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Opt for gateways that support diverse payment options like credit/debit cards, digital wallets, and international payments to accommodate customer preferences. Ensure the gateway offers PCI DSS compliance, encryption, tokenization, and fraud prevention tools to safeguard transactions.
Safeguarding customer payment information requires secure processes during the collection, transmission, processing and storage of paymentdata and working with a trusted payment processor. Essential Payment Security Components for Merchants Encryption and tokenization, what is the difference?
PCI DSS stands for “PaymentCard Industry Data Security Standards.” These standards are set by card brands like Visa, Mastercard, Discover, and American Express to ensure sensitive paymentdata is securely processed , transmitted, and stored.
More specifically, the OCC labels a merchant processing activity as: “the settlement of credit and debit cardpayment transactions by banks for merchants through various cardassociations.” Gateways securely pass sensitive customer data from your website or point-of-sale (POS) system to your payment processor.
In addition to online payments, if an organization wants to accept offline donations via credit cards, a merchant account is used alongside a hand-held credit card reader. A cardassociation is a group of banks that sets the terms for all credit card transactions.
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