The world of payments is constantly evolving, with new technologies like mobile wallets and real-time transfers emerging all the time. While these innovations offer exciting opportunities for businesses, they're also accompanied by a growing web of regulations designed to protect consumers and ensure security and financial stability. Keeping pace with these payment regulations and adapting your business practices can feel overwhelming, especially for smaller companies with limited resources.

Merchants have successful businesses to run and rarely is there time to learn the numerous credit card and payment processing terms that make up the payments industry. Informed merchants are better positioned to negotiate lower rates and improve overall service. We have created this list of the top 40 payment processing terms as a quick and easy reference guide for industrious merchants. Our thought process is simple: the more you understand about the most common and confusing terms, the better prepared...

The collapse of the Silicon Valley Bank (SVB) in March 2023 signaled an uncertain outlook for the U.S. economy and emphasized the need for businesses to consider several aspects of their payment processing approach while taking into account an ever-changing regulatory environment.

Today, credit cards are used for 28 percent of all payments—the highest level since 2016. As credit and debit card usage gains more traction, all possible measures must be taken for secure handling because card fraud remains a constant threat. PCI DSS (Payment Card Industry Data Security Standard) compliance aims to hold major card brands responsible for enhancing security standards and mitigating credit and debit card fraud risk. Any business that stores, processes or transmits payment cardholder data...

PCI stands for “Payment Card Industry” and is a set of security standards created by the major credit card brands (Visa®, Mastercard®, Amex®, etc.). The Payment Card Industry Data Security Standard (PCI DSS) is the specific set of requirements created to ensure that your business has processed, stored, or transmitted credit card information in a secure environment.

The nature of a credit union is to hold and secure sensitive information. For that very reason, many companies choose to partner with payment providers because they need someone to help them meet the highest compliance and security levels to keep their customer’s banking information safe.

Compliance in Financial Institution Payment Processing

PCI Compliance is important to maintain year round, at all times. Any gap in PCI Compliance designation is a major liability for your business. Non-compliance can lead to many different consequences such as monthly penalties, data breaches, legal action, damaged reputation, and even revenue loss. Achieving and maintaining PCI Compliance, however, can be complicated and time consuming when not working with a payment processing expert that you can trust. REPAY strives to make PCI compliance as simple as...

What are the consequences for merchants if they are not PCI DSS compliant? 

PCI-DSS compliance can be difficult and time consuming to accomplish without the right guidance or help provided to you and your business. The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards that help keep you and your business safe from a breach in the system, which could be costly. Being PCI compliant not only gives peace of mind but it makes your business stronger and more secure. Trying to...

REPAY has published a free Merchant’s Guide to PCI Compliance to help merchants understand and comply with PCI DSS standards. The Payment Card Industry Data Security Standard (PCI DSS) is the specific set of requirements designed to ensure all companies processing, storing, or transmitting credit card information maintain a secure environment. Keeping up with PCI DSS requirements is often overwhelming for the average merchant because it’s complicated and the rules constantly change. You must make sure all...