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Why Payment System Security is Vital

Keeping payment systems secure is a primary concern for merchants, particularly in the face of unrelenting threats from data breaches and security hacks. As fraud risks advance and become stronger, combating them can consume significant time and resources. Merchants need a payment system security solution that prioritizes transaction security from the beginning, providing features that protect customer information and insulate their payment systems from security risks and fraud.

A payment orchestration partner like OLS can help businesses improve their payment processes by enabling greater payment system security. Our innovative and secure technology drives all forms of payments commerce, can reduce your PCI scope, and protects your payment systems.

What are major vulnerabilities to payments system security?

Fraud can happen at nearly any point in the transaction process, from before payment is initiated through after the payment has settled. Major vulnerabilities along the transaction pathway include improperly stored card information, malware, outdated software, and chargeback fraud. With OLS Payments as their payments orchestration partner, merchants can enhance transaction processing security and reduce the impact of data breaches and compliance.

Consumers Want to Feel Confident About the Security of Their Financial Data

Consumers want merchants to be able to offer them access to various payment methods, including emerging and alternative payments. However, when they make a payment transaction, they also want to feel confident about the security of their financial data. Yet, this increase in payment system complexity often leads to the rising risk of data breach occurrences and data theft. To both enhance the customer experience while also making payments secure and protecting cardholder data, merchants need powerful and flexible technology to protect cardholder data and payment systems.

The Security of Cardholder Data is Critical for Businesses

Security breaches pose a serious threat to both consumers and businesses. The strength of a business’s payment system security has a tremendous impact on whether or not a company is viewed as trustworthy. If consumers don’t feel their information is protected, it can decrease customer trust and potentially drive them to shop elsewhere. In most states in the U.S., a business that has suffered a breach must notify anyone whose data was compromised, further adding to the costs and burdens associated with a data breach.  

Even a business that has spent years establishing itself as reliable, credible, and dependable can see that all wiped away in the wake of a security hack. Merchants need a way to secure payments and protect cardholder data, ensuring that the data is never captured or transmitted within the systems in a human-readable format, no matter the payment method.

Payment System Complexity Can Lead To Increased Security Risk

The payment ecosystem is complex, leading to security risks and vulnerabilities. There is potential for data to be exposed several times through the payment process; this means there is potential for security risks to occur all along the transaction process as well, beginning from the moment the transaction is initiated until even after the payment has settled.

Outdated system software, or lack of system maintenance, leaves merchants open to vulnerabilities that hackers can exploit. One common point for fraud can happen at the entry-point, through the merchants’ point-of-sale (POS) terminals, exposing card number information. While frequent software updates may feel tedious, these POS systems use software that can be hacked, with malware installed to steal cardholder data. 

Payment Orchestration Enhances Payment System Security

Taking a proactive security-first approach to the payments system allows merchants to focus on mitigating potential security problems before they cause irreparable damage. With a suite of enhanced data security solutions developed to help secure and protect cardholder data and personally identifiable information in your payment system, OLS Payments can help retailers encrypt data from when data enters their control. Even in a breach, the data is useless to fraudsters.

With a security-first mindset, OLS Payments provides merchants with access to the most recent tokenization and encryption methodologies and complies with the latest PCI and PA-DSS requirements, reducing PCI scope and relieving breach notifications.

Provide the Utmost in Transaction Security

As the stress of keeping up with new mandates and securing customer data continues to increase, payments orchestration can help merchants enhance transaction processing security and counteract transaction fraud by streamlining electronic processing systems. 

At OLS, our solutions are built with a security-first approach, utilizing highly secure encryption and tokenization methodologies to provide the utmost in transaction security. Learn how OLS Payments can help you with a secure payments solution that offers peace of mind that your customer’s data is secure.

Key Takeaways

  • The payment ecosystem is complex, leading to security risks and vulnerabilities.
  • There is potential for data to be exposed several times through the payment process.
  • Merchants need a payment system security solution that first prioritizes transaction security. 
  • OLS Payments provides merchants access to the most recent tokenization and encryption security updates.