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Today, the framework introduced in the early 2000s outlines 12 PCI requirements that merchants must satisfy to process credit card transactions on the card networks. Failure to meet these standards could result in fines or bans as a merchant or service, rendering you unable to process payments or send payment data with the major networks.
Finally, the acquiring bank settles the funds with the merchant, completing the transaction cycle. Authorization : The API sends the transaction details to the acquiring bank (merchant’s bank), which forwards them to the issuing bank (customer’s bank) for authorization.
When a customer purchases on a merchant’s website, the payment gateway securely collects and transmits the payment information to the payment processor or acquiring bank for authorization. Therefore, merchants should offer popular payment options that provide consumers flexibility and robust security features to protect sensitive data.
Security: Salesforce adheres to stringent security protocols, such as PCI compliance, multi-factor authentication (MFA), and advanced dataencryption, to safeguard payment data. Encryption, fraud detection systems, and regular security audits protect business financial information and customer payment data.
Most payment gateways come with features like fraud detection and dataencryption that are specifically geared towards keeping your customers’ payment information secure. A payment processor is a company that acts as the intermediary or middleman between the two banks: the issuing bank and the acquiring bank.
Additionally, the vendor can help you acquire the required licenses and security certifications, providing guidance throughout the process. Look into their payment fraud prevention measures, including dataencryption, anti-fraud filters, and adherence to PCIDSS.
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