Prioritizing privacy & security
Keeping your business safe while protecting your clients, agents, suppliers and other stakeholders is critical to your success. But keeping up to date with the latest regulation, fraud, and data protection requirements across different geographies can prove to be burdensome for any business. When it comes to accepting payments, the easiest way to ensure the security and safety of your payers is to identify a payment processor that takes these issues as seriously as you do and then outsource your payment processing to that provider.
Financial professionals reported in 2022 that their organization experienced attempted and/or actual payments fraud.
Payment processors can attain a number of certifications and reports to demonstrate their commitment to security—and they should be proud to share these with partners and clients to prove their on-going obligation to keep your information safe. At a minimum, ask your provider if they comply with the following standards and frameworks:
SOC II Type 2 (SOC 2)
Evaluates the operational procedures and technical controls within a service organization that accesses, stores, and processes customer data. The assessment is based on strict information security policies and procedures that measure the organization’s ability to properly manage and protect the security, availability, processing integrity, and confidentiality of customer data. Learn more about SOC II.
PCI DSS
The industry standard for companies that accept, process, store, or transmit credit card information. This certification was specifically designed to reduce credit card fraud by ensuring secure environments and increasing the controls around cardholder data. Learn more about PCI compliance.
EU-US Privacy Shield
A framework designed to ensure that US-based companies adhere to the rules of the European Privacy Act when they do business with European entities. Specifically, the General Data Protection Regulation (GDPR) provides stipulations on how personal data can be exchanged for commercial purposes between the European Union and the United States.
When you are evaluating digital payment processors, it’s crucial to assess their compliance with these frameworks and standards. In 2021, 71% of financial professionals reported that their organizations experienced attempted and/or actual payment fraud. Luxury accommodation providers are especially at risk for payments fraud, data breaches and/or fines associated with noncompliance because of the traditional methods utilized by many companies, whether that be exchanging payment details over phone, or via email, and passing payment details between multiple parties. Researching and working with a provider that has prioritized providing reliable, compliant systems and services with automatic fraud protection and robust security measures can minimize your company’s risk.