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Encryption and transfer of payment information The payment gateway that underpins your checkout page will now encrypt the customers payment details as stipulated by industry data security regulations like PCIDSS (Payment Card Industry Data Security Standard) before transferring the data to your payment processor.
Overall, the payment gateway acts as a secure bridge that encrypts sensitive data, such as credit card details, to ensure the transaction is processed safely and efficiently. AI systems can quickly analyze patterns and detect suspicious activities to reduce fraud and protect customer paymentdata.
An automated dunning process can help mitigate payment failures by notifying customers of issues and prompting them to take action, thereby minimizing revenue loss and maintaining customer relationships. These standards ensure that customer payment information is handled securely and that transactions meet legal requirements.
B2B businesses tend to have longer payment terms with their clients and relationships usually focus on long-term, recurring business. The amount per transaction is often quite significant and as a result, there’s typically quite a bit of negotiation that goes into determining paymentamounts, terms, and cycles.
Here is a brief overview of the process: Initiation: The payment process begins with the creation of an electronic payment request by the payer. This request includes data such as the paymentamount, payee information, and payment due date. Compatibility: Another key consideration is compatibility.
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