When it comes to software, businesses face a fundamental choice: open or proprietary systems. Each offers distinct advantages and disadvantages, and understanding these differences is crucial for making informed decisions that align with your specific needs and goals.
Proprietary Systems: Control and Support
Proprietary systems, like Microsoft Windows or Adobe Photoshop, are owned and licensed by a specific company.The source code is typically kept secret, giving the vendor tight control over the software’s functionality, distribution, and licensing.
Benefits:
Strong Support: Vendors often provide comprehensive customer support, including documentation, training, and dedicated help desks.
Ease of Use: Proprietary software is often designed with user-friendliness in mind, offering intuitive interfaces and streamlined workflows.
Integration: Proprietary systems may integrate seamlessly with other products from the same vendor, creating a unified ecosystem.
Regular Updates: Vendors typically release regular updates, including new features, bug fixes, and security patches.
Drawbacks:
Cost: Proprietary software often requires licensing fees, which can be a significant expense, especially for smaller businesses.
Vendor Lock-in: Reliance on a single vendor can limit flexibility and create dependency.
Limited Customization: Modifying proprietary software is generally restricted, making it difficult to tailor to specific needs.
Open Systems: Flexibility and Collaboration
Open systems are based on open standards, allowing different software components to interoperate and communicate with each other.Open-source software, like Linux or the Apache web server, takes this a step further by making the source code freely available.
Benefits:
Cost-effectiveness: Open-source software is often free to use, distribute, and modify, reducing upfront costs.
Flexibility and Customization: Users have the freedom to adapt the software to their specific needs and integrate it with other systems.
Community Support: A vibrant community of developers and users often contributes to the development, support, and documentation of open-source projects.
Increased Security: With many eyes reviewing the code, vulnerabilities can be identified and addressed quickly.
Drawbacks:
Support: While community support is often available, dedicated support may be limited or require a paid subscription.
Usability:Some open-source software may have a steeper learning curve or lack the polished user interface of proprietary alternatives.
Compatibility: Ensuring compatibility with existing systems and infrastructure may require additional effort.
Making the Choice: Factors to Consider
The decision between open and proprietary systems depends on several factors:
Budget: Open-source solutions can be more cost-effective, especially for startups and small businesses.
Technical Expertise: Open systems may require more technical expertise for installation, configuration, and maintenance.
Customization Needs: If extensive customization is required, open-source software offers greater flexibility.
Support Requirements: Consider the level of support needed and whether community support or paid support options are available.
By carefully evaluating these factors, businesses can make informed decisions about the software that best aligns with their unique requirements and long-term goals.
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Credit card transaction types are categorized based on the level of risk and processing cost associated with them. Here’s a breakdown of the common types:
1. Qualified
Definition: These are considered the “safest” and least expensive transactions for processors to handle.They typically involve traditional credit or debit cards processed in person with a physical card swipe or chip insertion.
Characteristics:
Card is present during the transaction
Cardholder’s signature is captured (if required)
AVS (Address Verification Service) matches the billing address on file
CVV (Card Verification Value) is provided and matches
Transaction meets all security protocols and risk assessment criteria set by the card issuer and processor.
Examples:Swiping a standard Visa or Mastercard credit card at a retail store.
2. Mid-Qualified
Definition: These transactions fall in between qualified and non-qualified in terms of risk and processing cost. They often involve card-not-present transactions or cards with higher reward structures.
Characteristics:
Manually keyed-in transactions (online, over the phone, or mail order)
Rewards cards with higher cashback or points benefits
Business or corporate cards
Transactions where AVS or CVV information is not provided or doesn’t match
Examples: Entering your credit card details online to purchase something, using a rewards card with travel benefits.
3. Non-Qualified
Definition: These transactions are considered the riskiest and most expensive to process.They often involve international cards, manually keyed transactions without proper security measures, or cards with very high reward programs.
Characteristics:
International credit cards
Manually keyed transactions without AVS or CVV verification
High-risk businesses like online gambling or adult entertainment
Keyed transactions for business or corporate cards
Examples: Using a foreign-issued credit card, manually processing a transaction without verifying the cardholder’s address.
Why does this matter?
Processing Fees: Merchants are charged different fees for each transaction type.Qualified transactions have the lowest fees, while non-qualified transactions have the highest.
Tiered Pricing: Many payment processors use tiered pricing models, categorizing transactions into these types and charging accordingly. This can sometimes be confusing or lead to unexpected costs for merchants.
Interchange Fees: The card networks (Visa, Mastercard, etc.) also charge interchange fees for each transaction, which vary based on factors similar to those used for transaction type categorization.
Understanding these transaction types is crucial for merchants to:
Negotiate better processing rates: By understanding the factors that influence transaction categorization, merchants can negotiate better fees with their processors.
Optimize payment processing: Merchants can take steps to minimize the number of mid-qualified and non-qualified transactions, such as encouraging in-person payments or using address verification systems.
Control costs: By being aware of the different transaction types and their associated costs, merchants can better manage their payment processing expenses.
Remember: The specific criteria for each transaction type can vary depending on the payment processor, card network, and individual merchant account. It’s always best to clarify with your payment processor to understand their specific categorization rules and fee structures.
To establish a merchant account for your business call now 888-996-2273 or click here NationalTransaction.Com
To be responsive to the needs of our merchants and to meet that needs NTC offers next day funding. This is a value added service for customers and businesses that need to have their funds available quickly.
With more than 20 years of experience, National Transaction offers a variety of electronic payment services and technology for Retail and Ecommerce industries. From Travel, Medical Industry, Charitable Institution and Franchise.
Our services include:
Loans/Funding Program
Credit and Debit Card Processing
Currency Conversion
Electronic Checks
Electronic Invoicing
Gift and Loyalty Card Programs
Mobile and Online Solutions
Shopping Cart E-commerce Payment Gateway
NTC e-Pay – is an Electronic Invoicing that made simple with NTC e-Pay! Free Setup, nothing to integrate; secure and fast.
Invoice customers Electronically with NTC e-Pay. Our e-Pay Platform can help Merchants bring new customers and encourage repeat business.
Our Virtual Merchant Gateway – accept payments your way! Online, In-Store and On the Go. A payment platform that flexes with your business.
NTC Business Loans – Fast, Affordable, and Simple Application Process.
MediPaid – a medical health insurance claims payment. Delivering paperless, next-day deposits for Health Insurance Payments.
NTC provides services to thousands of customers. NTC maintains a one on one relationships with all its merchants providing them with 24/7 customer service and technical support!
To know more about our product and services give us a call at 888-996-2273
NTC ePay is for any merchant who wants to avoid the complexities of a shopping cart or integration into an accounting system or point-of-sale. When custom pricing becomes an issue, shopping carts, POS systems, and booking engines tend to get immensely complicated.
NTC ePay does away with those complications by allowing merchants to simply email a payment request that can be paid in 2 simple steps.
When you call National Transaction, we pick up the phone ready to assist your business. Our dedication to supporting our merchants is unparalleled, from the point of sale and beyond.
Our commitment to our merchants extends to their interests with NTC Gives.Com, a program designed to give back to a charity of their choice. Call today and let National Transaction Corporation earn your business.
Contact National Transaction Corporation today at 888-996-2273, or visit us online
Best Practices for Merchants to Get The Lowest Rates Possible.
Overview
When you settle your transactions each day, National Transaction’s network routes them to the respective Card Associations (Visa, MasterCard, Discover) and debit networks through Interchange. Every transaction is assigned an Interchange category based on card type (credit, debit, rewards, purchasing) industry type (retail, e-commerce, etc) and qualification elements (swiped card, key entered, etc).
What is Interchange?
Interchange is the system where transactions are submitted for payment from the Acquirer or Merchant Processor to the Card Issuer or Debit Network. The Card Associations and Debit Networks establish the rules and manage the Interchange of all transactions. Read more of this article »
When you are first setting up a retail or an eCommerce endeavor, few decisions will be of as much importance as the payment provider that you choose. Your payment provider will handle each and every card transaction your online company makes, and if it doesn’t function properly, or if it has a lot of hidden fees, such as old legacy systems with long term contracts, you can be setting your business up to fail before you ever get started.
So, we are going to explain to you what you should be looking for when you reach this crucial decision in the setup phase of your business, and we will help you find a payment provider that meets your needs perfectly and sets you up to succeed in the business world.
As a general rule of thumb, there are three main factors that you really need to consider when you go to choose who you will be working with: The people involved in the transaction, the fees associated with each transaction, and how the transaction is handled behind the scenes. There are some smaller tidbits that can make a specific provider a better or worse choice, but those three factors will allow you to narrow your search down to a select few of top competitors that will truly help your company succeed.
The Parties Involved
Besides your bank and the customer’s bank, there are three different factors that go into every single one of your transactions, and a payment provider works with all three of them. There’s you, your customer, and the technology acting as a bridge between the two of you. We’ll go into more detail about all that, now.
The Customer
With this part of the transaction, we are really talking about the “issuing bank”. That’s your customer’s bank, and they handle lending the customer the money to make a purchase on your site, and they issue the card that the customer uses to make that purchase. This is your customer’s main form of interaction with the transaction process, and it’s one of the most important factors since it’s what starts the transaction in the first place. However, you have no control over this factor, and you can simply ensure that the technology, which we’ll talk about soon, makes their part of the transaction as smooth as possible.
The Merchant
This is you and your part in the transaction. You function as the merchant that the customer is engaging with, and in order to do that, you need a merchant bank to partner with and work as your company’s bank. A merchant bank functions differently than the bank you use in your day to day life. Instead of issuing you funds in advance for credit purchases and managing your checking and savings accounts, a merchant bank takes in your customers’ payments for you, and then puts those payments into a special merchant account that is a lot like a business’s checking account. Without a merchant bank, you won’t be able to succeed in the long-term with eCommerce.
The Technology Solution
Your technology, and the company handling it, is what makes a transaction possible in the first place, and there are two parts to this imperative factor: The payment processor and the payment gateway.
Processor
The payment processor is what actually handles the transaction. It moves the money between the different parties and delivers it to the banks and accounts involved. If your processor is subpar, your customer’s transaction experience will be, too. You need an up-to-date payment processor that functions smoothly and without any hassle placed on you or your customer to ensure that each customer enjoys a seamless transaction.
Gateway
The payment gateway is essentially what sends the transaction information to the payment processor. It links to your site’s shopping cart feature, and when a customer buys something, it connects to the payment processor and begins the transaction. In order to ensure that your transactions are smooth and effortless, this technological asset needs to be competent and able to easily satisfy your customers without being apparent.
How the Transaction Process Happens
The transaction process is fairly complicated, but it all takes place in a matter of seconds. In fact, it’s usually seemingly instantaneous.
Once a purchase is made, the payment gateway encrypts the transaction data to protect your customer and your business, and then it asks the customer’s bank if it will advance the funds for the customer’s purchase. If yes, the payment will be sent to your merchant account, and if not, the transaction will be denied and ended until a resolution can be found.
Once that step is completed, the funds typically end up being accessible by you the second your merchant bank acquires them and places them in your account, but you may be forced to keep a certain amount in the account to make sure you can cover any returns that pop up.
This part is not instantaneous. It can take a couple days to complete this part of the process.
Transaction Fees
This is easily the factor that you’ll want to pay attention to the most, because a lot of merchant service providers are downright misleading when they quote your rates, and you need to get a firm understanding of how a company sets up its fees to know what to actually expect from your bill.
Most often, companies will quote something like 1.8% rates to interest you and appeal to your more frugal side, but then they’ll apply all sorts of hidden fees that raise that rate as high as 11% without notifying you properly. As you can imagine, that can make your bill a bit more than what you thought it would be.
There are three rate models that are most often used:
Flat-Rate
You’re given a specific amount to pay, and whether that covers your total fees or not, that’s what you pay. You could be overpaying tremendously if you accept a quite a few low cost cards vs. the higher cost cards. The processor is banking on your acceptance of these lower cards to ensure all costs are covered.
Interchange Plus Pricing
This takes the interchange fee you pay and adds a small fixed rate on top of it. It’s not as consistent as a flat-rate fee because of the sheer amount of interchange fees out there and the number of different credit cards with all of the various reward and incentive programs.
Tiered Pricing
This is when the provider creates a few tiers of fees and charges you based on the tier your fees are in rather than each individual fee. The only bad thing about this is that the provider decides which fees go into which tier.
Other Important Things to Consider
Does your processor provide Data Security/PCI protection? What about financial breach protection, in the event you are breached?
Any business or other entity that stores, processes or transmits cardholder data must ensure that their processes meet the Payment Card Industry / Data Security Standard (PCI/DSS). Failure to do so can result in heavy fines being levied.
Understanding PCI/DSS
The PCI/DSS is a global standard defining acceptable practice for any entity involved in the storage, transmission or processing of cardholder data.
