In an increasingly digital world, payment processing security features in business shouldn’t take a back seat. Are you offering secure payments to your customers? Here are some of the basic features that you need for secure payment processing.
PCI Compliance
Because sensitive credit card data is so valuable when committing identity theft, businesses that take payments online are often a target for data breaches.
Visa and Mastercard require that all merchants who accept credit and debit cards follow Payment Card Industry regulations. This helps protect card holders from fraud through payment security measures.
The fallout of a data breach is always hard to recover from. In many cases, the cost of losing customer trust can devastate and even bankrupt a business.
The risks that arise from accepting credit and debit cards can be minimized through a Level 1 PCI compliant service provider. This is the highest level of compliance a business can attain, and ensures your business is offering secure payments to consumers.
PCI Compliance Level
Level 1:
Merchants processing over 6 million Visa transactions annually across all channels.
PCI Requirements
Every year:
- File a Report on Compliance {ROC) by a Qualified Security Assessor (QSA) or internal auditor if signed by an officer of the company.
- Submit an Attestation of Compliance (AOC) form.
Every quarter:
- Conduct a quarterly network scan by an Approved Scan Vendor (ASV).
PCI Compliance Level
Level 2:
Merchants processing 1 to 6 million Visa transactions annually across all channels.
PCI Requirements
Every year:
- Complete a Self-Assessment Questionnaire (SAQ).
- Submit an Attestation of Compliance (AOC) form.
Every quarter:
- Conduct a quarterly network scan by an Approved Scan Vendor (ASV).
PCI Compliance Level
Level 3:
Merchants processing 20,000 to 1 million Visa ecommerce transactions annually.
PCI Requirements
Every year:
- Complete a Self-Assessment Questionnaire (SAQ).
- Submit an Attestation of Compliance (AOC) form.
Every quarter:
- Conduct a quarterly network scan by an Approved Scan Vendor (ASV).
PCI Compliance Level
Level 4:
Merchants processing less than 20,000 Visa ecommerce transactions annually and all other merchants processing up to 1 million Visa transactions annually.
PCI Requirements
Every year:
- Complete a Self-Assessment Questionnaire (SAQ).
- Submit an Attestation of Compliance (AOC) form.
Every quarter:
- Conduct a quarterly network scan by an Approved Scan Vendor (ASV).
Encryption and Tokenization
For secure payments, companies need a payment processor that encrypts stored payment information. Encryption is the process of scrambling information to keep it safe while being stored or transmitted.
Some payment processors go a step further by also tokenizing payment data for the most secure payment services possible.
Credit card tokenization and bank account tokenization are payment security features that replace sensitive data in a system with random placeholders that don’t have any real-world use.
Turning credit card numbers into ‘tokens’ provides merchants and their consumers a secure payment environment. This makes customers feel better about interacting with your business and keeps your company running smoothly.
Secure Payments With Vault Data Storage
Where is your customer payment data stored? Finding secure payment solutions that will store your card data can save your company time and expenses.
By storing the data on your payment software’s servers instead of storing it within your company, your business reduces a large portion of your PCI compliance responsibility that comes with processing a credit card payment.
PDCflow For Secure Payments
Tokenization, Encryption and PCI Compliance
Flow Technology
Flow Technology is PDCflow’s communication system, which allows companies to send outbound messages to customers through email and SMS. Flow enhances payment security by:
- Offering dual-authentication, so messages containing sensitive information require a code to be accessed.
- Letting customers key in their own payment information, so payment data stays safe – staff never need to see or hear card or bank account details.
Secure Overlay
Patented Secure Entry Overlay Technology is an invisible layer of protection that keeps customer payment information secure by capturing and storing it without the data ever entering your company’s system of record.
The secure overlay is present no matter how a customer pays:
- online payment portal
- a link in a Flow
- through an employee
The sensitive card information is not stored, transmitted or saved anywhere in your computer database or memory. This technology reduces your PCI responsibility dramatically and keeps your business safe from a potential data breach.
ACH Verify and Card Verify
PDCflow also has built-in features that verify bank information and credit card information before a transaction is processed to reduce fraud and the likelihood of future failed payments.
Do you want to offer fast, secure payment options for your customers? PDCflow can give you the security you need in a payment software with the tools to speed up processes and streamline your workflows.
To learn more about how PDCflow helps you keep payment data safe and secure, request a call from a PDCflow Payments Expert today.
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- ABOUT THE AUTHOR -
Hannah Huerta, Marketing Specialist
Hannah Huerta is a Marketing Specialist at PDCflow. She creates content for the accounts receivable and payment industry.
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