A payment network is a merchant processing service of Debit, Credit and Automated Clearing House (ACH) payment processing company.
Payment network providers, is a financial technology company providing a robust mobile payments platform specializing in regulated markets. Payment network are usually in the space of the emerging mobile and digital payments market.
Their strengths are in issuing and acquiring of electronic funds transfer (EFT) market.
New generation merchant processing services company usually have own cloud-based platform consists of a digital wallet, pre-paid card, and retail merchant network connecting consumers with everything they need to shop, bank, and access entertainment venues online.
The merchant service providers companies has this unique "in-network" payments architecture which offers merchants specialized payment solutions and services while lowering the overall costs of payments for both merchants and consumers.
The future of payments is about real time, mobile and data.
It is the unique combination of Digital Wallet, Pre-Paid Card and multiple access points, and loyalty program that makes payment network providers' technology and processes highly valuable to merchants and consumers alike.
Credit card payment Hacker Attacks
A number of retailer stores were infected with point-of-sale (POS) malware or malicious software that scooped up payment card numbers allowing the cyber-thieves stole credit and debit card numbers.
These types of malware were undetectable by current anti-virus systems. Credit card payment network providers are now looking how to deploying further advanced software to protect customers' information.
Cyber-thieves uses malware to gather sensitive information, or gain access to private computer which allows them to steal personal information, pin codes, email addresses or social security numbers were taken with the card numbers.
The cyber-thieves use credit card numbers stolen to create counterfeit cards and land victims with bills for items they did not buy.
Normally, Payment network providers would be offering free credit monitoring protection for customers to ensure any fraudulent use of their cards did not affect their credit score.
In most (if not all) credit card payment hack attack, Malware is used to steal names, card numbers and expiration dates of payment cards.
Shop retailers need to do a better job of detecting breaches quickly before large numbers of payment data was stolen.
Usually, the computer networks of credit card payment retailers were so large that attackers were more than likely to find a way into their payment network processing systems.
Direct pay provider network
The easiest way to take card payments setup within a week. A payment service provider which offers web and ecommerce shops online services for multiple acquiring banks, card, and a list of notable on-line payment service providers.