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Commercial Banking Customers

It’s important to us to be your trusted advisor and in doing so, we provide you with information on topics that may help you better navigate your payment processing.

As part of our Banking Partner Program, we help you avoid customer dissatisfaction first by recommending only the best and most reliable payment processors to your customers. We also take steps to ensure that your customers have clarity and guidance around the latest security concerns and are compliant with current regulations.

Here are some of the key areas addressed.

PCI

In order for businesses to protect cardholder data, mitigate risks and fines and avoid fees charged for non-compliance, it is important to demonstrate PCI DSS compliance. Visa, MasterCard, Discover and American Express have mandated that all businesses accepting credit and debit cards demonstrate compliance to Payment Card Industry Data Security Standards (PCI DSS), often referred to as PCI Compliance. MSP Consulting recommends PCI compliant solutions to our clients, helps monitor our clients’ compliance and assists with actions needed to remain compliant – just another way MSP Consulting goes further to provide the highest service level and support to our clients.

Businesses are required to complete a self-assessment questionnaire annually to verify PCI Compliance. For many businesses, this simply involves completing an annual online questionnaire and conducting a quarterly scan for businesses that transact via an IP-based connection, such as a web-based virtual terminal. While being PCI Compliant does not guarantee a business will avoid a data breach, it does demonstrate the business is taking efforts to avoid such a situation.

More information regarding PCI compliance and the importance to your business can be found at https://www.pcisecuritystandards.org/

Fraud Avoidance

Credit card fraud related issues are a major challenge for businesses in the U.S. and worldwide. The Nilson Report sites that U.S. card issuers lost $3.4 billion and merchants another $1.9 billion in 2012 and the U.S. represented 47 percent of the counterfeit fraud globally.

Businesses need to understand methods to combat credit card fraud and avoid unnecessary loss for their business, as well as improved management of chargebacks. MSP Consulting works directly with our clients to help implement leading practices and tools that can be utilized for their benefit. Refer to the link below to see a fraud avoidance presentation and published article about EMV chip cards and fraud avoidance.

Transaction Security

Encryption and tokenization, in simple terms, are methods to secure payment transactions in an effort to avoid credit card data theft. Heightened sensitivity to fraud and data breaches has facilitated payment software providers to incorporate improved security methods. Encryption involves complex algorithms to code and decode sensitive data such like card numbers. Tokenization actually replaces the sensitive data with a reference code that has no value by itself. Website based, mobile and Point-of-Sale software payment solutions are adopting these capabilities to increase security of transactions. MSP Consulting reviews third party software and payment tools to understand the transaction security methods used to help our clients adopt secure environments and avoid unnecessary risks.

Please visit our blog to see our published articles and other industry resources profiling mobile wallets and key considerations.

Mobile & Virtual Wallets

Apple Pay, Android Pay and Visa Checkout are examples of mobile or virtual wallets that have become widely used by companies and consumers alike. New payment technologies like these are constantly being introduced and new methods often leverage mobile technology and security capabilities such as encryption and tokenization.

MSP Consulting reviews new payment technologies and capabilities to determine which players will likely prevail and at what point businesses should consider adopting the payment solutions to maximize benefit. As adoption of mobile and virtual wallets grows over the next several years, MSP is prepared to help clients develop the most up to date solutions.

Please visit our blog to see our published articles and other industry resources profiling mobile wallets and key considerations.

For a complete resource library on topics relevant to your processing, visit our blog.

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