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Which merchant credit card processing services are the most secure?
I'm looking for a credit card processing service with the best security and fraud protection. Any advice?
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9 Answers
Card processing service providers that are listed on both Visa and MasterCard's websites as PCI-DSS certified, and offer a tokenization or end-to-end encryption solution should be the most secure. An article comparing the two techniques appears here http://www.bankinfosecurity.com/articles.php?art_id=1869 .
You can check online to verify a provider's PCI-DSS compliance. Visa maintains its "Global List of PCI DSS Validated Service Providers" here http://usa.visa.com/merchants/risk_management/cisp.html . MasterCard's "Compliant Service Provider" list is here http://www.mastercard.com/us/sdp/serviceproviders/compliant_serviceprovider.html .
In addition to ensuring a merchant's service provider is secure, the merchant should also use a secure payment application. The PCI Security Standards Council maintains a "List of Validated Payment Applications" here https://www.pcisecuritystandards.org/security_standards/vpa/ .
There are several PCI-DSS complaint providers that offer tokenization and/or end-to-end encryption services. Hosted payment acceptance with tokenization is offered by CyberSource and others, which eliminates cardholder data from being stored within the merchant's POS system. CyberSource also provides gateway, acquirer and fraud prevention services and is a good match for large US-based merchants in the ecommerce sector. If your client runs SAP or a similar ERP system and wants an integrated card acceptance solution with tokenization, try PayMetric. For Europe, Ogone is a secure gateway that provides important alternative payment methods, hosted payment acceptance and connects to many banks with a quality fraud-detection package.
Should you require assistance with merchants located in other parts of the world, feel free to send me a note.
Best,
Geoff
Hi Shawn, You must look for a company that is accredited with PCI DSS. Check it on the Visa website rather than take someones word for it, or that they are in the 'process of achieving it'. You can then be assured of the security surrounding card processing. We had to achieve American Express Compliance in addition.
Hi Shawn our front end is TSYS and our back end is central bankcard to my knowledge we have not been hacked. RBS and Heartland have both been hacked in the last year and they had there own front end. If you want to Give me a call at 847-970-1295
Glen Dahlem
District Sales Manager
Matrix Payment Systems
847-970-1295 Cell
I would look into Authorize.net , I am a reseller of them and had had excellent results in both concerns, during the last 10 years as an agent. I also have some other national contacts if needed. Ques. ? Is this type of processing online or retail.
Regards
Dan
You may reach me at 910-200-1632 or by email SpectrumATM@gmail.com
Hello Shawn,
Fifth Third Processing Solutions LLC is the fourth largest processor in the country. We have a specialized PCI-DSS, PA-DSS engineers, techicians and security division. I am available to talk with regarding your security and fraud needs. I can be contacted at 574-274-8331.
Our PCI DSS compliant payment processing platform supports both end to end encryption (http://www.elementps.com/software-providers/security/encryption/) and tokenization (http://www.elementps.com/merchants/security/tokenization/).
Supposedly ALL credit card processing companies must now comply with PCI (Payment Card Industry) security regulations.
Just make sure the company you intend to use can assure you in writing that the equipment/terminal will be PCI compliant after July of this year when some new requirements come into being.
Since it looks like you're new to credit cards, I'm going to take the liberty to provide the following advice:
First: of all the ways to process money, the credit card processing industry is unique in that there are no laws to govern it. (yet. one of my companies is working on that).
What that means is that there are currently about 40 Processors who are permitted to deal directly with "Interchange" (Visa and Mastercard). Nearly all of these companies will contract with just about anyone who claims to be able to sell the services. So there are hundreds, if not thousands, of these sales organizations.
All of them make their profits from one or both of two sources: the processing and the machinery.
So... here's what your costs are going to be comprised of:
1 Interchange fees ( .95% to over 3%, depending of hundreds of factors, and not controllable by you, anyway)
2- Processing fees by the Processors and/or the sales groups. These are ALL negotiable
3- machinery. Nearly all the machines out there cost under $300, depending on your needs. Some machines can be programmed for two separate businesses, incidentally. If you businesses are not face-to-face, you can set up a computer to handle all this. You can even get a small "wedge" that attaches to a UPS slot in that computer to handle card "swiping". "Swipe" here means the physical movement of a card through a card-reader, not ripping you off.
What you should do is:
1- buy, DO NOT LEASE, whatever machine you want.
2- insist on a contract that provides a rate guarantee for at least two years
3- Insist on a contract that is "cost plus" instead of "tiered".
4- check the service 800# in the middle of the night to assure yourself of good service.
Any salesperson who can provide these criteria should be acceptable. I personally have narrowed the several hundred down to only three, and I'm phasing one of those three out because of software problems.
Shawn,
Hi! I am Matt Samuelson with Heartland Payment Systems. It is true, Heartland was a victim of a cyber-terrorist activity last year. Heartland's breach was but one of about 600 in the industry. We got out in front of the situation, let the public know about the issue, and then worked to resolve the issue.
Since then, Heartland has created an information sharing council between the major card processors in order to help each other prevent this kind of thing from happening again.
We have also created an industry leading end-to-end encryption terminal- the most secure in the marketplace.
Heartland is the 4th largest direct processor of credit card in the US. That means we have indeed created our own front end to approve transactions and back end system to move the money.
Glen apparently represents a 3rd party reseller of someone else's services. This means that you will be subject to hidden fees and cost increases.
I would be happy to speak more with you about what Heartland can do for you.
Thanks,
Matt
Matt Samuelson
Territory Manager
Heartland Payment Systems
matt.samuelson@e-hps.com
www.heartlandpaymentsystems.com/mattsamuelson
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