The FAQs Series: Do we process credit card transactions? Are you secure?
So, the answer to this question is; we provide a secure environment to process credit card transactions but it’s actually our partner, Merchant Link that takes care of the all the important stuff… and we’re going to explain why that is.
Card Growth: In recent years, cashless payments and the use of payment cards have become commonplace in personal finance; their popularity has grown nearly hand in hand with the growth of digital. It is estimated that 10,000 payment card transactions are made every second around the world. “We predict that contactless mobile payments – and the integration of mobile devices as a tool for managing spending – will move into the mainstream, bringing us a step closer to a cashless society.” Rachelle St Ledger, PrePay Solutions.
Payment Complexity + Security: Payment Processing is becoming more complex. With a credit card industry moving at such an accelerated pace, changing Payment Card Industry (PCI) security regulations, and a constantly expanding set of alternative payment offerings, it is becoming more challenging for a hotel company to stay current. As a result most hotel companies have moved away from direct interfaces with payment processors to eliminate the need to store payment data on their network and remove any security risks. Enter, the payment gateway.
Payment Gateway: Instead of a direct interface with a payment processor, the payment gateway facilitates the transfer of information between a point of payment (such as the property management system) and the bank, directing all data through a secure route. The gateway secures customers data by encrypting the transaction and tokenizing the card number. “With tokenization, card data is encrypted at the point where it is captured and sent to the merchant’s payment processor where the data is decrypted and the transaction is authorized. The processor then issues a token representing the entire transaction back to the retailer while the actual card number itself is securely stored in a virtual vault.” Dave Fortney, The Clearing House.
Why Merchant Link? Besides being a great company to work and partner with, Merchant Link have been around a long time and know their stuff when it comes to all things card payment related.
They are a leading provider of cloud-based payment gateway and data security solutions, enabling 6 billion transactions annually for some of the world’s best-known merchants. They currently support more than 400,000 hotel, restaurant and retail locations, providing connectivity to the major U.S. payment card processors.
So yes, we support the secure processing of credit card transactions with the help of our partner Merchant Link.
Have any good questions for us? Let us know and we will do our best to answer them in upcoming FAQ Series posts!
Karen O’Neill, StayNTouch