Making Payments Easy,
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Software companies that provide other essential business functions, to specific verticals or industries, have taken note of the fact that many of their customers’ payments requirements are not totally catered for. So, many of these software companies have worked to find new solutions to embed a payment processor directly into the software rather than just bolting it on. The result is a seamless process, providing an end-to-end payment and reconciliation process right in one platform or software. In the case of the hotel and accommodation industry, Hotel Link is leading the way, becoming the first SaaS business in the world to integrate with Kovena.

The embedded payment system brings significant benefits for hoteliers, they include:

     • Increased convenience
     • Faster transactions
     • A more accessible interface
     • Trust and Confidence

By having an embedded payment system, users are no longer directed to a separate page when making payments. Paying through a portal with a different brand causes the customer to lose confidence that their money is actually going to the correct place and that they are not being scammed.

For a b2b software, the business using the software will notice a large reduction in time and labour spent on managing payments. By including all the payment details within the operating system, the user no longer has to log into multiple websites in order to reconcile payments and match the details for each product or service that is being offered by the merchant.

Launched September 7, 2006, The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements intended to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. Visa, MasterCard, American Express, Discover, and JCB created an independent body, The PCI Security Standards Council (PCI SSC), that administers and manages the PCI DSS. It is important for payment brands and acquirers to have PCI Compliance to avoid any customer’s card data leak and severe consequences related such as lawsuits or audits from the PCI Security Council, Card Companies, and the government. There are 12 requirements of PCI DSS Compliance:

     • Install and maintain a firewall configuration to protect cardholder data
     • Do not use supplied default system passwords and other security parameters
     • Protect stored cardholder data
     • Encrypt transmission of cardholder data across open, public networks
     • Use and regularly update anti-virus software or programs
     • Develop and maintain secure systems and applications
     • Restrict access to cardholder data by business need-to-know
     • Assign a unique ID to each person with computer access
     • Restrict physical access to cardholder data
     • Track and monitor all access to network resources and cardholder data
     • Regularly test security systems and processes
     • Maintain a policy that addresses information security for employees and contractors

3-D Secure is a protocol designed to be an additional security layer for online credit and debit card transactions. The name refers to the “three domains” which interact using the protocol: the merchant/acquirer domain, the issuer domain, and the interoperability domain.

In the most basic terms, it’s the reversal of a credit card payment. If you’re a merchant (e.g. a hotel), chargebacks can result in lost revenue, laborious efforts, and be a frustrating threat to your business. If you’re a consumer, chargebacks represent a shield between you and dishonest merchants. If those two things seem at odds, well, that was never the way it was intended.

Basically, a cardholder can request a chargeback from their bank for any charge on their card. This does not mean that their request will be successful, and there are certain things that a cardholder should do before taking this action.

Kovena is a payment solution based out of Melbourne, Australia with expertise in the Tourism sector. Kovena is an all-in-one payment solution that handles all of your payment needs. This includes the front end payment gateway and back end merchant agreements fully integrated into your booking systems. Kovena provides both an outsourced fully compliant end-to-end payment solution to the world’s best practice privacy and payment security standards. For more information visit: www.kovena.com.