Remove Data Security Remove Due Diligence Remove PCI DSS
article thumbnail

Merchant Underwriting: What It Is, How It Works, and Why It’s Important

Stax

Ensuring adherence to legal and regulatory standards, such as PCI DSS (Payment Card Industry Data Security Standard) requirements. Speed vs. accuracy: Streamlining processes without compromising due diligence. Compliance with PCI DSS and other standards can strengthen a merchants application.

article thumbnail

Credit Card Processing for Small Business: Everything You Need to Know

Stax

It also ensures that data security best practices, particularly PCI DSS (Payment Card Industry Data Security Standards) requirements , are followed to the letter to prevent any breach or loss of sensitive customer data. You are likely better off opting for a third-party platform.

article thumbnail

What are Merchant Accounts and How Do They Work?

Stax

This is especially common for high-risk accounts, as more vetting and due diligence are typically required. Online Merchant Accounts Process payments for online businesses eCommerce websites, marketplaces, mobile apps Secure payments, fraud prevention, payment gateway integration PCI DSS compliance, multi-currency, recurring billing.

article thumbnail

Understanding Risk Management Strategies as a PayFac

Stax

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. Data security and breach-prevention practices All payment systems run on information.

article thumbnail

AI Merchant Payment Processing: The Battle for a Secure Processor

Segpay

Data Security and Privacy Issues Payment companies focus on data security to protect transactions and customer information. Obtaining certifications such as ISO 27001, ISO/IEC 42001, ISO/IEC 23894 and PCI DSS (payment security) can speed up the process and lead to a better risk assessment.

article thumbnail

What is a Payment Gateway and How Does It Work?

Stax

Most payment gateways come with features like fraud detection and data encryption that are specifically geared towards keeping your customers’ payment information secure. It’s important to ensure that you are PCI compliant, even if you’re a smaller business. Why Should You Use a Payment Gateway?