In recognition of the sensitive, confidential and valuable nature of this data the standard imposes strict regulations which must be met in full. The full requirements are detailed but are covered by 12 broad requirements. These are grouped into 6 broad control objectives as follows:
1. Build and Maintain a Secure Network and Systems – Install and maintain a firewall configuration to protect data – Do not use vendor-supplied defaults for system passwords and other security parameters
2. Protect Cardholder Data – Protect stored data (use encryption) – Encrypt transmission of cardholder data and sensitive information across public networks
3. Maintain a Vulnerability Management Program – Use and regularly update anti-virus software – Develop and maintain secure systems and applications
4. Implement Strong Access Control Measures -Restrict access to data by business need-to-know -Assign a unique ID to each person with computer access -Restrict physical access to cardholder data
5. Regularly Monitor and Test Networks -Track and monitor all access to network resources and cardholder data -Regularly test security systems and processes
6. Maintain an Information Security Policy -Maintain a policy that addresses Information Security
Any entity handling card transactions must meet the standard and be able to demonstrate (certify) that it does so. The level of certification is flexible and depends on how transactions are processed and in what volume.
A Summary of Benefits
Achieving full compliance with PCI/DSS standards is more than an obligation. It delivers genuine benefits to businesses:
– Lessen the risk of fraudulent transactions
– Prevent security breaches
-Lessen the impact should a breach occur
– Reduce your business’ exposure to risk and liability
– Provide peace of mind for your customers
– Avoid the negative PR associated with data loss
Why are These Requirements in Place?
Card transactions have grown enormously in recent years as cards become the number 1 preferred form of payment. Since no physical money is handled or exchanged as part of these transactions they are dependent on the transfer of data.
That data therefore becomes sensitive and valuable and must be protected. Failure to protect this data can lead to fraud and theft. These crimes often impact both the card holder and the merchant directly. They can also damage or even destroy the reputation of businesses or organizations involved in hacks or data breaches.
More widely card fraud has the long-term detrimental effect of eroding consumer confidence and trust – both in the individual companies affected and in the card payment industry more widely.
Millions of consumers and organizations worldwide are choosing to pay by card. And millions of businesses, professionals, traders and organizations are accepting and handling these payments. Instead of allowing an ad-hoc approach where each business sets its own level of security the PCI / DSS was imposed. This ensures a uniformly high level of data security throughout the worldwide card payment industry.
Keep your Data Secure – Don’t get caught without PCI Data Breach Protection
With more retailers than ever before embracing e-commerce, the fraud journey is becoming a focus for many. It is clear, though, why retailers have paid more attention to the customer journey. After all, in addition to shaping a customer’s overall experience, a customer’s journey determines whether or not they will make a repeat purchase. Too often, however, when focusing solely on the customer journey, the fraudster’s journey remains overlooked. To bring the fraud journey into focus, we need to understand what it really is and where retailers should be placing their efforts.
Like the customer journey, the fraud journey is the path fraudsters take when interacting with a brand. In the case of the fraud journey, we consider the actions a fraudster takes to commit fraud. Understanding the fraud journey and focusing on the fraudster’s actions will enable online retailers to dramatically reduce fraud conversion rates and ultimately prevent fraud.
It’s not by chance that the customer’s journey and the fraudster’s journey are often mentioned together. In their attempt to satisfy customers while also detecting and preventing fraud, many retailers are faced with an impossible juggling act: Do I prevent fraud or give my customers the experience they want? True, balancing between the two, enabling the paths to co-exist, is challenging, yet it can be achieved. Taking the time to understand the intricacies of the fraud journey can help reduce false positives and cut down on chargebacks.
The True Cost of Chargebacks
Chargebacks. The very word sends shivers down the spine of even the most experienced online retail fraud fighters—with good reason. Chargebacks end up costing retailers in additional fees as well as in customer dissatisfaction and it’s nearly impossible to truly evaluate the cost of chargebacks.
It’s estimated that for every $100 in chargebacks, retailers end up paying $240! But the problem with chargebacks goes far beyond any fees or penalties incurred. The issue with chargebacks is that if a customer gets to the point where they have to request a chargeback, the damage has already been done.
Why Does the Fraud Journey Matter?
Let’s consider the forecast that e-commerce is expected to make up 22 percent of all global retail sales by 2023. Or that it’s predicted that U.S. e-commerce sales will jump 18 percent due to Covid-19. E-commerce sales are at an all-time high, and there are no signs this trend is going to slow down anytime soon. This emphasizes even more the need to focus on the fraud journey. The fraud journey has an impact when building an effective chargeback management strategy and it is directly linked to customer retention and acquisition.
