Did you know that electronic payments first surpassed the use of paper checks for the purpose of paying bills back in 2007? Since then, the popularity of paying for various services, loans and products from a computer has only increased. An important part of selling anything online is having secure processing.
There are three different levels to the credit card processing system. Level 3 is the most detailed option, giving the most information about the transaction including item discount identifier, item description, postal code shipping, et cetera. This is the preferred option for B2B payments. According to Test2, using Level 3 for payment processing services is important because the higher level of detail gives extra security for the purchaser. When credit companies do not receive Level 3 processing, they charge the merchants more for using their services.
All payment processing companies are required to follow PCI DSS, or payment card industry dada security standards, and they apply to all merchants that accept cardholder data. Payment card industry standards exist to ensure that online payment options stay secure.
Many merchant accounts use PCI compliance programs that help ensure they are following the standards correctly. In 2002, Test2 shows that the number of E commerce sales totaled 72 billion dollars. By 2011, this number rose to 256 billion. Websites that make it easier and more secure for their consumers to pay will likely see more return in the coming years. More like this article: www.arrowpayments.com