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TL;DR Credit card payment processing encompasses the series of activities that enable your small business to accept credit card payments from customers and facilitate the transfers of relevant funds from the buyer’s bank account to your business account. You are likely better off opting for a third-party platform.
Online paymentgateways: Online paymentgateways act as intermediaries between merchants and financial institutions. When a customer purchases on a merchant’s website, the paymentgateway securely collects and transmits the payment information to the payment processor or acquiring bank for authorization.
A payment processor with experience in 3D Secure implementation can provide valuable guidance, troubleshoot issues, and ensure a smoother transition. Additionally, opting for a scalable and flexible paymentgateway that supports 3D Secure can reduce technical hurdles. 3D Secure 2 (3DS2) meets the criteria for PSD2.
Flexibility: The agility and adaptability of Salesforce payment integrations means businesses can choose from various paymentgateways and options tailored to their specific requirements. Encryption, fraud detection systems, and regular security audits protect business financial information and customer payment data.
Money laundering: Neobanks process transactions quickly through means such as paymentgateways, the remote and digital nature of which can make them more susceptible to financial crime than traditional banking. Set up multi-factor authentication (MFA): Add one-time passwords (OTPs) or other types of MFA to all neobank accounts.
This includes the use of unique IDs and strong passwords or multi-factor authentication (MFA) methods. Revocation of Credit Card Processing Privileges If a business consistently fails to comply with PCI standards, the processor or acquiring bank may choose to terminate their merchant account.
Whether that is collecting credit card numbers to transmit with a paymentgateway, placing details into a shared customer relationship management system, or storing card numbers in an encrypted database—all of this sensitive information must be protected according to the specifics of the PCI-DSS standard.
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