Many new collection agencies might put off choosing a payment gateway or terminal system while they are just starting up. That is understandable. They are bringing in a third party to do a portion of their business and that brings up questions. For example, how do you know if a terminal or a payment gateway is the right path for you and how do you know which terminal or gateway to choose?
First we need to clear something up: If you want to stay in the collections business, you are going to have to accept card payments. Agent-assisted transactions are very labor-intensive and therefore costly. In addition, there is more of a chance for non-compliance. So you are going to need a payment gateway sooner or later.
The good news is that the right payment solution can actually make business easier and more compliant for you. Payment gateways, for instance, can carry a portion of your company’s Payment Card Industry’s compliance burden.
How payment gateways help meet PCI compliance
Payment gateways must be audited for PCI compliance. So the gateway’s customer has that portion of their PCI compliance lifted by choosing a compliant gateway. In addition, payment gateways are automatically updated whenever a change happens in PCI regulations.
This is important because when you provide a financial service you must use a provider that has PCI certification. A compliant payment gateway is one that has passed a Payment Card Industry Data Security Standard (PCI-DSS) audit under the new PCI 3.1 standards.
BillingTree has successfully completed 2016 audits for PCI-DSS 3.1, HIPAA/ePHI and SSAE 16. The certification of validation was issued June 26, 2016 by an authorized Third Party Assessor and a Qualified Security Company (QSC), certified by the PCI Security Standards Council, so your PCI compliance is assured.
BillingTree offers a wide range of payment solutions. Payrazr Gateways offer the flexibility, integrations and reporting required to succeed in today’s economy. In addition, by offering various payment gateways, BillingTree is sure to have the right fit for your business needs. Contact one of our sales reps today to discuss your needs.