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Established by a team of experienced programmers and payment-solutions professionals, Qualpay, Inc., functions as a forward-thinking, single stop for all of a business’s payment-processing needs. Based in San Mateo, CA, Qualpay strives to allow clients to focus on organizational growth and the quality of their business offerings without worrying about managing an underpowered payment platform. Qualpay’s integrated solutions, which include Google Pay processing, are highly customized to meet the needs of different clients, which range from individuals to large corporations, as well as independent sales organization (ISO) and independent software vendor (ISV) partners. Further, the platform is capable of growing alongside an expanding business. Business clients enjoy a number of advantages when working with Qualpay. In addition to optimized cash reconciliation and operational expenses, Qualpay’s simplified Reporting Intelligence services allow for effective, real-time performance monitoring. Using these and related services, Qualpay clients can quickly adjust finances, just one of the many ways in which the organization saves them not only money, but time as well.

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Why Businesses Should Accept Digital Wallets as a Form of Payment

Over the last few years, consumer preferences and behavioral habits when it comes to making payments have changed dramatically. For instance, customers have become more comfortable with making digital payments, and many have even come to prefer the convenience of this payment option.

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Customer Data in E-commerce Payments

Tokenization provides added levels of security for customer data, revolutionizing online payments by replacing a customer's credit card data with a set of randomly generated numbers, known as tokens, identifiable to only the customer's account with a merchant. This service, typically offered by third-party payment providers, facilitates faster online purchases for an online account without exposing customers' credit card data to potential fraudsters. In addition, if hackers were to breach the payment provider and copy the tokens, they could do nothing with them since they have no value outside of that payment system. Usually, when customers want to purchase something online, they must provide their billing information and credit card number. This data flows through a digital payments system in which communication occurs between the merchant and the card's issuer to process the payment. If fraudsters hack into this system, they can access valuable information that could compromise a customer's finances. Collecting payment and customer data via a PCI-certified third-party payment processor, and tokenizing for future use, helps negate this possibility. A simple way to visualize tokenization is to think of an arcade. Players exchange money at the gate for tokens that allow them to play arcade games. Inside that arcade, the tokens are recognized as money, but outside of that environment, they have no value. In payments, tokens work similarly. The third-party processor stores the customer's card information safely, limiting its use to back-end payment systems. The data is encrypted and stored in a secure vault. Merchants that use tokenization, therefore, secure customers' card data while significantly reducing the number of systems that can view the data. Minimizing a businesses' risk of liabilities and expenses associated with data breaches. Ultimately, using a third-party processor to collect, process, and tokenize cardholder data will reduce the scope of a merchant's Payments Card Industry (PCI) compliance, mandated for businesses and merchants processing credit card payments. The PCI Security Standard Council establishes security standards, including firewall protection, encryption, and password protection. Merchants are required to abide by these standards to protect customers' sensitive card information. Further, companies that do not achieve PCI compliance may be fined by the PCI Council in case of a data breach, making collecting, storing, and tokenization by a third-party service an easy choice to make.