You’re not alone. It can be complicated. Un-complicate it by perusing our FAQs.
Interchange Fees are variable charges for processing transactions, first paid by the payment processor to the cardholder’s issuing bank and card company (Mastercard or Visa), and later charged back to the merchant by the payment processor. The variable nature of Interchange Fees depends upon the card type, information contained in the transaction, when it was processed, and how it was processed (swiped or manually keyed in). The Interchange Fee is different for every credit card transaction because of the many factors involved.
In its general sense, Cost Plus Pricing refers to how a company profits from items or services it sells, through a transparent markup of the base cost. In the payment card industry, it is also known as Interchange Plus Pricing because the Interchange Fee is the base, with the “plus” portion referring to the markup rate applied by the payment processor as payment for servicing the transaction. This “plus” rate is usually a percentage. The benefit of Cost Plus Pricing is the consistency and transparency of the markup rate, which is often less than tiered-pricing models that are oddly bundled.
Level III Processing retrieves detailed transactional information along with the sale to send to Visa and Mastercard, which, in turn, provides access to lower Interchange rates for those that participate. At Payway, Level III Processing is automated for all clients —right from the start— to reduce as many interchange fees as possible for the duration of our partnership.
Payway’s automatic account updater ensures that the data vault contains the most up-to-date card data, including expired cards, closed accounts, and changed account numbers.
Tokenization is a method of protecting cardholder data during transactions made with Internet protocols and later storage of the same data with the payment service provider. It involves replacing the data with a unique value, not decipherable by hackers. However, the cardholder’s issuing bank is able to recognize the token and approve or reject the transaction based on available funds. After an initial purchase and creation of a patron’s token, the same payment service provider can recall the patron’s token to process recurring payments in a secure manner, again and again.
Yes, Payway adheres to the latest standards of the Payment Card Industry. Our payment gateway is certified with Visa and Mastercard. Cardholder data is encrypted at the point of entry with the hosted payment page, which eliminates all unencrypted data from the merchant environment. By moving away from premise-based credit card interfaces, merchants can improve data security and remove the local system from PCI certification scope.
Payway stores its data in one of two data centers hosted by Armor, a cloud-based facility that provides 24/7 security and support and exceeds PCI compliance requirements.
P2PE (also referred to as End-to-End Encryption, or E2EE) is a methodology for securing credit card data by encrypting it from the time a card is input through a secure device (by card swipe or manual account entry) until it reaches the payment processor where it is decrypted. When implemented properly, these types of solutions make payment card transactions more secure by preventing the theft of credit card data while unencrypted on a POS device, or in transit.
By using P2PE, card data is unreadable until it reaches the secure decryption environment, which makes it less valuable if the data is stolen in a breach.
By encrypting cardholder data at the Point of Sale or Point of Entry, merchants can significantly reduce the risk of a data breach and the scope of PCI DSS compliance requirements. Can Payway provide a P2PE solution for my company? Yes, Payway offers P2PE as an add-on to Payway to help merchants reduce the scope and cost of PCI-DSS compliance, while further protecting cardholder data from potential hackers. See our Security page for more information.
Yes, Payway offers P2PE as an add-on to Payway to help merchants reduce the scope and cost of PCI-DSS compliance, while further protecting cardholder data from potential hackers. See our Security page for more information.
Our “Complete” service does include merchant account services. However, we do understand that sometimes you just need certain pieces of our service, which is why we do not require you to get a new merchant account when you choose our payment gateway.
The same rings true for the payment gateway. If your need is only for merchants, we are happy to help out.
Payway specializes in integrating the needs of different systems, credit card processors, and client banks. We are committed to providing our customers with fast and efficient payment management through one central source. Our trained engineers and customer support team respond quickly to all payment processing questions, regardless of where the question or problem originates — at the bank, at the credit network, or in the settlement process. Payway will work with you to reach a solution.
Payway has performed hundreds of conversions from various sources, e.g., Braintree, Authorize.net, IC Verify, etc. These conversions have included systems that have already been tokenized, as well as systems with only raw credit card data. The steps to tokenize include: