A payment gateway lets customers enter their payment information to purchase products and services online. The primary function of the payment gateway is to read, encrypt, and transmit sensitive data from the merchant’s website to both the customer’s and the merchant’s financial institutions, verifying that the payment is legitimate and, subsequently, authorizing the transaction.  

While many companies rely on payment processing companies to handle the nitty-gritty of online payments, it’s worth learning about to mitigate risk and ensure that your company’s data management and security requirements are fulfilled. Data breaches, non-compliance, and fraud are all costly mistakes that are best avoided entirely.  

Safeguarding your business starts with prioritizing online payment security. Continue reading to uncover five payment gateway security features necessary in today’s business climate.

 

Top security protocol: PCI DSS compliance

When choosing which payment processor to invest in, it must maintain compliance with the Payment Card Industry Data Security Standard (PCI DSS). Payment providers can fine companies $5,000–$100,000 per month for non-compliance. 

The PCI DSS outlines international rules and regulations for securely processing transactions, as well as provides tools, resources, and frameworks for businesses to implement a standardized approach to cybersecurity without compromising on a frictionless customer experience. 

PCI compliance is required of all legitimate processing providers, but it’s still a good idea to investigate which PCI DSS requirements your company is obligated to uphold; ultimately, your business will have to pay for any non-compliance.  

Read the full blog here for an overview of four more must-have payment gateway security features. 

The post The top payment gateway security protocol appeared first on ERP Software Blog.

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