The Need to Secure Your Data with Payment Technology
When it comes to safely storing customer payment data, you can never be too cautious. When handling any volume of daily transactions, particularly those transactions that involve recurring payments, merchants have a responsibility to ensure that the payment data that is entrusted to them is handled and stored securely. The potential consequences for a merchant who is lax about payment data security and the liability issues that they would face in the event of a data breach are serious.
As recurring payments become more popular with customers, account updating payment technology, such as 1stPayMaximizer, can ensure that a customer’s payment data is always up to date and completely secure. Not only can these tools make recurring payments easier to set up, it can also speed up and simplify returning customer transactions by giving those customers the option of paying with a previously used card which has been securely stored in the vault with our payment technology.
The vaulting process begins with the transmission of payment data, which is automatically encrypted per industry standards. This encrypted data is then stored in the 1stPayVault, meaning that merchants may process approved recurring payments but are not actually storing payment method data in their own systems. 1stPayVault payment technology is the payment data storage component of First American’s 1stPayMaximizer tool.
PCI Compliant Payment Technology in the World of Data Security
The standard for measuring data security is PCI-DSS. PCI-DSS stands for “Payment Card Industry Data Security Standard” and it is the industry-wide measuring stick for how stringent a company’s data security protocol is measured. The PCI Security Standards Council decides the designation of what qualifies for each level of PCI compliance.
Adherence to PCI data safety standards is not only a vital step to reassure consumers, but it also helps protect merchants from potential liability issues related to payment data breaches. 1stPayVault payment technology and the storage of all credit cards in the vault, meets the standards of Level 1 PCI Compliance, the certification used for all credit card data.
This payment technology ensures that the sensitive payment data of customers is protected from being compromised or used to commit credit card fraud. Level 1 PCI Compliance, along with the 1stPayMaximizer & 1stPayVault, also makes it easier for merchants to ensure positive and predictable cash flow in the form of secure recurring payments.
Encryption is Key for Payment Technology
What is the most important piece of payment data security? The answer is encryption. Encryption keys protect credit card and payment data from hackers who specialize in stealing financial data. Put simply, encryption renders stored payment data, such as credit card numbers, unreadable.
That’s why it’s important that 1stPayVault payment technology assures customers that all payment data secured therein is 100% encrypted. This means that all customer financial data is completely unreadable in the vault. This peace of mind and liability protection that 1stPayVault gives merchants and their customers is priceless.