should you be using ocr for credit cards?

Should You Be Using OCR For Credit Cards?

Posted on

Creating an effective business strategy requires a competitive advantage, and an easy place to do this is with your tools. Using machine learning is a great place to start because it helps you address and solve specific concerns within your company. In the case of credit cards, you limit risks to your company by using the right set of tools.

What is Machine Learning?

Machine learning is a complex process of using algorithms and information to help a computer learn from experiences. It is more than just a mathematic equation. It is a form of artificial intelligence. The machine learns from experiences, activities and information to draw conclusions.

Optical character recognition, or OCR, is a type of machine learning. The machine differentiates numbers and letters from other items in an image. It can then encode the text into a form that your computer uses in your business.

The Basics of OCR

The basic use of OCR is data entry and management. A simple way to think of the technology or algorithm is the differentiation of data based on a scanned image. You can also use digital pictures. The key is that the software enters the data based on your company’s specific goals. It can use the information on an invoice, enter data into a bank statement or put the information in any other type of document.

Using the technology benefits your business by simplifying data entry. You can use it for a variety of tasks and goals. One potential application of the OCR software is in the management of credit card information. When customers pay with a credit card, you want to make sure to keep their data safe. By using the right technology, you can ensure that the information is kept in a secure location.

How OCR Helps with Credit Card Payments

Credit card payments are a common method of payment around the globe. The challenge for any business is keeping the data safe from potential hacking or a data breach. You also want to ensure that the information goes to the correct department for your business.

Using optical character recognition software allows you to set up an automatic system for data management. The software recognizes the numbers and the pattern of numbers as a credit card number. By using a personalized OCR system, you can determine how the program handles the credit card data. A common strategy is putting credit card information into quarantine when the OCR software detects a credit card number. That allows you to keep the data safe when your customers make a payment.

Risk Management Using OCR

Your business needs a strategy for risk management. Keeping credit card information secure plays a significant role in your risk management strategy. By using OCR, you take measures to limit the risks to your company.

Since the model recognizes credit card data, it ensures that the information remains secure. You set up a system that works for your company based on your concerns and the risks to your clients. If you want your clients to put in their information for every payment, then you can have the system automatically remove the data after a payment processes. You can also set up a system that quarantines and stores the information in an encrypted space.

By using OCR, your company is able to set up a system that separates the information into the correct space. It reduces the risk of human errors and allows you to feel confident in the security of your client’s data.

Optical character recognition gives your business an advantage when you want to manage client credit card information. By using the technology to identify credit card numbers on an invoice, a written document or other papers you scan for your business, you reduce the risks of a data breach. It automatically isolates the data to store it in a safe area of your company’s computer or network.

To get started with OCR for credit cards, please reach out or see our full selection of OCR capabilities.

Read More →

Ready to get started?

Create an account now!