What Is the Importance of ARM Compliance?
When it comes to accounts receivable management, it is essential to receive money on time and in full. When you provide services or goods, it is only reasonable to expect payment to be forthcoming. Unfortunately, this does not always happen. Sometimes, customers find that they are unable to pay. Sometimes, they simply forget that the invoice is overdue. Other times, they have no intention of paying in the first place. Whatever the fact of the matter, bad debts and late payments can be disastrous for a company. Cash flow can be negatively affected, and this can diminish the company’s liquidity. A fifth of small businesses fail primarily because of bad debts. With this in mind, it is vital to have an effective accounts receivable management system in place. A key element of any system of this nature is ARM compliance.
Compliance – An Ever-Changing Situation
The world of ARM compliance appears to be in a state of constant flux. Regulation and security requirements are subject to ongoing changes. As the technology landscape changes, companies must adapt. With increasing cybersecurity risks, organizations must make sure that their customers are well-protected. Organizations that fail in this regard could be subject to fines. They may also be putting their reputations at risk.
The PCI (Payment Card Industry) DSS (Data Security Standards) help to improve cardholder data security. In this day and age, cardholders are more at risk than ever before. Identity theft is rife. Whether using their cards in person or online, cardholders are vulnerable to having their information stolen. The PCI-DSS compliance regulations help in this regard. They provide a baseline of operational and technical requirements that protect the data of consumers. PCI-DSS compliance affects all entities involved in the processing of payments. This includes service providers, issuers, acquirers, processors, and merchants. When an organization can guarantee PCI-DSS compliance, its customers can have peace of mind.
HIPAA’s full name is the Health Insurance Portability and Accountability Act. It sets the standard to protect sensitive patient information. It affects any company that deals with PHI (protected health information). The company must take care to make sure it follows all the essential process, network, and physical security measures.
HIPAA compliance affects any entity that provides operations, payment, and treatment in healthcare. It also affects its business associates together with an entity that has any access to patient data.
This compliance rule addresses the sharing, accessing, and saving of any personal or medical information of any individual. Also, pertinently, it covers any health data that an entity receives, transmits, maintains or creates electronically.
HIPAA compliance means having certain technical, physical, and administrative safeguards. These include limited access to the facility together with policies regarding access. Tracking logs or audit reports must be in place. There must also be integrity controls, as well as excellent transmission and network security.
SSAE-16 compliance focuses on how financial reporting takes place in service organizations. It takes into account the security, processing integrity, availability, privacy, and confidentiality of an organization’s account system. To achieve this compliance, there must be a rigorous and independent audit done.
Choosing A Security Certified Payments Processing Solution
When choosing any payments processing solution, it is important to bear in mind ARM compliance. With security obligations and compliance regulations regularly changing, it can be difficult to guarantee this. Therefore, choosing a company that has a governance, risk management, and security framework of standards, procedures, and policies is important.
When an organization can rely on its payments processing solution provider to be compliant, it can have peace of mind. The organization can feel confident that it is meeting its obligations. Most importantly, its customers can be sure that they are well-protected.
BillingTree’s Compliance Team
BillingTree has an impressive compliance team that obtains annual certifications and independent auditor reports. The team supplies customers, as well as their auditors, with all the key information that they need. The team offers valuable details about the operating effectiveness and design of the company’s operational controls. This saves customers the expense and time of having to arrange their own independent auditing. It also ensures that customers receive valuable assurance regarding the information and assets in the BillingTree data centers.
Since BillingTree is a leading provider of fully compliant payments processing solutions, we are a top choice. We make it easier for your customers to make payments. In addition, we simplify the process of getting paid. By streamlining vital payment solutions, your organization can operate more effectively while ensuring ARM compliance. Even better, we can offer it all at a highly competitive price. It has never been easier to focus on what you do best – running your company. Let BillingTree handle payments and make it simple to grow your business.