Connor Griesemer and Kevin Wu

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Presentation transcript:

Connor Griesemer and Kevin Wu 3rd Party Payments Connor Griesemer and Kevin Wu

Overview Definition PCI compliancy Popular 3rd party payment processors Demonstration How to choose the right 3rd party payment plan

What is a 3rd party payment processor? 3rd Party payment processors allows you to accept online payments without a merchant account of your own. The processor lets you use their merchant account under their own terms of service, usually with minimal setup requirements

PCI Compliancy Criteria of 3rd party payment processing vendors: Install and maintain firewall configurations to protect cardholder data Don’t use vendor default passwords Encrypt data Limit access to card-holder data to prevent security breaches Track and monitor all access

Big Players Online payment marketshare -Paypal -Stripe -Authorize.net -Braintree -Bank API’s https://www.datanyze.com/market-share/payments/

PayPal Serves as an electronic alternative to traditional paper methods Easily one of the largest internet payment processors with over 203 million users Cost: service fee of 2.9% + $0.30 Simple cart integration Introduced one touch payment

A payment solution for selling to customers on web and mobile apps Subsidiary of PayPal Accepts credit, debit, PayPal, and more Cost: identical service fee as PayPal More functions Used by Uber, Yelp, AirBnB, GitHub

Strictly mobile payment service owned by PayPal used to transfer funds Cost: free! No transaction fees! Except when paying with credit card in which there’s a 3% fee Not eCommerce viable Social media aspect

100,000+ businesses use Stripe (Target, Lyft) Cost: identical service fee as PayPal & Braintree Emphasizes on security When using Stripe.js, credit card information is sent directly to Stripe instead of being stored on your servers

Authorize.net # of users: millions Subsidiary of Visa Credit card e-commerce payment management company -Process online payments -Streamline online fraud management -Simplify payment security Cost: $49 set up fee, $25 per month, $.30 transaction fee Integration: Fully customizable API Level Expert

Example integration https://developer.paypal.com/docs/classic/paypal-payments-standard/integration-guide/pps_integration/

Choosing the right 3rd Party Payment Plan Plugins for wordpress, Shopify Degrees of integration Cost comparison