Finding A Credit Card Payment Solution for You (Part I)
Selecting the best credit card payment solution provider can be a real struggle for many companies. The never-ending evolution of technology and regulations results in a difficult payment industry to navigate, often because payment providers must keep up with regulations, technologies, and demand. Look into the specifics that credit card payment solution providers offer to ensure a lucrative and pleasant partnership. So what are some the most important factors in finding the perfect credit card payment solution for your business?
Choose a credit card payment solution provider who can assist with PCI DSS or PA-DSS compliance.The Payment Card Industry Data Security Standard was started by top providers to protect consumers’ data and secure payment solutions for everybody. This set of rules applies to merchants and processors with web-based software. These regulations went into effect in 2005, and have since been continuously updated to meet developing technologies.
Partnering with a credit card payment solution provider that is current with these requirements is vital to a business. It is crucial for merchants and ISVs to partner with a payment service provider that helps to address PCI DSS and PA-DSS compliance to nullify financial liability and unpleasant fines.
Choose a credit card payment solution provider that effectively protects cardholder data from breach, loss, or theft. Security risks will always exist in payment processing. No single solution exists that covers all the risks of processing, but there are great tools that allow for a helpful amount of protection, such as Point-to-Point Encryption (P2PE) and tokenization. When you are screening a credit card payment solution provider, inquire about their security measures. Are they using those protective tools we mentioned?
A truly decent credit card payment solution provider offers flexibility; in this scenario, flexibility refers to the relationship offerings to the ISVs. Excellent credit card payment solution providers offer customers the option of payment processing or a gateway service. When searching for a payment vendor, businesses should take into account their own specific needs, and pay close attention to any limited or ambiguous options. The flexibility of payment providers can be a huge determining factor in choosing the right credit card payment solution provider.
Stay tuned for part two of our blog on choosing the perfect credit card payment solution for you and your business!