By Deepika Mala, TMCnet Contributor
A partnership relation has been reached between Element Payment Services, Inc., a recognized industry leader in PCI (News – Alert) DSS compliant payment processing and Anthology Development LLC., a bookstore management system provider.
According to this alliance, Anthology customers will be provided with fully integrated, PCI DSS compliant processing solutions.
From the past few years, the credit card fraud has become a significant problem for merchants. The compromise of credit card and personal information, in recent years, has cost major retailers hundreds of millions of dollars in fines and compensation to customers.
Compiled by The Ponemon Institute, the 2009 Global Cost of a Data Breach report says the average cost of a data breach in the US in 2009 was $6.75 million or $204 per compromised card record.
Hidden costs such as lost business and damage to a retailer’s reputation accounted for 66 percent of the overall cost of a breach for the same merchants.
Anthology selected Element as its processing partner because the company wanted a solution that completely removed the transmission and storage of cardholder data from both their software application and customers’ point of sale systems. “Because thieves continue to find ways to hack into point of sale systems and steal confidential cardholder information even from PCI DSS compliant merchants, it was critical that we found a solution that enabled our merchants to process directly with a PCI DSS compliant payment processor in a simple and transparent way that does not involve the storing, processing, or transmitting of credit card information in Anthology. This partnership provides customers the most secure credit card processing available,” said Steve Van Zoeren, vice president of development at Anthology.
Deepika Mala is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.
Edited by Marisa Torrieri
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