TrustCommerce is out and about this fall! Don’t miss an opportunity to meet with us in-person. Utility Payment Conference Visit us at Booth #204! September 30-October 2, 2013 Houston Harris User Group October 1-2, 2013 South Carolina GE Western Region User Group (WRUG) Fall Conference October 10-11, 2013 Newport Beach, CA …
Transit and parking systems are making the move to electronic payments as they face tighter budgets, seek to operate more efficiently, and improve the customer experience. Moving from cash to electronic payments brings many benefits. In many cases, it can improve cash flow and is less expensive than collecting cash. Accepting electronic payments can also resolve other customer experience issues like these identified in a recent MasterCard study1:
- 65% of US commuters who use cash to pay for mass transit worry about having the right amount to pay for their trip.
- 36% were unable to take mass transit at some time because they did not have enough cash on hand.
- 44% have missed a bus or train while waiting in line to purchase a ticket or add money to a fare card.
Take a look at 5 ways transit and parking industries are accepting electronic payments.
Those new to electronic payment processing often ask, “Why do I need a payment gateway?” It’s a great question and this article will help explain.
In order to process electronic payments such as credit cards, debit cards, and ACH/electronic check payments, merchants work with payment gateways. A payment gateway sends the electronic payment data to a processor/acquiring bank that routes the payment securely to the issuing bank. A payment solution handles this complex workflow in mere seconds. An issuing bank maintains the consumer’s credit card account and pays out to a merchant’s account when the consumer makes a credit card purchase.
The gateway can be one piece of an overall payment solution. TrustCommerce payment solutions include gateway functionality, and much more.
Merchant who store, process or transmit cardholder data, must be compliant with the PCI Data Security Standard. More often than not, PCI DSS Compliance is a starting point for protecting payments, not an achievement that can be crossed off a check list.
Headlines remind us of the ongoing risk of data compromise. A franchising company is the latest example. According to the company’s press release, an internal forensic investigation, launched after fraudulent activity was found on several payment cards that had been used at the company’s locations, identified suspicious files, including malware, on the licensees’ computer systems at 108 locations in 10 states. The franchising company is concerned that the suspicious files could indicate that an attacker(s) may have accessed data, including credit and debit card information. It is yet to be determined whether credit or debit card data was exposed.
To help you better understand how TrustCommerce’s security products could have helped prevent this “malware” attack, here are some key points.
U.S. Senators are again looking at crafting a law that creates a national standard for reporting data breaches. Referred to as the Data Security and Breach Notification Act of 2012 (S.3333), the draft bill would require businesses and government agencies to “take reasonable measures to protect and secure data in electronic form containing personal information.” The Federal Trade Commission would enforce the legislation, and fines for violating the law could reach up to $500,000 per incident.
There are currently 40 different state laws in place. This bill would override any existing state data breach legislation. Implementing a single law could simplify compliance and make for a more consistent notification process in the event of a breach.
What’s New at TrustCommerce? A Lot!
It is midway through what is shaping up to be another big year for Trust. As always, we are focused on advancing our TC SMART Products, specifically in the area of E2E/P2P encryption and tokenization. It’s fun to pioneer new innovative offerings, better to improve upon those innovations, and even more rewarding to offer the best in the industry.
You already know we’ve completed our migration to the new TC Vault! Throughout this transition, we’ve implemented many functional improvements. This new interface provides a foundation for rapid customization and enhancement. Built and designed from a customer-centric perspective, it maintains this core value from login to log-out. From the outpouring of positive responses we’ve received, we are thrilled our merchants love the new TC Vault as much as we do.
How can merchants address the threat of a payment data compromise?
Credit and debit cards have rapidly become the preferred payment method across the globe. We all swipe our credit cards at the check-out counter and enter our credit card numbers into e-commerce websites, usually with little thought to where the data ends up. But there are people waiting on the other end of that transaction ready to capture payment data and use it fraudulently.
Network intrusions and data compromises continue to plague the payment card industry. At the 2012 RSA Annual Security Convention, RSAʼs Executive Chairman, Arthur Coviello, told the audience, “Our networks will be penetrated. We should no longer be surprised by this.” His statement came within months of the disclosure that RSA, one of the worldʼs largest and most respected security companies, had been breached and the code to SecureID, their two-factor authentication solution, stolen. Mr. Coviello then told the attendees, “The reality today is that we are in a race with our adversaries and right now, more often than not, they are winning.”
Some things are worth the wait! We are happy to post that the latest and greatest TrustCommerce Developer’s Guide 4.0 is now available for download within the TC Vault in PDF format. This new version comes with many improvements and several new chapters and sections. This document began as a revision to the existing TCLink Developer’s Guide, but evolved into a more comprehensive TrustCommerce Developer’s Guide.
On my morning commute, lost in thought, I drove right past the office. Snapping out of it, I realized what I’d done, took a right turn and began my detour back to the office. Having never gone this route, I saw buildings and roads I’d never seen before, discovering better paths for future trips.
Seeing things in a new light makes me think about the TrustCommerce professional services team. What I love about our team is how they look at a project from every angle – upside down, backwards, and sideways before arriving at a clear plan for reaching an objective. Our team has lead projects and implementations for leading organizations in key vertical markets and apply that unique knowledge to every project.