Best Retail Password Managers: What Retailers Need and Why

Retailers are subject to many forms of compliance, including Payment Card Industry (PCI) compliance and SOC I/II. These include their own password security requirements. However, retailers would be wise to go beyond the minimum standards because the reputational damage caused by a single cybersecurity incident could lead to lost sales, even bankruptcy. To ensure the security of customers’ private data, retail businesses need to use password managers.

To help choose the right solution for your business, here are the five best password managers for retailers.  

TeamPassword is the best password manager for retailers. Don’t believe us? Sign up for a 14-day free trial today and try for yourself.

What are some of the specific requirements in a retail password manager?

There are two main forms of retail: ecommerce and brick-and-mortar. While the needs of these two groups differ, with fully online retailers often having similar password management needs to other small businesses, most larger retailers operate in a hybrid business model—that is, they have physical locations and an online presence. 

Here are some of the unique requirements of password managers for brick-and-mortar retailers:

1. Scalable across locations

2. Easy to use and implement

3. Able to be implemented without IT

4. Compatible with high turnover organizations

5. Can be used across platforms

6. Offers multi-factor authentication for added security

7. Budget friendly

Scalable across locations

Retail businesses often follow the “grow or die” framework. From supply management to advertising budgets, retail business operations often require scale to become profitable. For that reason, most successful retail businesses are looking for the next city, state, or country for expansion. 

For that reason, retailers are focused on vendor partners who can scale with them. Whether it’s their point of sale (POS), security, or password manager, a retail business needs a solution that can start out in a couple locations and then be expanded to a full national rollout. 

For a password manager, that means having unlimited users within an organization, the ability to create separate teams or groups (including cross-functional ones) so that user permissions can be added or removed as necessary.

Easy to use and implement

While the head office and regional management of retailers are seasoned professionals sporting MBAs, the frontline workers are often still in high school. Store-level management might not have much in the way of IT training, either. 

The best password manager for retailers needs to be easy to implement and make life easier for all employees, including the part-timers with little formal training. If not, you risk teams reverting to high-risk habits such as using a password sheet.

Able to be implemented without IT

Similarly, while the head office might have a dedicated IT department, individual stores have little tech support available. For larger projects, for example running Ethernet cabling, a managed service provider (MSP) might provide on-site service. 

However, for smaller solutions with no hardware component like your password storage app, individual locations are on their own. This makes plug-and-play solutions ideal for retail businesses.

Compatible with high turnover organizations

With a young workforce comes high turnover. Some employees won’t work out, while others, often the best ones, will head off to new and exciting opportunities. Whether they leave on good terms or not, every ex-employee is a potential vector for a cybersecurity incident. 

It’s important to be able to revoke user access immediately when an employee leaves. If they are transitioning to a new role, it’s similarly important to make sure that they no longer have access to the tools they no longer need. 

Note, however, high turnover is not necessarily limited to employees. If your retail business hasn’t found the right platform to help with social media marketing, for example, a password manager that helps you keep tabs on who is using a tool and how often might be the first indicator that you need a new vendor. 

Can be used across platforms

Depending on the structure of your retail business, it’s likely that users are using a combination of laptops and mobile devices, Microsoft and Apple products, and a variety of browsers. To ensure every employee has access to their passwords whenever they need them, regardless of the hardware or software they choose, you need a password manager that can work across all platforms.

Offers multi-factor authentication for added security

Multi-factor authentication (MFA) or two-factor authentication (2FA) is an added layer of security provided to an account. Since passwords could be compromised, this added check helps keep your account safe. 

When combined with a strong master password, a password manager with MFA is like a second line of defense added to all of your accounts.

Budget friendly

As mentioned above, retail businesses often have razor thin margins—in fact, they are often negative until a certain scale is reached. For that reason, even the largest national retailers like Nike or Walmart need to think about the cost of every decision. 

Thankfully, our list of the best password managers for retail businesses include several budget-friendly options.

5 best password managers for retail businesses

Here are five of the best password managers for retail businesses:

1. TeamPassword

2. Bitwarden

3. LastPass

4. 1Password

5. Google Password Manager

TeamPassword

TeamPassword is a user-friendly password management solution designed for retailers. Its intuitive interface makes password storage and access simple, ensuring that even the least tech-savvy staff can use it effortlessly.

The easy onboarding process allows even the smallest retail businesses to implement TeamPassword quickly, without needing dedicated IT support.

Cybersecurity is vital for all retailers. TeamPassword prioritizes security with robust encryption measures to protect sensitive data and prevent unauthorized access, offering peace of mind for retailers and their stakeholders.

Collaboration is key, and TeamPassword provides unlimited customizable groups, enabling retailers to categorize and share passwords securely with team members. This is particularly important in environments with high employee turnover, ensuring that former staff no longer have access to critical accounts.

TeamPassword aims to provide a hassle-free password management solution that retailers can easily adopt and integrate into their operations. While issues are rare, dedicated customer support is available Monday to Friday, 9 a.m. to 7 p.m. EST, with an average response time of under five minutes via phone and email.

Additionally, TeamPassword offers competitive pricing plans suited for budget-conscious retailers, ranging from $2.40 to $4.42 per user per month with annual subscriptions depending on your feature needs. Monthly plans are also available, allowing flexibility for businesses with varying budgets.

Bitwarden

Bitwarden is an open-source password manager that can be complex to implement without dedicated IT staff, but it’s more budget-friendly than many alternatives.

Once set up, it allows users to securely share passwords through the organization’s password vault. However, support is limited to email.

Affordability is a key advantage, with a free plan available. Pricing ranges from $0 to $5 per user per month, catering to tight budgets.

LastPass

LastPass is the most widely used password manager, though its market share has declined due to several security breaches. It offers features like a security dashboard for identifying weak passwords and emergency access for trusted individuals.

While less intuitive than some alternatives, LastPass allows password sharing via email or shared folders, ensuring security even with staff changes.

Pricing starts at $0 for individuals and $6 per user per month for teams, with extra costs for certain integrations.

1Password

1Password is a versatile password management tool for individuals, families, and businesses. It offers fast, secure access to your vault via PIN and biometric unlock. Its Watchtower feature alerts users about compromised passwords, enhancing security.

While praised for customization, some users may find the interface complex, which could impact adoption. IT staff may be needed to leverage its full potential, but sharing passwords is relatively easy, even with non-1Password users.

Support includes a contact form and community forum for assistance. Pricing for organizations starts at $7.99 per user per month.

Google Password Manager 

Google Password Manager is a straightforward tool for securely storing and managing passwords. It integrates seamlessly with Google services, making it convenient for users.

However, retailers risk losing access to passwords when employees leave, unless they have a Google Business or Enterprise account, which would make this option significantly more expensive than others.

While it offers basic features, its lack of advanced functionalities may not meet all retail needs. Support is primarily through Google’s help resources, which may limit direct assistance. Overall, it’s a good choice for those already using Google’s ecosystem but comes with potential risks for password management.

TeamPassword is the best password manager for retailers

Only TeamPassword has the tools needed to help make business happen. Whether you operate online, in physical locations, or both, TeamPassword offers the versatility needed to meet the needs of retail businesses. 

TeamPassword is ideal for retail businesses. Don’t believe us? Sign up for a 14-day free trial today and try for yourself.