Managing data, especially payment data, is a big job and the stakes are high. Given the many high profile breaches over the last few years it’s clear how catastrophic the impact can be if not done well. Compounding the challenges of the task of protecting payment data are growing regulatory complexities, emerging technologies and increasing demands from consumers for protection. If your business is managing payment data the size, scope and difficulty of this responsibility is a significant business challenge.
The challenge is great, but the potential for positive business impact by managing payment data intelligently is ever greater. There are a number of considerations when thinking about payment data security.
Brand – A data breach can be disastrous to a brand. Broken trust and credibility with current and potential customers can have an obvious effect in the near-term and over the longer term. Even the most effective communication and business response to a breach still creates a lingering effect in the marketplace and within your organization.
Customer experience – For many businesses the transaction experience is a significant element in overall customer experience. Consumers are demanding more options for transactions, greater immediacy and seamless integration to their overall experience with the brand. The ability to support consumer expectations while at the same time retaining appropriate levels of security and data protection can stretch many organizations past their limits and as a result put payment data at risk and create frustrating customer experiences.
Business continuity – Payment data security issues can create erratic internal processes and in some cases impede core business functions. Effectively managing payment data is essential for supporting customers and suppliers and any problems in this area can break down key procedures that disrupt internal resources and potentially contribute to customer-facing problems.
Resources – The staff, technology and ongoing management burden to support a PCI-compliant payment data infrastructure can be crushing. Building your own internal organization and infrastructure can be a heavy investment in very specialized talent and technologies as well as a massive management commitment to audit, monitor and update every element on a continuous basis. Many businesses would rather seek the support of proven experts in the space and direct their resources to other areas to grow their business.
Proven professionals – Since 1997, ProPay has been leading the way in the payments industry winning multiple industry awards and serving millions of customers. ProPay was early to recognize the importance of PCI compliance and the need to provide turnkey payment data solutions to businesses. ProPay is a Payment Card Industry Data Security Standard Level-1 Validated Payment Service Provider that processes millions of transactions per year for some of the most recognizable global brands. It is as a wholly owned subsidiary of Total System Services, a top ten global payment processor.
ProtectPay – ProtectPay is ProPay’s end-to-end encryption and tokenization service replacing existing payment card, ACH, and other sensitive payment data with tokens. ProtectPay features the ability to securely process payments without risks associated with the transmission and storage of sensitive cardholder data. ProtectPay enables companies to reduce their PCI DSS compliance efforts, because no sensitive cardholder data is stored, processed, or transmitted by the merchant. ProtectPay provides the foundation for ProPay’s mobile solutions, including the ProPay FLASH and ProPay JAK™ readers. Other ProtectPay features include:
Secure Storage of Customer Data – ProPay has been certified as PCI DSS compliant since 2004. As an early adopter of the industry’s data security standards (beginning with the Cardholder Information Security Program), ProPay has developed a core competency in the protection of payment card data.
Alternative Payment Information – ProtectPay provides the ability to store multiple payment methods (payment card or ACH) per customer.
Encrypted Data Collection Method –ProtectPay encrypts sensitive data from the point of entry, whether online or in-person, so that the merchant organization never has to store, process, or transmit cardholder data.
Flexible, Scalable Platform – ProtectPay does not require that the merchant account is held at ProPay. While ideally the merchant would select ProPay for both processing and the encryption and tokenization solution, ProtectPay can act as a processor agnostic secure payment platform.
Payment data security is an essential and strategic operational issue for many businesses and an area that represents significant potential risk. ProPay has the experience, expertise and products that can help business leaders address payment data security with confidence.
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