PCI Compliance

Spreedly Solutions Stack: Comply with Regulations

Manage payment regulations while minimizing regulatory burden and reclaiming valuable time with Spreedly.

Written by
Peter Mollins
Publication Date
June 3, 2022
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Mitigate risk and adhere to payment regulations while handling your customers' sensitive payment data by partnering with Spreedly. Compliance shouldn't be a pain point for your business. We stay up to date with the latest requirements to make navigating payment regulations a seamless experience for your business; so you can focus on your top business priorities.

Want to learn more about how Spreedly can help your organization adapt and grow your payments? Reach out to us here.

Rough transcript of Spreedly Solutions Stack: Comply with Regulations: 

Let's talk through our next solution, which is around compliance, whether that's industry compliance or government related compliance. But before we do, let's step back and talk a little bit about the context of what is Payment Orchestration. Payment Orchestration is the idea that you need to gather together the right mix of payment services and solutions and functionality to support your unique business model. And after all, your business model is unique because every customer experience is unique for every business.

Think about how your customers buy from you or which markets you're in, what types of products and services you're selling, how you want your brand to appear, whether you're operating in a direct model or an aggregated model and what payment methods you want to bring in. So you can clearly see that for your business, you have a very unique buying journey, so your payment journey must also be unique. And the idea of Payment Orchestration is to bring together services and solutions that conform and support that unique business strategy of your own.

And that's why that over 70% of today's businesses demand a multi-service provider approach, and that is Payment Orchestration. The idea of bringing those many services together and orchestrating them in a way in order to deliver the best customer experience possible. So let's talk through what is the solution around compliance? Well, staying on top of constantly changing payment regulations is extremely difficult. You never know when a new one is going to arrive or be modified. And that keeps you from focusing on your differentiation.

Remaining Compliant while Focusing on your Core Business Initiatives

The core value that you have at your business, finance, accounting, payments leaders, product, developers, they all get distracted by these important, but still distracting compliance initiatives. You'd rather have them focused on what makes you different, and what makes your business so special to your customers. Plus failing to adhere to those mandates and regulations can actually lead to very expensive audits or even shut down your ability to accept credit card, debit card, and other kinds of transactions or payment methods online. Well, Spreedly helps you to minimize the effort and risk that's associated with these regulatory burdens.

We do that by staying on top of the latest requirements and building that support into the Spreedly platform for you to be able to access. And that means that you can focus on building out the differentiation and not worrying about staying abreast of the latest in these regulations, whether they're today's requirements or even tomorrow's. So how does compliance fit into the broader context of Payment Orchestration? Well, ultimately, orchestration is about controlling your path. And that means keeping resources focused on what matters most to you, which ultimately is delivering a great customer experience, not on compliance.

However, you have to comply in order to inspire trust with your customers, but also even just to conduct business and accept cards. So, Spreedly allows you to redirect those resources away from compliance related initiatives and back to delivering a great payment experience and ultimately, a great customer experience. And that's what drives revenue. The rise of fraud online meant that government agencies were taking steps to address and to reduce the impacts of fraud. One way that they did that, and particularly in Europe, was through a mandate called PSD2.

PSD2

Merchants and others could comply with PSD2, the mandate by implementing fraud, fighting protocols, such as 3DS or 3 Domain Secure, but 75% of merchants weren't quite ready for PSD2. One such merchant was Arc'teryx, a retailer of high end outdoor clothing and gear. And they knew that without 3DS support, that 70% of their European transactions would be declined. They selected Spreedly to support that 3DS framework and were able to roll it out extremely quickly. And as a result, they were able to keep transacting in Europe and beyond with lower fraud. All online merchants that accept credit card payments must be PCI DSS compliant, but building and maintaining a payment stack yourself leads to compliance risk and exposure.

With Spreedly, we take the pain out of that compliance. With our secure card vault, you can significantly reduce your PCI scope and help avoid a costly, time intensive, onsite data security assessment. Spreedly after all is level one, PCI compliant, and that's the highest and strictest level that's available. And we're also on the visa global registry of service providers, as well as MasterCard's STP compliant registered service provider list. And that means we're ready to support you in your PCI compliance needs and take that burden away so your developers, your product teams and others can focus on building a great customer experience, a great payments experience instead of on compliance issues and audits.

Fraud is a significant drain on merchants and on their customers. And that's why the payments service directive or PSD2 mandated that certain online credit card transactions must meet what's called strong customer authentication or SCA standards. But it's more than just a mandate, not complying with these regulations can mean significant declines across your digital payments. As we saw in the example with Arc'teryx and others that were attempting to transact in Europe. Well, Spreedly simplifies compliance with PSD2 by offering a 3DS1 and 3DS2 solution.

Compliance and the Future

Our solution embraces many of the most popular gateways and PSPs, and that gives you the power to keep transacting while complying with those regulations and managing the risk of fraud, as well as declines. And lastly, new payment regulations come up all the time. There's always a new government requirement like PSD2 or SCA, or a new card scheme mandate like PCI or new modifications to those regulations that change over time.

And those new demands can be a major burden for your teams, finance, accounting, developers, product managers, and others to stay on top of, especially when you need to be focused on delivering that great customer experience and that great payments experience. Spreedly has supported diverse payment regulations for more than a decade. So you can rely on us to keep you compliant so that your development team and others can stay focused on delivering that great customer experience. We're here and your partner into the future.

Click here to learn more about Payments Orchestration can support complying with regulations! 

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