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From Niche to Necessity While tokenisation is already well established in card payment systems, its adoption for bank account data is only just beginning. Standards like PCIDSS don’t currently mandate tokenisation for bank details, but forward-thinking organisations aren’t waiting for legislation to catch up.
Ensure the gateway offers PCIDSS compliance, encryption, tokenization, and fraud prevention tools to safeguard transactions. Also, check for Buy-Now Pay-Later (BNPL) support for customers who may like to have flexible payment options. Learn More What is a Payment Gateway?
They can range from traditional payments, such as credit/debit cards and ACH payments , to modern alternative methods, such as digital wallets, mobile transactions, Buy Now Pay Later (BNPL), and cryptocurrency. Businesses using self-hosted gateways must handle datasecurity measures and comply with industry standards like PCIDSS.
TL;DR You get to choose from traditional payment methods like cash and checks, online payment methods like digital wallets and ACH transfers, and emerging payment methods like BNPL services and cryptocurrencies. Its convenience has made it very popular with customers, with 78% of customers globally already using the payment method.
There are six main payment methods used in online payments, including credit & debit cards, digital wallets, ACH & bank transfers, direct debit, Buy Now, Pay Later (BNPL) services, and cryptocurrencies. Some payment gateways use tokenization to secure sensitive customer details.
Tokenization : Converts sensitive card data into a unique token, reducing the risk of data breaches. 3D Secure Authentication : Adds an additional verification step for online transactions, such as a one-time password (OTP) or biometric authentication. Online Payment Gateways Encrypt transaction data for secure online payments.
Wire transfers: Wire transfers are a reliable method for large sums or international payments in NetSuite since they offer fast and secure transactions, making them ideal for businesses dealing with significant volumes. BNPL can boost sales by offering more payment options, driving customer satisfaction and business growth.
Moreover, network tokenisation reduces the regulatory burden by eliminating the need to store sensitive card data, supporting the Payment Card Industry DataSecurity Standard (PCIDSS) compliance and lowering the risk of data breaches.
Compliance with industry standards: Compliance with Payment Card Industry DataSecurity Standards (PCI-DSS) is another significant benefit of integrating a payment gateway into Acumatica. Cost is another major factor.
Key payment methods to look for include: Credit and debit cards Digital wallets ACH & bank transfers Buy Now, Pay Later (BNPL) Contactless & QR code payments Keep in mind that its wise to prioritize multi-payment support even if you dont need all these options right now.
Apple Pay, Google Pay), and buy now, pay later (BNPL) solutions are gaining traction, threatening to displace traditional card payments. These regulations are designed to ensure security, protect consumer data, and promote fair competition. The rise of alternative payment methods like cryptocurrencies, mobile payments (e.g.,
Last January, Segpay proudly announced that it has launched its new gateway payment platform: The Segpay Gateway can handle high volumes of merchant transactions in multiple currencies, keeping all data safe with the latest datasecurity standards. Key Functions of a Payment Processor: Transfers transaction datasecurely.
Enhanced software security A white-label payment system must undergo certification for essential standards and regulations, including the Payment Card Industry DataSecurity Standards (PCIDSS). This versatility allows businesses to tailor their checkout process according to client preferences.
Enhanced Security & Trust for Gamers Players need a safe and seamless way to make transactions. A gaming payment gateway encrypts financial data, prevents fraud, and ensures compliance with security standards like PCIDSS, giving users peace of mind while making deposits and withdrawals.
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