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Understanding Risk Management Strategies as a PayFac

Stax

Thorough due diligence, technology, and adherence to regulatory guidelines are essential in a PayFac’s risk management strategy. You need thorough due diligence, technology, and adherence to regulatory guidelines in your risk management strategy. The due diligence doesn’t stop at onboarding.

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Understanding Risk Management Strategies as a PayFac

Stax

Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. Most PayFacs have technology in place to prevent these breaches.

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Payment Security: Everything You Need to Know About Secure Payments

Stax

Taking precautions to implement security measures such as secure firewalls and cybersecurity training helps to protect cardholder data and other sensitive information. It’s also critical to ensure card information is protected from data breaches with secure encryption and cybersecurity standards in place.

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Everything You Need to Know About PCI Compliance for Credit Card Processing

Stax

That’s where Stax comes in. Logs should be retained for a minimum period and should be regularly reviewed to identify and respond to suspicious activities or potential breaches. But here’s the good news: the right payments processor can help keep your cybersecurity ducks in a row. Stax is a Level 1 PCI Service Provider.

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ISVs vs SaaS: What’s the Difference?

Stax

Examples of popular SaaS apps include Shopify, an eCommerce platform, Dropbox, a cloud storage service, and Stax Bill, an automated payment processing system. ISVs vs SaaS: An Overview Technically speaking SaaS companies are also ISVs because they develop software. Consider Stax’s partner program.

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The 12 PCI DSS Requirements to Ensure PCI Compliance

Stax

Before 2004, credit card companies had their own set of rules for cybersecurity. Stax is 100% PCI compliant, which makes it the perfect solution for all your payment processing needs. Three months of audit trails and logs should be easily accessible for immediate review. PCI DSS requires an annual review of the policy.

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Recurring Payments: Definition and Implementation Best Practices

Stax

Businesses need strategies in place to retain customers and prevent revenue loss due to subscription cancellations. Implementing and maintaining a recurring payment system also involves technical complexities. For example, Stax has several useful API integrations to leading CRM tools, such as Hubspot, Xero, Wave and more.