Avoid Credit Card Theft: Finding a Secure Credit Card Processor
A secure credit card processor is a major component in the process of preventing credit card theft. Since 2005, more than 340 million records have been comprised from online security attacks. From those security attacks, 80% of the targets were actually small merchants.
The Payment Card Industry Data Security Standard (PCI-DSS) is a set of requirements designed to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. If you conduct online retail business, it is imperative that you process transactions through a PCI compliant payment gateway to ensure a secure credit card processor.
Allied Wallet: Safe & Secure
At Allied Wallet, we are a leader in the safety and security of electronic commerce transactions. We have built our business around PCI-DSS Level 1 Compliance as an established internet payment service provider.
Allied Wallet meets the highest level of the industry security standards. We have utilized Certified PCI-DSS Level 1 measurements since 2007. By being securely encrypted with a 128-bit Secure Socket Layer (SSL), website processing is protected safely. The implementations set forth by Allied Wallet are designed to function as a secure credit card processor.
E-Wallet technology has also been developed as an additional security measure. This technology keeps your payment information in a securely encrypted in-house database.
With Allied Wallet’s eWallet technology, the consumer is allowed a more safe and simple online transaction experience. Consumers will only need to enter their online information once. Afterwards, if they need to make any additional payments, they will be able to do so using two-click checkouts.
Merchant accountability is also a key factor in the entire process of utilizing a secure credit card processor. An Allied Wallet feature that helps to assist merchants is the Fraud Scrub application. Fraud Scrub allows merchants to monitor and track all transactions. Being able to view all consumer transactions eliminates the possibility of chargebacks.
Chargebacks are a daily activity for many businesses that accept credit cards. Credit card chargebacks happen when customers contact their credit card issuers to dispute charges. If the issuer determines that a dispute is valid, the merchant account is debited for a credit card charge that had previously cleared. In addition, there is a chargeback fee from the processor. It usually can range from $15 to $100.
One measure that the industry as a whole can implement to prevent credit card theft is to use better data encryption. In America, credit cards are issued with data stored on the card’s magnetic strip. In Europe they use what are known as smart cards.
With a smart card, the consumer’s data is kept in encrypted form on a built-in microprocessor. The user only has to enter a PIN number. The entire transaction is hidden. This virtually eliminates the possibility of identity theft.