Data security is a critical component of the work that payment facilitators do. Proper management of sensitive data is an essential responsibility for anyone enabling access to the payments system. So every payment facilitator needs to understand the role that PCI compliance plays in their overall risk management efforts.Read More
As small businesses grapple with the economic conditions brought on by the pandemic, their payment partners must be careful to avoid making the hardship worse.Read More
As businesses adjust to the changing times due to COVID-19, criminals and other bad actors are actively seeking ways to capitalize on the crisis. So, what can payment facilitators do to help protect themselves and their submerchants from fraud and other types of risk in this environment?Read More
Payment facilitators have a number of tools they can use to reduce their exposure to risk. To mitigate against credit risk, PFs will sometimes hold back funds from the submerchant – known as a reserve – to guard against possible future losses.
When are reserves typically used, and is now – as many businesses are experiencing financial hardship because of the coronavirus – a time to implement them?Read More
The outbreak of a global pandemic is unlike anything the payments industry has previously encountered. But that doesn’t mean the resulting threats themselves are new – simply that the risk of encountering them is dramatically heightened.Read More
The relationship payment facilitators have with their merchants is at the heart of what PFs do. Working with a payment facilitator makes acceptance simpler for merchants – especially for smaller businesses, for whom setting up individual merchant accounts can often be too cumbersome.Read More
Tokenization is one solution that helps reduce the exposure of sensitive data in situations where it could be accessed by criminals.Read More
Marketplaces and payment facilitators are two of the ways the payments system has evolved to meet the needs of the current economy. But what are the differences between these two models?Read More
This week, we complete our series on high-risk trends with a look at types of merchants that could carry reputational risk for payment facilitators. David Khalaf, LegitScript In an era where corporate missteps are amplified by social media and a nonstop news cycle, payment facilitators can easily find themselves under attack for processing payments for…Read More
By lowering the barriers to entry into the payments system for many legitimate merchants, the payment facilitator model potentially becomes attractive to bad actors as well. This means that payment facilitators have to stay well-informed about the biggest risks to their own portfolios, so they can remain vigilant in protecting them.
This week, we continue an occasional series on the high-risk trends that are facing payment facilitators with a look at recent frauds and scams.Read More