The fraud journey gives one an in-depth understanding of users who could be fraudsters, based on suspicious behavior. Retailers looking to up their fraud prevention and chargeback management game, need to have a clear understanding of the fraud journey. This understanding will make it easy for them to differentiate actions a legitimate user would take, from fraudulent actions. For example, a change of the shipping address upon login indicates a possible fraudulent action. Carefully considering the behavior of a legitimate customer at every stage of the customer journey can help isolate suspicious activities with more accuracy, and thus cut down on false positives.
Fraud Prevention: The Ultimate Juggling Act
Understanding chargebacks and how to prevent them, starts with understanding how retailers approach fraud prevention. In cases where retailers focus on detection and prevention at the payment stage, or even only one part of the payment stage, fraudsters are able to successfully move through their journey undetected until it is too late.
If a fraudster’s activity is detected as suspicious and flagged only at the payment stage, gives an opportunistic fraudster plenty of opportunities to monetize the service by other means before their presence is detected. This could include everything from promo abuse and referral abuse to new account fraud.
That’s exactly why a more advanced fraud prevention and detection approach is required. For example, using technologies such as behavioral biometrics will enable retailers to stop a fraudster long before the payment stage, before any real damage is done, and will help cut down on chargebacks.
Is it really that simple? Retailers are rightfully concerned with the need to ensure that detection of fraud early in the fraud journey, early enough to prevent damage including chargebacks, will introduce as little friction as possible into the customer’s journey. At times it seems retailers can’t win. If they flag an activity as suspicious based on strict rules, they might find themselves with a rise in false positives and possibly disappointed legitimate customers. Other times retailers rely on fraud detection and prevention at the payment stage, ignoring any fraudulent activity, which happens before that, throughout the customer journey. Either way, with fraudulent activities getting more sophisticated, retailers are dealing with a growing number of chargebacks due to fraud.
In-depth understanding of the fraud journey, identifying and monitoring its various touchpoints, will help retailers to reduce fraud and still maintain the balance between customer satisfaction and security.
Proactive Chargeback Management
The common passive-reactive approach to chargeback management is proving to be insufficient as fraudsters are increasingly using tools such as bots and emulators to scale their attacks. Behavioral biometrics-based fraud detection introduces a proactive approach to counter advanced fraud. As opposed to focusing on login or checkout only, and reacting too late, behavioral biometrics focuses on user behavior throughout the entire customer journey, making it easy to identify suspicious and potentially fraudulent behavior at its earliest stage, enabling to stop the fraudster in his tracks, before damage is done.
Adopting advanced technologies like behavioral biometrics will provide retailers with visibility and insight into the entire fraud journey, leading to better, data-driven decision making, pre-transaction prevention and cut down chargebacks.
SecuredTouch is the expert in adaptive fraud detection solutions for online retailers and financial institutions. Using machine learning, the technology continuously analyzes hundreds of behavioral data points to differentiate between human and non-human behaviors, human to device interactions and behavioral anomalies to provide early detection of fraud. The solution identifies sophisticated fraud throughout the customer journey while simultaneously improving the user experience. Businesses benefit from reduced drain on internal resources and increased transaction rates, ultimately leading to an improved bottom line. Today, our award-winning solutions are used by some of the world’s largest retailers and financial institutions.
By Ran Wasserman, CTO, SecuredTouch – Sponsored Content
The chargeback process was introduced more than four decades ago as a consumer-protection mechanism. It was meant to inspire consumer confidence in payment cards, which were still a novel concept at the time. Fast-forward to today, though, and these forced payment reversals have evolved into a significant problem for online merchants.
Chargeback abuse—commonly known as friendly fraud—is a major source of loss. In fact, chargeback issuances resulting from friendly fraud were expected to reach $50 billion annually in 2020, according to Mercator Advisory Group.
Even then, this figure is a low estimate. It doesn’t account for current trends in a post-Covid environment, where we’ve seen a dramatic increase in friendly fraud. These attacks were already up by the end of March, and there’s no sign that they’re going to slow down.
Covid-19 might look like the source of the problem on a superficial level. If we dig deeper, though, we see four underlying factors behind the preexisting upward trend in chargeback filings:
More fraudsters view the CNP environment as the “channel of least resistance;”
Inconsistency in technologies and regulations across different markets;
The rise of mobile banking;
The response by card networks like Visa and Mastercard.
