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Ensure the gateway offers PCI DSS compliance, encryption, tokenization, and fraud prevention tools to safeguard transactions. Its a digital evolution of the conventional point-of-sale (POS) terminal. A physical POS terminal requires customers to insert, swipe, or tap their cards on the machine.
From independent sales organizations (ISOs) and payment facilitators (PayFacs) to acquirers, cardassociations, and beyond, each entity plays a unique role in shaping the payment industry. Point-of-Sale (POS) Systems: POS systems manage sales transactions and accept various payment methods, playing a crucial role for merchants.
Protect Stored Cardholder Data Organizations must protect stored cardholder data and other credit card information using encryption, masking, hashing, or other methods to make the data unreadable to unauthorized individuals. Additionally, sensitive authentication data must never be stored after authorization, even if encrypted.
More specifically, the OCC labels a merchant processing activity as: “the settlement of credit and debit card payment transactions by banks for merchants through various cardassociations.” Gateways securely pass sensitive customer data from your website or point-of-sale (POS) system to your payment processor.
BIN Sponsorship A service provided by payment processors that enables merchants to accept payment cards from multiple card issuers. Bluetooth Card Reader A wireless device that connects to a mobile device or computer to process payment card transactions.
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