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The Benefits of Electronic Payments for B2B Transactions

In the digital age, businesses are increasingly moving away from traditional payment methods such as checks and cash, and adopting electronic payment methods for B2B transactions. Electronic payments offer numerous advantages over traditional payment methods, making them an ideal choice for businesses looking to streamline their payment processes and improve cash flow. What are the benefits of electronic payments for B2B transactions? Faster payment processing Electronic payments are processed much faster than traditional payment methods. With electronic payments, the payment is transferred directly from the payer's bank account to the payee's account, eliminating the need for physical checks or cash. This significantly reduces payment processing time, allowing businesses to receive payments faster and improve cash flow. Increased convenience Electronic payments offer increased convenience for both the payer and the payee. With electronic payments, businesses can make and recei
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How to Encrypt Credit Card Data the Visa Way

Visa has released a best practices for data encryption to keep cardholder data safe. It should be used along with the existing PCI DSS security standards. If your not going to be using tokenized payments this will help you encrypt sensitive cardholder data in an industry approved fashion.

Visa's best practices are designed to help organizations:

  • Limit cleartext availability of cardholder data and sensitive authentication data to the point of encryption and the point of decryption.
  • Use robust key management solutions consistent with international and/or regional standards.
  • Use key-lengths and cryptographic algorithms consistent with international and/or regional standards.
  • Protect devices used to perform cryptographic operations against physical/logical compromises.
  • Use an alternate account or transaction identifier for business processes that requires the primary account number to be utilized after authorization, such as processing of recurring payments, customer loyalty programs or fraud management.

Read the entire press release here.

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The Benefits of Electronic Payments for B2B Transactions

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