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Payment processors typically must apply for membership and meet the network’s standards, including security, compliance, and transaction volume criteria. Testing should also cover security measures, such as encryption and tokenization, to protect cardholder data.
The rise of data privacy concerns has led to a surge in global regulations, such as the EU General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), which are drafted to protect peoples individual data protection rights. Non-compliance can lead to severe penalties, up to 4% of a company’s global revenue.
The platform prioritizes security and privacy through: Data Protection Plaid employs robust encryption, including AES and TLS, for data both in transit and at rest. Compliance Plaid adheres to data protection regulations like GDPR and CCPA, as well as financial industry standards such as PCI DSS.
Volume-based billing: The more customers use, the less they pay per unit, incentivizing higher usage. This includes encryption and tokenization of payment data, secure storage practices, and regular security audits. In addition to the two primary models, other less common types may apply to more unique business needs.
As your business grows, you may need to onboard more vendors, handle larger volumes of invoices, or comply with additional regulations. Your paperless AP system should have robust data security measures like encryption, secure data storage, and user authentication. It complies with global privacy standards, including GDPR and CCPA.
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