IMGCAP(1)]
Element Payment Services Inc., a Phoenix-based independent sales organization, this week introduced a service that secures sensitive transaction data passing through the type of payment software restaurants often use to manage their point-of-sale systems. Such payment software typically manages transaction data and nonpayment functions for merchants. Element says its Hosted Payments service shuttles sensitive cardholder data to Element's processing platform. That way, Element takes responsibility for complying with the Payment Card Industry Data Security Standard. The PCI data-security measure aims to eliminate the use of vulnerable payment software. Software vendors using Hosted Payments do not need to contend with PCI compliance because Element is doing that, an Element spokesperson says. The software vendor's application would continue to collect data, such as transaction type, sales volume and sales taxes. The software vendor using Hosted Payments integrates it into the software and then sells merchant-processing accounts on Element's behalf. Because the service meets PCI security standards, acquiring banks do not have to approve each agreement Element signs with a software vendor. Element says processors connected to VisaNet, Visa Inc.'s network switch, no longer can certify new payment applications that do not meet the PCI standard.
