Enjoying Your Retirement

Posted on: 3 February 2023

The ability to digitally process payments is critical for a wide range of online or brick-and-mortar businesses. You might wonder, though, if you need to use a digital payment network to handle transactions. While there are alternative approaches, many businesses elect to use a payment platform for the following four reasons.

Compliance

If you elect to process digital payments on your own, your bank is going to want extreme assurance that the process is safe. Many financial institutions pay for third-party audits based on the payment card industry standard. An automated PCI audit can include port scans and even penetration testing to try to find potential compromises in your systems.

Especially if you're handling payments online, PCI auditing is a nightmare at worst and a perpetual headache at best. Passing one audit is far from the end of the process because the third-party auditor will schedule more audits whenever new cybersecurity weaknesses become known.

A major benefit of using a digital payment network is they handle all of these compliance issues. Notably, they still go through the same auditing process. However, they have people working on compliance every day.

Options

A modern digital payment platform offers lots of options. If you need a mobile-connected system so you can run a food truck from your tablet, that's available. Anyone who needs APIs to integrate their e-commerce sites with their payment processing system will find code for that, too. Whether you need to build your own systems or rely on existing ones, there's an option that'll make it work.

Availability

Constant availability of services is central to running a digital payment network. Services providers work around the clock to ensure high availability. Even if you're trying to process a huge surge in sales because of a product launch or a major holiday, you can expect the system to be available. A digital payment platform will maintain a robust infrastructure to ensure all requests connect and process in a timely manner.

Scalability

As your operation grows, you need the digital payment network to meet that demand instantaneously. If your business opens up a new product line with its own online storefront and retail locations, you need to trust the payment system to work on day one. Once you've configured the additional endpoints, expansion on a digital payment platform is as simple as punching in the passwords and keys for your account.

For more information on digital payment platforms, contact a company like Cellulant Group.