These four factors carry diverse ramifications for the market. For instance, roughly $118 billion in e-commerce transactions are declined each year, according to Javelin Strategy & Research. Most of these rejected purchases are false positives, meaning the merchant unnecessarily rejected the purchase in hopes of avoiding a chargeback.
Clearly, there’s a growing disconnect between merchants, financial institutions, and card networks regarding how best to address this situation. We can see this reflected in the fact that the rate of chargeback issuances in North America is expected to significantly outpace those in the European market. This is attributed to factors like strong customer authentication protocols required by the Revised Payment Services Directive (PSD2), and more widespread use of 3-D Secure technology.
The pressure is on for industry players to find more comprehensive solutions for chargebacks. These solutions must be data-driven and adaptable, though. Otherwise, the growing disconnect between cardholders, merchants, financial institutions, and card networks will exacerbate existing problems in the market, leading to further losses.
The good news is that, in the meantime, there are strategies merchants can employ to address these concerns. For instance, even though friendly fraud operates by concealing itself behind false chargeback reason codes, it’s still helpful to have a clear understanding of what each reason code means in context.
Merchants can’t avoid friendly fraud in the same way they can detect criminal attacks or eliminate merchant errors. However, they can minimize friendly fraud risk by adopting key best practices, including:
Notifying customers to remind them about recurring payments;
Keeping organized and well-documented transaction records;
Using delivery confirmation when shipping physical goods;
Providing easy access to round-the-clock, live customer service;
Providing a quick response to any refund or cancellation requests.
Also, if a merchant identifies a chargeback as friendly fraud, it’s important to engage that dispute through the representment process. This is a complex, time-consuming process, which is why many merchants opt to outsource their chargeback management. It’s still possible to conduct the process with in-house management. However, it will require strong evidence to support the merchant’s case, such as:
A legible sales receipt
A tracking number
Any emails or transcripts of communications you’ve had with the customer
Delivery confirmation information
A record of in-store pickup
Photographic evidence (when available)
This evidence needs to be contextualized with a chargeback rebuttal letter, explaining why the original transaction was valid. Also, merchants are on a tight schedule. In most cases, they have only a few days to provide a response to their acquirer.
Chargeback management can be a difficult and confusing process. But, with the problem of chargeback abuse only set to grow over time, it’s something merchants can’t afford to take for granted.
—Monica Eaton Cardone is the chief operating office and cofounder of Chargebacks911, Clearwater, Fla.
Safe-T for SMB streamlines the PCI process while providing the layered security needed to protect card data
EMV – Fraud protection at the point of sale
EMV chip technology keeps the consumer’s card in their hand. It also helps protect the business from card-present fraud related chargebacks.
Encryption – Protection of payment card data in-transit
Safe-T scrambles cardholder data using advanced encryption technology, so data is protected at the point of entry, and throughout the authorization process.
Tokenization – Token ID protection of stored payment card data
Safe-T returns a token ID or an alias, consisting of a random sequence of numbers to the point-of-sale so the actual card number is never stored. Token IDs can be used for follow up transactions (i.e. recurring payments, voids, etc.).
Reduced PCI – Protection from complex PCI compliance
Maintaining PCI Compliance can be intimidating – second only, perhaps, to completing your taxes. Safe-T eases this process for customers by reducing the number of PCI Self-Assessment questions by more than 60% from 80 questions to 31.
Financial Reimbursement – Financial protection from a card data breach
Recovering from a card data breach can be costly for a small business. Safe-T offers Card Data Breach Reimbursement to financially protect your customer’s business in the event of a card data breach – regardless of the type of card data breach.
For Electronic Payment Set up with this feature call now! 888-996-2273
Payments standards body EMVCo has updated its Payment Tokenisation Technical Framework to introduce the new roles of token programme and token user, refine the roles of token service provider and token requestor and detail their interrelationships within the global payments environment.
EMV Payment Tokenisation Specification — also includes expanded ecommerce use cases and operational management enhancements to support global interoperability and facilitate transaction security.
This latest version offers significant updates and use cases that reflect payment industry input to define how EMV payment tokens are generated, deployed and managed. The level of detail assists in establishing a stable payment environment and delivering a common set of tools to facilitate transaction security.
The technical framework needs to capture these industry requirements and be flexible enough to interoperate with the existing payment ecosystem while supporting ecommerce, new payment methods and regional variations.
EMVCo is calling on the payments community to get involved and provide feedback.
EMVCo was formed by Europay International, MasterCard International, and Visa International to manage, maintain and enhance the EMV specifications for payment systems.
