Everything You Need to Know about UnionPay

With over 7.5 billion UnionPay cards issued globally – more than Visa and Mastercard combined- UnionPay has grown to be the largest supplier of payment cards in the world.

UnionPay (formerly known as China UnionPay, or CUP) is China’s sole bankcard association. It was established in 2002 in Shanghai, under the approval of China’s central bank. With over 7.5 billion UnionPay cards issued globally – more than Visa and Mastercard combined- UnionPay has grown to be the largest supplier of payment cards in the world. 

Why UnionPay?

UnionPay allows Chinese customers to pay with a trusted and familiar card brand, no matter where they are. As of March 2019, UnionPay cards are accepted in 174 countries and regions, and by 52 million merchants worldwide. In particular, in the US, over 80% of merchants accept UnionPay cards, greater than the US merchant acceptance for American Express cards. Additionally, almost all ATMs in the US accept UnionPay cards, as part of the 2.6 million ATMs worldwide accepting UnionPay.

If you’re already accepting UnionPay cards, you can increase conversions by 30-90% by switching to Payscout’s SecurePlus connection, which combines credit and debit card acceptance in one solution. 

UnionPay cardholders also receive exclusive privileges when traveling, including no foreign transaction fees, no purchasing limits, worldwide customer support, as well as discounts at various attractions and retailers around the world. In 2017, there were more than 131 million Chinese tourists worldwide, who spent approximately $115 billion overseas. In the United States alone, 3.5 million Chinese tourists are expected during 2019, with this figure increasing to 4.5 million annual visits by 2022. 

The number of UnionPay transactions totaled 17.69 trillion in 2018, up 28% from 2017. With the increased global acceptance of UnionPay and growing number of Chinese tourists worldwide, this figure is only expected to continue rising at a rapid rate. 

UnionPay Products/Services

UnionPay supplies both debit and credit cards, although credit cards make up the majority of UnionPay cards issued. There are almost 900 million UnionPay credit card accounts, over 5 times greater than American Express. UnionPay also offers online and mobile payments, with their mobile payment app QuickPass hitting 150 million users in April 2019. As part of their online payment processing, UnionPay offers an e-commerce solution, UnionPay Online Payments (UPOP), which allows for cards to be accepted over the Internet with real-time transaction authorization.

UnionPay as a preferred payment method

According to the 2018 World Tourism Cities Federation report, mobile payments and UnionPay cards are the preferred methods of payments for Chinese tourists, ahead of Visa/Mastercard and cash. However, while there is a huge demand for UnionPay as a method of payment, many Chinese tourists are worried about the acceptance of UnionPay overseas. Therefore, once you set up UnionPay, it is highly recommended to display the UnionPay Logo on your website or store-front, ensuring that Chinese customers are aware that you accept this preferred payment method.

Payscout provides instant onboarding for updated UnionPay API connectivity, enabling debit and credit card acceptance with branded logo placement and SMS authentication. 

How can I accept UnionPay?

As a Principal Member and Global Acquirer of UnionPay International, Payscout can help you add this preferred method of payment to your e-commerce sites. Settling with Payscout not only saves you time, taking only 2 days versus the typical 5 days, but also saves you money on UnionPay processing with costs at 2.5%. 

In addition to offering both debit and credit processing, Payscout offers tokenization and full integration with UnionPay SecurePlus. Tokenization improves issues with card security, while SecurePlus allows companies to accept both credit and debit cards without a redirect to a UnionPay Hosted Payment Page, thereby improving the customer experience and increasing conversions at the same time. SecurePlus also improves security, as all debit transactions receive an SMS authentication code, therefore reducing fraud risks and severely reducing chargebacks too.

 We can help you get access to the world’s largest card network in the world. Visit acceptunionpay.com to get started with UnionPay today.  

Visit payscout.com/china to learn more.

Business Security Tips for Safer Commerce

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As the internet hosts financial enterprises from utility payment processing for major cities to the buying and selling of corporations, the hundreds of billions of dollars transferred, earned, and spent online represent a tremendous opportunity. Big opportunities, however, are often accompanied by great risk. Some of that risk is simply the unavoidable and unforeseeable, chaotic, esoteric fluctuations of global markets.

