How Can Merchants Make Payment Processing Compliance Easier? Understanding and making sure you are meeting these requirements is essential to protecting your business and your customers. Many countries have their own unique set of regulatory and licensing requirements to securely govern payments. Costs include regulatory fines, internal time and effort, lost opportunities, customer churn and bad publicity.Ī number of privacy and data security standards have been established to protect businesses and individuals from fraud.Costs have increased 12% over the last five years and continue to increase every year.The average cost of a data breach is now $3.92 million 2. As digital commerce surges in popularity, the growth of cybercrime is not far behind. Innovative solutions address the needs of many who are unbanked or underbanked, further increasing rates of financial inclusion. 1 The digitization of businesses and the adoption of technologies by merchants and consumers have made online payments easier and more convenient. Global digital payments are expected to reach $5,439.8 billion in 2020. Why Payment Processing Compliance Matters Rapyd simplifies compliance, fraud and security for our customers, and we’ve created this guide to make compliance easy to understand for you. It’s important to understand payment processing compliance, but maintaining payment security can be confusing. With the surge in global eCommerce, it’s more imperative than ever for online businesses to protect their revenue, reputation and customers. If Rapyd, in select jurisdictions, provides certain regulated Services through its Network Partners, merchants may be subject to certain additional terms.įor inquiries or questions related to the Rapyd Consumer Advisory please click here.Understand and Simplify Payment Compliance to Protect Your Business and Customers The Rapyd Network Partners are incorporated, licensed and registered with each jurisdiction as required by each Regulatory Body. In the rest of the world, Rapyd provides regulated Services through selected Network Partners. Users are advised to read the terms and conditions carefully. PS20200311) which is regulated by the Monetary Authority of Singapore. In Singapore, Rapyd provides regulated services through Rapyd Holdings Pte Ltd., a Major Payment Institution (licence no. please contact us by email at Rapyd Europe’s Complaints Policy and information on Legal Remedies are available under Rapyd Europe’s Legal Notices and Instructions. For any complaints regarding Rapyd Europe hf. Rapyd is a trading name of CashDash UK Limited. 900769) by the Financial Conduct Authority in the United Kingdom. In the EU and UK, Rapyd provides regulated Services through Rapyd Europe hf., licensed by the Central Bank of Iceland as an Electronic Money Institution and CashDash UK Limited, which is regulated as an Electronic Money Institution (licence no. provides regulated Services in partnership with Evolve Trust and Bank (“Evolve”) and MVB bank (“MVB”), and is registered with the Financial Crimes Enforcement Network (FinCEN). In the US, Rapyd Financial Technology US, Inc. Rapyd is licenced in the following manner and in the following countries: is a FinTech Company, which operates globally via regulated regional group companies and several additional local entities, collectively referred to as “Rapyd”.
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