Most companies rely on payment processors to manage the specifics of credit and debit card acceptance. Card processing is a critical service that ensures customers can check out easily and efficiently. A payment processor, in the most basic sense, is an organization that manages transactions between two parties, such as a merchant and a client. It completes the payment by relaying payment details from the customer to the merchant’s preferred bank account.
If your company has decided to accept credit and debit card payments, or if you are thinking of switching to a different provider, using an all-in-one payment processor that will deliver all of the following features is a good idea.
PCI Compliance
Following and complying with the strict standards and regulations of a quality management organization is the best way to instil confidence in customers. By choosing to accept payments, your business must adhere to and comply with the PCI Data Security Standard (PCI DSS), created and updated annually by the PCI Security Council. The Counsel offers an actionable framework for building a strong payment card data security process, including prevention, detection, and effective response to security incidents.
Security
With advancements in payment technologies, the ability to pay anytime, at any moment, on any smartphone has implications, including an increased obligation on your part to protect and safeguard your customers’ sensitive payment details, as well as your confidential business information. To protect themselves against fraudulent activity, reputable payment processors employ tokenization technologies and P2PE (Point-to-Point Encryption).
EMV
EMV, a chip technology widely used around the world, has been shown to significantly reduce fraudulent card-present transactions. The chip can interact with a merchant’s POS (point-of-sale) device to verify the card user when combined with a PIN or signature. The chip provides an additional layer of encryption which is almost impossible to replicate. By working with a provider that can provide chip-enabled equipment and EMV transaction processing, you will benefit from increased security and fraud protection, while boosting customer confidence. In addition, you will minimize the risk of an excessive financial loss if your company is affected by a data breach.
Fraud Tools
Fraud detection software will enable you to set parameters that will deter thieves from testing cards on your account, making purchases from blocked countries, and attempting to charge sums greater than the goods or services provided by your company.
Integrated Payments
Payment processors may have plugins or APIs that allow you to incorporate payment processing into your software seamlessly. You can save time and resources by processing from a single interface, as well as reduce double-data entry errors and simplify the reconciliation process.
Before you enter into a relationship with a new processor or renew your agreement with your current provider, make sure to research each of the things mentioned above. Doing your research would guarantee that your company gets the best deals, the most secure, reliable system, and the integrated, robust reporting required to keep your company on track.
