, a secure payments platform isn’t just about protecting data—it’s about delivering an experience that gives your clients confidence.

When vetting your payments platform, she recommends asking key questions such as: 

1. What safeguards are in place to protect my client’s payment information? 
2. How can I be sure clients will receive their invoices without falling victim to phishing? 
3. Will the invoicing process make my clients feel secure? 

A smart probe is to dig into how emails are delivered. Any payments platform worth its salt will allow you to send emails from your MSP’s domain, limiting client confusion that could open the door to phishing attempts. Beware of red flags like unbranded emails, outdated interfaces, and missing security cues like SSL certificates. These can erode trust and deter clients from completing large transactions.

The superior client experience is one of the first things that stood out to Lisa about FlexPoint. The platform’s branded payments portal felt like an extension of the brand Lisa’s clients already trusted. Plus, our personalized URLs added an additional layer of security while helping clients confirm they're in the right place.

Ultimately, your payments provider isn’t just your partner—they're also a crucial ally to your clients.

“It is not enough for a platform to be secure. It must also feel secure to your client.”

Access and data protection

When choosing a payments platform, ensuring sensitive information and transactions are airtight should be non-negotiable. Unfortunately, this "best practice" is not always the case. Over 64% of financial services companies have 1,000+ sensitive files open to every employee. To avoid becoming part of that statistic, Lisa recommends vetting how your payments platform encrypts data, controls access to the data, and performs regular vulnerability checks to prevent unauthorized access or breaches.

Start by asking: what security features ensure client funds go to the right place without interception? Probe further into internal access policies. Red flags could include lax controls where sensitive data is open to all employees, missing encryption during storage or transmission, or unchecked third-party access.

Here again, Lisa found that FlexPoint continued to check boxes. Features like robust encryption, tightly restricted administrative privileges, no third-party data access, and frequent vulnerability testing were essential to her decision. The platform's commitment to regular updates and patch installs shows it didn’t just lock the doors—it checked the locks daily.

Credibility and compliance

One of Lisa’s most crucial considerations during her vetting process is credibility and compliance. A trusted payments platform should proudly display top-tier certifications that prove its commitment to protecting your business and clients. 

To gauge where your payments platform stands in terms of establishing credibility, Lisa recommends probing its compliance credentials and certification plans. These reveal how committed the platform is to safeguarding your data and meeting industry standards. Watch out for red flags like a lack of third-party audits to validate its claims or assess adherence to compliance.

On the flip side, look for green lights like efforts to obtain a SOC II certification, which guarantees your data is securely managed across confidentiality, integrity, and privacy. Another must-have? PCI Compliance Level 1 for payment processing. This gold standard requires a third-party auditor to assess the organization’s written records and data storage. 

Why FlexPoint became Lisa’s go-to payments platform

After evaluating multiple partners, Lisa ultimately chose FlexPoint due to the platform's uncompromising blend of data security and simplified operations.

On the security front, FlexPoint offered robust data encryption, regular vulnerability testing, and a “no third parties” data access policy. Combined with a seamless implementation process, trustworthy client experiences, and a bevy of certifications, the platform ticked every box on Lisa's list.

Beyond the scope of security, FlexPoint also helped Lisa automate tedious tasks like invoicing and collecting payments, boosting the efficiency of her AP team on day one. With FlexPoint, Lisa didn’t just find a new payments platform—she gained a trusted partner who understood that security was everything. 

The results since our partnership began?

• 30 minutes saved per invoice
• 5% reduction in accounts receivable balances

“FlexPoint understands that your data should stay yours—safe, sound, and in the right hands.”

Ready to securely automate your cash flow?

See why leading MSPs trust FlexPoint with payment processing. 

Schedule a demo