The e-commerce industry has prospered remarkably in the past few years. According to some studies, online retail sales have got to almost $370 billion this year. However, the global online market surfs in the sea of stiff competition laid by incumbent e-retailers. The intrigued online merchant can yet dare to maneuver with a firm edge over their competitors through innovation in customer data protection and payment security. Without being a PCI compliant company or having any expertise in storing payment information for customers, the e-merchant can now connect with an online payment processing third party service provider for availing of payment gateway services as well as customer data security.
User’s Payment Information – Data Storage
While placing an order, the online buyer chooses a product of his/her choice and selects the option of payment viz. Debit card, Credit card, Internet Banking, etc. Paying through any of these options requires the user to enter their card or bank details to successfully proceed with the transaction. However, to make recurrent purchases from the same website, the user needs to enter card details each time they wish to make a transaction. To save time from such a tedious process, the payment module on the merchant’s website stores the customer’s payment data and fetches it automatically in the next transaction. This type of a service is provided by a third party payment aggregator or a payment processor company.
PCI DSS Compliance – Security Infrastructure
PCI DSS is a proprietary information security standard for organizations that handle branded credit cards from major card schemes. Attaining PCI DSS compliance allows online merchants to accept credit/debit payments and hold the customer’s payment information in an encrypted and secured form. However, becoming a PCI compliant entity can be an expensive and time consuming process, as it requires upkeep of highly secure infrastructure to maintain security against unauthorized access. Moreover, due to rapid changes in technologies of payment security, online sellers tend to consider frequent system updates and protection from system hackers to be a real challenge. Failure of adherence to PCI compliance can cause the online merchant to incur heavy fines and even get held from accepting credit card payments. Small businesses and startups therefore choose to deploy services of online credit card payment gateway companies that are PCI compliant and can securely store their customer’s credit card data.
Card Storage Vault by CCAvenue
The Card Storage Vault is a service offered by CCAvenue, a UAE payment gateway and an online payment solutions provider headquartered in India. This facility is designed to securely store and recall the online customer’s card details for faster and efficient transactions. The data which is entered by the customer while making an online transaction gets stored in an encrypted form against an identifier or token, which is sent by the merchant to the payment gateway. This ensures that the data is used by the customer specifically on that merchant’s website.
About CCAvenue UAE
Based in Dubai, CCAvenue is a PCI DSS compliant online payment gateway that offers multiple currency payment options to its web merchants. The company commenced its operations in UAE through an association with Mashreq Bank as an opening move to provide m-commerce and e-commerce payment solutions to online merchants based in the UAE.