13 Payment Tools Eliminating the Regulatory Compliance Headache
Following the financial crisis of 2007-2008, there are wide-range regulations put in place. The idea was to hopefully prevent such a disastrous situation from happening again. While there are good intentions with these regulations, they can also be a severe headache for business owners.
This is especially true when it comes to accepting payments. For example, if your process online payments then you must be in compliance with PCI Security Council standards. But, between advancements in technology and the changing political climate, keeping up with all of these changing regulations is no easy task. Thankfully, there are a number of payment tools, like the following thirteen, that can eliminate the regulatory compliance headache.
1. Due Payments
If you’re looking for an invoice and payments manager, Due may be your best option.
With Due you can quickly see which invoices have been paid and send payment reminders. You can also set recurring payments, accept a variety of different payments and the digital wallet helps you manage all of your payment forms. Due will automatically deposit funds into your bank account.
Most importantly, Due puts security first by adhering to industry standards and using the latest technology advancements. This includes using industry-leading encryption technology for all data and having a dedicated security staff that monitors all networks and servers 24/7/365
This London-based company uses artificial intelligence and machine learning to help businesses manage compliance obligations.
“The way organizations screen and monitor their customer relationships to comply with sanctions regulations and prevent money laundering and terrorist financing risk is fundamentally broken,” ComplyAdvantage VP of Sales & Marketing Stephen Ball told TechCrunch. “ComplyAdvantage is here to help compliance and risk professionals fix it.”
Without losing a tool like ComplyAdvantage business owners will waste both time and money monitoring risk. ComplyAdvantage provides real-time information global identification and verification for you so that you can meet anti-money laundering (AML) and counter financing of terrorism (CFT) requirements.
Founded back in 1994, CyberSource is a payment management system that allows you to accept payments via mobile, web, call center, and POS sales channels. The platform also emphasizes security through it’s CyberSource Secure Acceptance and CyberSource Tokenization.
CyberSource also claims that it has the World’s Largest Fraud Detection Radar that conducts fraud analysts throughout the world. This helps monitor trends and offers suggestions on what steps you should take next.
Authorize.net, which is now a subsidiary of Visa, has been around since 1996. The payment gateway focuses on processing payments for small- to medium-sized businesses and is the most widely-used payment platform in the marketplace.
With Authorize.net, you can securely make domestic and some global transactions via credit card, e-check, and digital payment options like Apple Pay and Paypal. Additional features include automated recurring bills, “Advanced Fraud Detection Suite,” and Quickbooks syncing.
For such a major player, you can be certain that Authorize.net adheres to PCI Compliance and stays current with the latest regulations — which means you don’t have to.
This web-based software platform processes ACH transfers. It’s also open-source, which means it can be customized to fit your specific needs. What makes Dwolla stand out is the use of white label APIs that verify bank accounts instantly.
With Dwolla, you can also transfer payments, keep balances in your account, or route funds to bank account and routing numbers. Best of all? You can completely bypass those pricey credit card fees?
Dwolla is only available in the U.S.
If you accept Bitcoin, then you need to use Elliptic. It monitors and identities illicit activity on the Bitcoin blockchain.
If there’s any suspicious activity, this information can be shared with financial institutions and law enforcement agencies. It does this through it’s 4-step plan; assess the risk, obtain the bitcoins, make the payment, and identify the attacker.
7. Payment Rails
Payment Rails is a complete payment platform that allows businesses to send speedy and low-cost payouts to on-demand workers, suppliers, and employees globally. Because this is tricky, Payment Rails has a built-in compliance engine.
By using an IP address, device fingerprints, geolocation data, email, and payout account details, this tool screens individuals and entities against all the necessary global watchlists like OFAC, EU, OSFI, and HMT. As a result, you can identify fraudulent users before making a payment — which can save you from large fraud losses.
8. Payments Compliance
Made up of payments professionals, journalists, lawyers and researchers, Payments Compliance provides the following services:
- Practical and interactive eLearning so that you can better understand regulatory changes.
- Staying up-to-date on the latest news and guidance.
- Daily regulatory analysis.
- Policy tracking.
- Regulatory directory.
PayPal needs no introduction. It’s one of the most familiar and secure ways to send and receive money online. It not only adheres to PCI compliance, it also follows government regulations. It does so by holding payments while reviewing certain transactions
PayXpert is another platform that allows you to accept mobile and online payments in 180 different currencies. Unlike other payment processors, PayXpert works with a large network of acquirers so that you can be in accordance with local payment habits.
All information is securely stored using innovative tokenization and following PCI Compliance.
11. Radar by Stripe
Radar is a new product from payment platform Stripe. It’s a next generation fraud prevention tool that is able to integrate directly into standard online transactions.
By using machine learning algorithms that automatically learn from Stripe’s global network of thousands of businesses, Radar can identify and prevent fraud — like if a customer is using a fake or stolen credit card.
Trulioo is the leading global identity & business verification service. This Vancouver-based company offers instant electronic identity and address verification for more than 4.5 billion people and 250 million companies worldwide.
Among the available payment tools, it mitigates risk and reduces expenses from online fraud, while following regulatory compliance with regional and international Anti-Money Laundering regulations.
“Trunomi unlocks the power of customer data using consent and data rights,” says Stuart Lacey, CEO.
Furthemore, “Trunomi provides customer consent and data rights management technology” that can enable “businesses to request, receive, capture and prove the legal basis for holding, using and sharing customer data.” The company also helps “businesses to comply with global data privacy laws including the EU GDPR & ePrivacy Regulation, automate compliance and replace inefficient and costly legacy approaches.”
Of all the payment tools, this one is built specifically for any organization that collects, stores, and shares personal data, such as a customer’s payment information.