No More Struggles With Payment Processing

VIRTUAL PAYMENT PROCESSING

A virtual terminal is an online application or operating system where a merchant can check his/her transactions and get a detailed inquiry of it. By using the virtual terminal a merchant can accept the payment without physically using the credit card. It will permit you to receive your payment anywhere at any time without being necessarily available there. You can even process the transaction once you get the card details of your customer over the phone or mail. It is the solution which will turn your computer into a payment-processing device. Unlike physical POS counterparts; virtual terminals can easily handle recurring payments.

HOW IT WORKS

• Processes swiped retail transactions.
• Card details over the phone or email, manually.
• Enter ACH transactions, manually.
• Generates automated response
• Generates receipts
• Confirms transaction with the bank
• Captures previously authorized transactions
• Confirms transaction status

Electronic Payment Processing

Electronic payment is the process of transferring money electronically from one bank to another bank. All it needs is to install an electronic device called POS (point of sale) for performing the transaction. ATMs also come under electronic terminals that let you bank almost virtually any time. To extract cash, make deposits, or transfer funds between accounts, you generally insert an ATM card and enter your PIN. Electronic payment processing will help to get instant payments right away at the time of the transaction. But it has one flaw, it will restrict you to accept recurring payments and bulk transaction by its limited services but still, it is far better than any other payment process like depositing checks and all.

We can give you the best solution for your business. We Merchant Stronghold provide payment processing without any hassle. We trust you will choose the right merchant service provider for your business. Merchant Stronghold has expertise in getting High Risk Merchant Accounts. If you want to know more, get in touch with Merchant Stronghold.

How to Secure Your Payment Processing?

Payment Processing: Nowadays, there are a lot of e-commerce and m-commerce transactions; opening doors for cybercriminals. As a merchant, you need to confirm that you provide the best payment security and that your customers don’t have to worry about their data. Customers usually cannot select their own payment gateway, so it’s up to you to make the best and perfect choice for them.

Credit card payments are still the most ordinary type of payments, but woefully with the growing number of online payments, scammers are also growing. Data thieves have a huge amount of command on how new technologies work, so they are always looking for the unprotected points of payment processing.

There are a lot of ways to secure your data and prevent it from being stolen. Given below are some of the ways:

SSL PROTOCOL

Each and every transaction should be secured with SSL protocol. SSL helps to encrypt the information so that the card details and all other sensitive and important data is secured. It, of course, improves payment security but also makes customers more eager to for the purchase.

A padlock icon in the URL bar symbolizes the SSL, and the web address starts with https.

ADDRESS VERIFICATION SERVICE

You can also use an Address Verification Service, which requires customers to give the billing address connected with their credit card. If the address on the card matches with the one in bank’s documents, the transaction will go through. Many companies have a problem of controlling the location and storage of their payment data, but almost 42% of the companies claim that payment data is at serious risk when it is stored. A Global Study on the State of Payment Data Security shows that over 50% of organizations had a breach involving payment data within the past three years.

3D SECURE

3D Secure gives extra security to transactions and comes with so many benefits. 3D Secure creates a secure password for the merchant’s credit card. Each and every transaction is then verified with a password, which adds an additional layer of the security. It can decrease the number of fraudulent transactions and boost your earnings.

We, at Merchant Stronghold, will help you secure your payment processing in order for you to provide the best payment security for your customers.

What is PCI Compliance & How does work?

Payment Card Industry (PCI) compliance refers to the technical and optional standards that businesses must follow to ensure that credit card data provided by the cardholders is secure.

The compliance is enforced by the PCI Standards that set the guidelines. Furthermore, it needs to be enforced by all the merchants and businesses irrespective of their turnover or growth and the number of credit card/debit card transactions they are dealing with. They have to follow the guidelines of PCI compliance to secure the sensitive information of their customers. This reduces the likelihood of theft of financial and personal data.

HOW DOES PCI COMPLIANCE WORK?

PCI DSS keeps itself updated with new norms to keep new threats at bay. Its guidelines are implemented in both, the administration and technological part of the merchant business. Hence, you will have to keep your website updated regularly and make sure the payment deals are in accordance with PCI compliance. This will prevent data theft and ensure the smooth running of your business. This is the major importance of PCI Compliance.

The companies or merchants are divided on the basis of a number of credit/debit card transactions, which they have to deal with periodically. On this basis, merchants are divided into 4 different levels. Level 1 is for the merchants who process the highest number of transactions every year. Whereas, Level 4 is for the merchants with the least number of credit/debit or bank transactions.

The eCommerce merchants who are accepting, processing, storing or transmitting credit card information have to be PCI compliant. This is for the safety and security of their customers and theirs’ too. Also, by becoming PCI compliant they undergo PCI audit procedures to meet the requirements of the latest PCI guidelines.

While conducting the business, it’s the duty of a merchant to keep the data safe of both the customer and the business itself. With PCI Compliance they get this service. However, there is always some risk for which you would need an expert to guide you.