Is Your Business Safe Enough in Terms of Payment Pathway ?
or how can you ensure the safety of your payment flows?
Under the customer perspective, the payment experience is always controversially perceived:
On the one hand, most people feel unsafe when they have to enter their card numbers online.
On the other hand, they also do not want the payment experience to last long.
Therefore, the customers expect to pay in the quickest and safest way!
And they are legit, because we are talking about their precious time and money.
If customers have bad user experiences online or in a store, their subconscious will always remember these failures.
However, retailers can avoid these traps and here is how.
Fraud, Process & Safety
Since the advent of Internet and digital innovations, the world has grown faster.
Both customers and retailers have been swept up in this global industry take off which has led to several implementations of regulations.
These regulations have been made to ensure both the customer and the retailer safety.
For example, you should have heard about GDPR (General Data Protection Regulation) and its famous article about “the right to be forgotten”.
Data protection laws and regulations apply to all the industries and even more to payment because it processes very sensitive data such as credit card numbers, payment habits, card on file technology, IDrecognition etc.
Sensitive Data in Payment
In terms of payment, sensitive data concerns most of the payment chain.
Sensitive data are everywhere, from the payment card numbers (including without limitation credit/debit cards) to the verification of the data compliance by way of regulation and international schemes.
But it also concerns payment service providers and their own suppliers, in particular when suppliers are processors/subprocessors.
Indeed, the payment services providers are controllers and responsible toward the data subject.
They also have to provide compliance data in accordance with international scheme rules (MasterCard, Visa etc.) and ensure to comply with their mandatory obligation provided by the second version of the Payment Service Directive regulations for instance.
For example, standards such as PCI DSS prevail on the market. They are not mandatory but they contribute to safety processes. However, when service providers sign a contract with an international scheme, they have to comply with several standards such as PCI DSS.
You surely are asking yourself “how can retailers effectively proceed with all this data and at the same time, make a difference between customers (and especially customers atypical profils)?”
It’s a good question actually, because they don’t.
Retailers do not evaluate this themselves, that’s the reason why companies such as Market Pay have been created.
In the payment industry, data processing is necessarily bound to international and national Anti-Money Laundering regulations and institutions.
Thus all data are encrypted several times and analysed by different actors to certify its authenticity and compliance in no time.
Compliance, Risk & Fraud Management at Market Pay
At Market Pay, Compliance, Risk and Fraud management are keys in our daily activity.
We must ensure our clients that their payment flows will be safe with us and they can be confident that we offer compliant client pathways.
In order to reach these objectives, we worked on both internal and external aspects.
At first, we elaborated two teams, one named “Compliance, Risk & Internal Control Team” and the other “Fraud Service Team”.
In particular, these teams work on a daily basis to conceptualise new products to guarantee the data security, do the underwriting of the contracts and as the case may be, make reporting to competent national and european institutions.
They also work for the implementation of Strong Customer Authentication process including the 3DS authentication. It ensures the transaction through the verification of client’s ID (Face ID, Pin Code etc.).
Secondly, we have selected the finest partnerships on the market to offer the most qualitative and compliance services to our clients.
This is one of our core activities. We are helping our clients to re-enforce their payment security processes while the time customer path becomes shorter.
Therefore, here are some questions you might ask yourself about your business payment path:
- Have you any safety processes ? Are they permanent ?
- Are they compliant with PSD2?
- Are your business SCA processes implemented?
- Do your partnerships benefit from any certification? Are they compliant ?
- Do you have any measures to evaluate your safety risks ?
These are the basics your business should answer mostly “yes” to be perfectly safe in terms of payment.
More about Market Pay:
