Payment card industry (PCI) compliance is a set of guidelines that govern data security across a broad range of debit card, credit card and ACH payments. In order for your merchant account to remain in good standing, you must satisfy the regulations outlined by the PCI Security Standards Council.
But as with most regulatory guidelines, PCI standards evolve with time, usually to reflect changing needs or emerging security threats. The first standards were established in December 2004 (PCI 1.0), and the payment industry has benefited from two additional major updates:
Short for “near field communication”, NFC allows devices in close proximity to wirelessly transfer data back and forth. The technology is very similar to Bluetooth, but NFC uses far less power and works over much shorter distances.
In the world of commerce, merchants and consumers use NFC technology to initiate contactless payments via credit cards or mobile devices. Rather than physically swipe plastic, consumers simply wave their preferred payment delivery device across an NFC reader to authorize transactions.
Saving money, reducing debt, accounts receivable, and DSO (Days Sales Outstanding) are just a few of your responsibilities as CFO. Many businesses choose to accept electronic payments to improve cash flow and reduce DSO, but do you know what to expect and look for when setting up a merchant account? If your company has decided to accept credit card and eCheck/ACH payments, or if you are considering a switch to a new provider, choosing an all-in-one payment processor that can offer all of the following features would be an extreme asset to your business.