What are the security features to look for in a payment processor?

Introduction

Attacks and breaches in digital security are serious matters. More than a third of major organisations and more than a quarter of medium-sized businesses reported experiencing cybercrime in the preceding 12 months, according to a 2023 UK government survey. These mishaps can also be expensive.

According to a 2023 UK government research, cybercrime costs businesses an average of £15,300 per victim. The average cost of a data breach worldwide, according to IBM's 2023 "Cost of a Data Breach Report," is $4.45 million. A survey of 553 companies affected by this kind of attack served as the basis for this.

The good news is that businesses may safeguard themselves in a variety of ways. This involves collaborating with a trustworthy payment processor that employs robust security protocols. To put you in the best possible position for a future free from unpleasant shocks, this article will go into great detail about the security aspects you should look for when selecting a payment acquirer.

Why payment security is so important

Security is crucial because payment providers handle vast amounts of sensitive financial and personal data from their clients. Payments into your own business account will likewise be settled via the payment technology you select. Because of this, payments carry a number of risks that need to be reduced in order to guarantee the company's ongoing success.

Among these dangers are:

Financial losses for businesses: It takes a lot of money and team resources to handle chargebacks and refunds following unauthorised or fraudulent uses of personal financial information.
Loss of customer trust and reputational damage: This can lead to a decline in sales, and rebuilding trust can be a challenge.
Legal repercussions: Heavy penalties and other unfavourable effects may result from breaking local laws.

The worst-case situation might be disastrous and have a long-term bad impact on your company's reputation. For instance, in September 2023, a well-known pizza business in Australia stated that it thought a data breach, including the theft of personal data had impacted roughly 193,000 consumers. The next month, 665,000 clients' personal information was made public due to a security breach at a luxury condominium in Singapore.

Also read: Travel payment processing: What online travel agencies need to know

How to choose a payment partner

You want to make the correct choice the first time when selecting a payment provider. After it's set up, you ought to be able to concentrate on expanding your business with the assurance that your processor will remain dependable and safe. It should have strong security measures for the future in addition to meeting your present needs.

To help you narrow down the list, consider the following set of questions:

What safeguards are in place to secure private client information? As previously said, take into account tokenisation, end-to-end encryption, and adherence to industry standards like PCI DSS.

Will the payment processor be able to grow with your company? Consider more than just the volume of transactions you now make, and make sure the payment processor can grow with your company.

Are international transactions supported by the payment acquirer? To ensure that your company can easily enter new markets, look for support for local payment methods, numerous currencies, and compliance with area laws.

25-+To what extent is the payment solution compatible with your current systems? Select a solution that is compatible with well-known eCommerce platforms and has a smooth API connection.

What are the associated costs and pricing models? Cost management requires competitive pricing that is transparent and includes a detailed breakdown of fees.

Is there 24/7 customer service available? It is essential to have access to a support staff at all times, particularly in case of emergencies or security issues.

What level of expertise does the technical support staff possess? A crew with the know-how to promptly address problems and minimise interruptions to your payment procedures should ideally be present.

Is there thorough documentation accessible for troubleshooting on your own? This guarantees a more seamless integration process and gives your team the freedom to handle little problems on their own.

It's worthwhile to perform a comprehensive analysis if you are currently using a payment provider to make sure you have the most robust, secure, affordable, and user-friendly option available. Upgrade to Transfi Bizpay if there are any questions.

Frequently asked questions (FAQs)

What are the special features required in payment systems?

Communication Networks: These networks transmit payment data between devices, financial institutions, and gateways in real-time. Payment Gateways: A payment gateway securely processes and encrypts payment data between the payer's financial institution and the payee's account.

What are the requirements for a payment processor?

PCI DSS compliance. ...
Payment Services Directive 2 (PSD2)...
Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. ...
GDPR and data protection. ...
IRC Section 6050W.

What is the unique feature of a receipt and a payment account?

It starts with the beginning cash and bank balance and ends with the ending cash and bank balance. This account shows cash transactions of both capital and revenue nature. Mostly, it shows a debit balance. In the exceptional case of an overdraft balance, its net balance may be a credit.

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