Editor’s Note: This blog entry was originally published on June 5, 2018, and was updated on April 29, 2020.
The Changing Payments Landscape
As payment technology continues to evolve and improve, new payment methods continue to arise. Consumers are adopting these new methods. In a 2018 survey, TSYS asked consumers their preferred payment method. The results were:
- 54% chose debit cards
- 26% chose credit cards
- 14% chose cash
Customers are increasingly using methods of payment other than cash. In 2018, there were 160.6 billion non-cash transactions in North America.
Credit and Debit Cards
Many customers prefer to pay with credit cards because they can earn rewards points, or debit cards because of the ease of keeping track of expenses.
Mobile Payments/Digital Wallets
Mobile payments have become quite popular in recent years because of their convenience and contactless nature. Consumers use mobile payments in the form of digital wallets such as Apple Pay and Google Pay, as well as through store-specific apps such as the one offered by Starbucks.
Gift Cards
Gift cards have become a popular method of payment as well. Branded gift cards not only allow customers another cashless way to pay, but they also allow the business another avenue for promotion.
eChecks
Some customers still prefer to pay by check - but even some of these transactions are done online now, via electronic check. Rather than using a paper check, the customer enters their check information online where it is processed electronically.
ISVs Need to Offer Robust Payment Solutions
With the wide range of cashless ways to pay, software developers need to ensure that their solution is equipped to offer all of these options to their customers. Merchants want one solution that encompasses all payment methods. Solutions from Global Payments Integrated support these numerous payment methods.
Security for All Payment Methods
ISVs need to offer their customers a payment solution that encompasses the various payment methods, but it also needs to be secure. The best security strategy is a multi-pronged approach utilizing encryption, tokenization, EMV and more. Global Payments Integrated offers all of this through EdgeShield.
EdgeShield Security Bundle
EdgeShield is Global Payments Integrated’s advanced security services bundle intended to protect credit card data, prevent counterfeit fraud, and enhance payments security. Through a unique collection of complementary security solutions, EdgeShield delivers one of the industry’s most secure payments platforms while enabling developers and merchants for EMV. When integrated into systems that accept payments, the bundle protects credit card data while at rest and in transit. It includes the following features:
End-to-End Encryption
Global Payments Integrated’s proprietary encryption is designed to render cardholder data unreadable, encrypted at the device. Merchants are unable to view card numbers after the swipe or hand-key.
Token Vault/Tokenization
In tokenization, cardholder data is replaced by digital “tokens” based on this technology. Sensitive data is stored in the secure Global Payments Integrated token vault rather than in the merchant environment.
EMV
EMV technology protects card issuers, merchants and consumers from losses due to the use of counterfeit and stolen payment cards at the point-of-sale. EMV cards (“smart cards”) are embedded with a chip that interacts with a merchant’s point-of-sale device, ensuring the card is authentic and belongs to the user.
Out of PA-DSS Scope
Payment applications are rendered out-of-scope with EdgeShield, eliminating cumbersome PCI validation requirements.
Breach Reimbursement for Developers
Global Payments Integrated will cover up to $150,000 in legal costs associated with a developer’s defense against a customer in the unlikely case of a card data breach while using EdgeShield.
QIR ASSIST
For developers who wish to pursue QIR certification, Global Payments Integrated offers QIR ASSIST, a support program to get your staff certified and ensure you have access to payments security best practices.
Conclusion
With the changing payments landscape continuing to move toward cashless payment methods, software developers need to ensure their solution accepts those payment methods - and that it does so in a secure manner. Global Payments Integrated can help - contact us today.