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32 Online Payment Trends COVER STORY
A simple way to bypass storing credit card data
is by using a third-party to process orders. For mer- chants who do not currently use third-party online payment services, these payment companies can ensure that clients pay on time and in full, but there are some downsides. T e major services, which include Amazon Payments,
Authorize.net, Google Checkout, and PayPal, all have their respective strengths and weaknesses. For example, Amazon Pay- ments allows customers to pay through the infor- mation stored in their Amazon accounts, while PayPal allows the mer- chant to generate and track invoices online. T rough all of these services, you can quickly and easily receive payment without having to store credit card data, and opening these accounts are oſt en easier than set ing up your own merchant account, which typi- cally incurs higher fees. How- ever, the fact that most sellers send customers to a third-party site can be a defi nite downside, as it does the last thing an online merchant wants, by taking visitors off the site. One important factor for web
merchants to be aware of is ensuring that they are in compliance with PCI Security Standards, which include the Data Security Standard (PCI DSS), Payment Application Data Security Standard (PA-DSS), and PIN Trans- action Security (PTS). A coalition of
fi ve global payment brands—American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa Inc.—developed the standards to make sure all credit card data is safely transmit ed, so consumers can shop with con- fi dence online, knowing their credit card informa- tion will not be compromised. Compliance with data
A simple way to bypass storing credit card data is by using a third-party to process orders.
Major services include Amazon Payments,
Authorize.net, Google Checkout, and PayPal.
security programs can be highly beneficial for all types of businesses, as it will lead customers to trust and respect you. However, while PCI does not impose any consequences
for
non-compliance, though the individual credit card companies oſt en do, not adhering to the standards can result
in lawsuits,
insurance claims, can- celled accounts, and fi nes that could put your busi- ness in serious peril. As the PCI notes, even one inci-
dent can do serious and potentially irreparable harm. The PCI website gives detailed instructions and guide- lines for merchants looking to make sure they are in compli-
ance with the standards. T e group provides a list of requirements and recommendations that continuously assess operations, fi x vulnerabilities, and make required reports with the
acquiring bank and card brands that each business works with. T e group states, “The PCI DSS follows common sense steps that mirror security best practices. T ere are
Continued On 36 34 April 2012
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