Money Management

Hackers are targeting point-of-sales systems. Read on to find out how to protect your small business. [[{“value”:”

Many small businesses rely on technologies like point-of-sale (POS) systems to process customers’ payments. However, while convenient, these technologies also come with some inherent risks.

A recent report shows that cyberattacks are small business owners’ worst fear, with 60% worried about them.

To help protect your business and your customers’ data, you can implement some tried-and-true security features. Here are five you shouldn’t overlook.

1. Only use iPads

Many POS cyberattacks occur when malware is loaded onto a tablet and then runs in the background, stealing credit card information or other valuable data from your point-of-sale software.

However, according to the cybersecurity company Fortinet, this can’t happen on an iPad because it can only run one app at a time. iPads essentially eliminate the ability for malware to run in the background, helping to keep your customers’ data safe.

2. Use end-to-end encryption

According to the payments company Square, end-to-end POS system encryption works as a communication line that blocks third parties from accessing transferred data.

POS systems should encrypt customer data right when the software receives it, making it nearly impossible for hackers to see the details. Make sure the point-of-sale software you’re using has end-to-end encryption and that the equipment you attach to it, like card readers, is using it, too.

3. Use antivirus software

Just as you take steps to protect your computer from viruses, the devices running your POS system also need protection.

Antivirus apps and endpoint security software find and detect malware before it reaches your POS software. Regularly updating your antivirus software will ensure that your devices and customer data remain secure.

4. Use two-factor authentication

Even if you don’t know what it is, you’ve probably used some form of two-factor authentication before. For example, if you’re trying to log in to your bank’s website with a username and password but have to enter a code the bank sends via text as well, that’s two-factor authentication.

You can use a similar system for POS users, making them confirm their identity before logging into the system. Two-factor authentication can help reduce cyberattacks and make it harder for hackers to overtake your payment system.

Tip: Use identity management software to help your small business create two-factor authentication.

5. Use advanced roles and permissions

A secure point-of-sale system may involve more than just using the right devices and software. Deciding which employees and managers have access to specific systems is also critical for security.

For example, you might want only your senior manager to issue refunds in your POS system. Many advanced point-of-sale apps allow you to assign roles and permissions, so not every employee has the same access to financial transactions.

Small businesses have more potential than ever to be affected by a cyberattack. The good news is that there’s lots of software that can help. For example, password management software could help you and your team safely use passwords across many devices.

The important thing to remember is to implement as many security measures as possible with your POS system to ensure you’re doing everything you can to protect your business — and your customers’ data.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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You’ll often hear that three months of savings is the minimum amount to aim for. Read on to see why you should be working toward a higher savings goal. [[{“value”:”

It’s important to have money in a savings account at all times for unplanned situations. Those could run the gamut from losing your job to having to put a new roof on your house.

Last year, SecureSave reported that 63% of Americans could not cover an unplanned $500 expense by tapping their savings. That’s really a shame, because it means that a lot of people are in a precarious financial situation.

See, at a minimum, it’s a good idea to have enough emergency savings to cover three full months of living expenses. But in some cases, even that’s not enough. Here are a few signs that you should aim for an emergency fund that’s well beyond that point.

1. You have an upper-level or unique job

The reason it’s advisable to have at least a three-month emergency fund is that it might take time to find a job following a layoff. But while you may be able to replace a lost job in three months if you do something fairly common, like work in retail or serve as an office bookkeeper, if you have more of a unique job, it could take a lot longer to get hired following a layoff.

Similarly, if you’re an upper-level manager or VP, it could take a really long time to find work if you’re downsized out of a job. That’s because there may be only one position of that nature at companies that are similar to yours, whereas with a lower-level job, there may be several positions being staffed simultaneously. So if you doubt your ability to replace a lost job within three months, then it’s a sign that your emergency fund ought to be far more robust.

2. You have a home or car that’s on the older side

Every home or vehicle owner should have cash reserves for unexpected repairs. But if your car or home is older, then you may want to aim higher than a three-month emergency fund.

Let’s say you’re in a newer home with updated appliances. You might encounter a smaller repair if parts of your sprinkler system get damaged or if your deck needs some boards replaced. These are common things.

But if you’re in an older home, you might have to replace your air conditioning system and water heater in short order. If you want to avoid racking up a credit card balance and you don’t want to be forced into signing a loan (which may be expensive to sign right now due to where interest rates are at), then your best bet is to pad your emergency fund.

3. You’re a parent

When you have kids, it’s wise to have extra emergency savings for a host of reasons. First, the more people there are in your household, the more likely you may be to get stuck having medical bills to pay. Kids also tend to get hurt. Sometimes, all it takes is a couple of emergency room visits in a single year to deplete an otherwise healthy savings balance.

Also, you never know when your daycare center might close due to financial or staffing issues, forcing you to take a break from work in the absence of being able to secure alternate care. So if you’re a parent, it’s a good idea to have an emergency fund that can cover more than three months’ worth of bills.

Building a three-month emergency fund is a great starting point. And in some cases, it may be enough. But if any of these situations apply to you, you may want to aim higher so you’re truly protected financially.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Should you keep your more expensive Costco membership? Read on to see why it may be time to go back to a basic one. [[{“value”:”

Joining Costco is a great way to save money on groceries, cleaning essentials, and a host of purchases. Costco carries everything from houseware to apparel to electronics in its stores, so even if you’re someone who doesn’t do a ton of cooking or cleaning, paying for a membership could still pay off.

Now, there are two types of Costco membership you can choose from. A basic membership costs $60 a year and doesn’t give you cash back on your purchases — though your credit card might. An Executive membership, on the other hand, costs $120 a year but gives you 2% cash back on Costco purchases. That includes everything from groceries to travel.

Some people upgrade their Costco memberships and then get into the habit of paying the extra money without taking the time to think about whether the higher fee still makes sense from year to year. So if you’ve had your Executive membership for a while, it pays to run through that exercise. Here are a few signs that it may be time to downgrade to a basic membership.

1. You’ve moved to an area where you no longer have easy Costco access

Maybe you decided to move to a more rural part of the country. Or maybe you’ve simply gone from a suburb that had a Costco store 10 minutes away to a different suburb where the closest Costco is a 30-minute drive away.

The harder it is for you to access Costco, the less likely you are to shop there frequently. So if you’ve noticed your trips are becoming increasingly spaced out, it may be time to downgrade to a less-expensive membership.

2. You’ve become an empty-nester

When you’re feeding a family, you can easily spend a small fortune on groceries and snacks. And similarly, when there are a bunch of you under the same roof, the cost of items like toilet paper, soap, and similar items can add up.

But if you’ve recently become an empty-nester, it may be time to rethink your Executive membership. Chances are, you won’t be buying nearly as much if you have fewer mouths to feed.

Incidentally, becoming an empty-nester should prompt you to reassess your entire budget. You may have expenses you no longer have to cover with your kids grown up and out of the house. For example, if you were covering the cost of cable or a streaming service your kids enjoy but you (or you and your spouse) don’t watch, that’s a bill you might as well shed.

3. You don’t expect your annual spending this year to exceed $3,000

There’s a really simple formula you can use to determine which Costco membership is right for you. It takes $3,000 in Costco spending each year to make back the $60 cost of the Executive membership upgrade, since $60 is 2% of $3,000. So if you’re spending $3,001 or more per year at Costco, then the more expensive membership pays off.

Take a look at your Costco spending from 2023. Also take a look at your spending over the past four months. If it seems unlikely that you’ll reach or exceed the $3,000 mark this year, then you have your answer.

Costco’s Executive membership can be a great deal for a lot of people. But make sure you’re not throwing away an extra $60 a year.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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