Why Payment Environment Security Should be a Primary Consideration for any Solution

Security and data breaches pose a serious threat, potentially putting your business and customers at risk and decreasing customer trust. As fraud risks advance and become stronger, combating them can consume an increasing amount of time and resources, making payment environment security a primary concern for merchants. Technology and payment leaders know that fraud can happen at nearly any point in the transaction, from improperly stored card information to malware and outdated software. This is why merchants need a payment system security solution that prioritizes transaction security from the beginning.

To decrease the risk of data breach occurrences and data theft, merchants must implement payment system security features, products, and services that protect customer information and insulate their payment systems from security risks. A payment orchestration partner can help businesses improve their payment processes by enabling greater payment system security. At OLS, our innovative and secure technology drives all forms of payments commerce, can reduce your PCI scope, and protects your payment systems.

How does payment orchestration enhance payment environment security?
Payments orchestration from OLS can help merchants enhance transaction processing security and counteract transaction fraud with access to enhanced security functionality, including the most recent tokenization and encryption security updates. Compliant with the latest PCI and PA-DSS requirements, the OLS security solution can reduce PCI scope and provide relief from breach notification.

Consider What the Usage of Acquirer-Provided Solutions Includes

Acquirer-provided solutions may seem easy on the surface, but there are drawbacks to this type of integration. The use cases deserve consideration, from contractual obligations to blocking a merchant’s data.

A large retail chain experienced several drawbacks with the security product that their payment processing company implemented. This security product consisted of a proprietary encryption technology that secured the payment card data from the POS to the processor. By utilizing this proprietary encryption product from the processor, the retailer was not only contractually locked to this payment processor but was also prevented from accessing the payment data for their business analysis. This also prevented them from adding payment processors to help mitigate outages or utilizing beneficial services such as least-cost routing.

With OLS as their payment orchestration partner, OLS could create a solution for this retailer that provided them with a similar security method and more independence. Without being tied to a single provider, the merchant could now take their payment traffic and split it up however they decide. Not only could they change processors, but they could also add additional processors. OLS helps merchants connect to a broader range of acquirer and third-party service provider relationships and choose the best-in-class providers that fit specific business needs.

Consider How Security Breaches Can Lower Customer Trust and Cause Significant Reputational Damage

Retailers have been victims of malicious software installed on their POS terminals, allowing bad actors to capture card numbers. Outdated system software, or lack of system maintenance, leaves merchants open to vulnerabilities that hackers can exploit. While that still occurs, a newer form of fraud involves a bin attack. Attacking the bin refers to a fraudster taking the first few numbers of a card and then running software to generate the rest of the numbers until they get approval.

The magnitude of a security breach is both long-lasting and far-reaching. The intangible reputational damage, in particular, can linger indefinitely. When the public hears of a data breach, many react by choosing not to use a credit card with that brand or simply stop shopping with that merchant out of fear. 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.

Payment Orchestration Can Enhance Payment Environment Security

Payments orchestration can help merchants enhance transaction processing security. OLS Payments provides merchants with access to enhanced security functionality, including the most recent tokenization and encryption security updates, both critical components for keeping payments secure and protecting cardholder data. Compliant with the latest PCI and PA-DSS requirements, these security solutions can reduce PCI scope and provide relief from breach notification. Learn how OLS Payments can help you improve payment environment security.

Key Takeaways

• Security and data breaches pose a serious threat, potentially putting your business and customers at risk and decreasing customer trust.
• Using acquirer-provided security solutions often finds merchants locked into a single payment processor.
• Compliant with the latest PCI and PA-DSS requirements, OLS security solutions can reduce PCI scope and provide relief from breach notification.
• OLS Payments provides merchants access to enhanced security functionality, improving payment environment security.