ISOS Take On the Role of Educators
Health care and law firms are among the business categories that handle a lot of sensitive data but may need a bit of help understanding how to protect it.
With new regulations and industry rules coming at a rapid pace, ISOS have an opportunity to serve as guides and educators for overwhelmed merchants.
It’s a big challenge to educate small merchants on the importance of data security, but many acquirers and ISOS are jumping at the opportunity to fill the role of educator. In particular, ISOS are targeting specific markets for education on Payment Card Industry data security standards and other compliance needs.
“We are seeing a lot of them taking a new vertical approach, like focusing on the health care space,” said Steve Robb, senior vice president of product for fraud prevention and PCI compliance management provider Controlscan.
Such a trend is bringing compliance frameworks together, as many companies now must pay close attention to HIPAA regulations as well as PCI-DSS standards, Robb said.
“There a lot of things needed to do to protect patient health information that are the same things needed to protect payment card data and comply to PCI,” he added.
Acquirers and ISOS paying attention to industry trends also understand that doctors’ patients want more payment options, a desire not lost on providers who are trying to expand payment acceptance capabilities.
But there are other arenas in which acquirers and ISOS will more readily bring solutions to the table. In many ways, the more aggressive moves into new verticals fall in line with the acquiring and ISO industry garnering far more knowledge and confidence in understanding and selling digital and mobile technologies.
Merchant services provider Cayan delivered another example of the trend last week with its acquisition of Card Payment Services LLC, giving it a foot in the door of the waste removal industry, which it cited as eager to shift to credit cards for payments.
“We’re seeing special attention in the health care space, but we are also seeing a lot of it occurring in the legal space,” Robb said. “Law firms haven’t thought a lot about security in the past, but they have a lot of payment data and sensitive client data.”
Acquirers have an opportunity to educate in verticals not previously engaged in card payments to build a relationship, Robb added.
“Law firms haven’t thought a lot about security in the past, but they have a lot of payment data and sensitive client data,” said Steve Robb, SVP of product for Controlscan.