Some of that risk – fraud and theft – is also more malicious but, thankfully, addressable. Anyone doing business online (and offline) faces both of these risks, but addressing their vulnerability to hackers, identity thieves, credit and debit card scammers, etc. requires trustworthy partners and some prudent safeguards. Payscout is the perfect partner for smart and secure payment processing that—along with some best practices below—can make your business safer and more secure.

Restrict the Number of Allowable Transaction Attempts

Significant developments in the security of physical point of sale (POS) and mobile payment processing by companies like Payscout mean that scammers are focusing more on card-not-present scams. This trend has given birth to an online marketplace of stolen payment card numbers that thieves can buy individually or in bulk. Some of those numbers have been rendered useless by reporting or have incomplete information, but scammers will often try a series of card numbers until one works. Restricting the number of allowable transaction attempts can thwart that sort of “brute force” attempt at fraud.

 Keep Track of Suspicious Card Numbers

Retain a log of suspicious card numbers. Most payment card processing companies allow vendors to review attempted transactions, successful or not. Recording and perusing those daily transactions can help identify the sort of attempt described above – if one of the cards went through before the daily transaction limit had been reached.

 Keep Your Digital Fortress in Good Repair

Payscout provides vast, dependable security measures (such as encryption and tokenization services) to protect all financial information in a merchant’s database, fraud-protection and security specialists that handle automated screening and manual review, and a variety of check and card protection and verification services. Payscout also offers services ranging from local non profit payment processing to global payment processing from multinational corporations. But their expertise and resources can only help so much if your firewall, anti-virus, anti-malware, anti-spyware, etc. protection is lapsed, lax, or not present.

 Don’t Mix Business with Personal

There are a number of good reasons for having separate, dedicated hardware, software, and devices for business and personal use. For one, using one device and/or system for your business and personal computing can result in frustrating confusion—particularly if your personal computing includes personal finances. But more importantly, if you have everything in one place and do get hacked, you risk losing everything. Be safe!

Protect your business’s future and secure its continuing growth and success at www.payscout.com.

 

Tips for Protecting Your Online Business From Debit and Credit Card Fraud

 

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In 2017, online shoppers spent $453.46 billion in the United States alone. With profit potential that great, every business with a product or service that can be offered online is either doing so or risking being left behind. Wherever there’s money to be made, however, there are people rushing to learn how best to steal it.

The ubiquity of plastic as the payment method of choice online has resulted in a thriving underworld industry of debit and credit card fraud. And unfortunately for online vendors, one of the most common forms of card fraud is “card not present” theft. Online vendors don’t have the luxury of checking ID to be sure the names match. That being said, there are a number of relatively simple steps that e-merchants can take to mitigate the risk of online card fraud.

 Tokenization

One of the best ways in general to reduce fraud risk is to contract with a trusted, established payment processing institution. An experienced payment processing firm should be able to handle everything from accounts receivable collections software for accounting to tokenization. Tokenization is a process that replaces sensitive data, like payment card numbers, with a “token.”

The token is a unique identifier that stands in for the actual card information (which is stored off-network in an ultra-secure data vault). The token can be effectively used by the business as necessary but is meaningless and useless to any hacker who breaches a less-secure local database, network, or payment application.

Emails, Addresses, and Overseas

Sometimes, security measures are relatively low-tech, requiring good old-fashioned risk management. In this case, keeping an eye out for details like the validity of an email address. It’s obviously not a sure-fire sign of larcenous intent, but if an email address appears to be a random string of characters at a free email domain, be wary.

The same goes for orders in which the billing and shipping address differ. There are countless legitimate reasons for that, but it can be a red flag, particularly if expedited shipping is requested. Overseas sales can be tricky. Obviously, the entirety of the planet beyond your borders is a great market, but it’s also a bit of a risk. Make sure the aforementioned payment processing firm you contract with has a solid foundation in international payment processing to help mitigate risks.

Always Require the CVV Code

This one may seem obvious, but a surprising number of online businesses still allow card transactions without requesting the card verification value (CVV) code. The CVV is a three- or four-digit code on the back of a credit or debit card. When hackers, identity thieves, and scammers get their hands on payment card numbers online the CVV is very often not present with that information. Requiring the CVV is therefore a small step that significantly mitigates the risk of fraud.

About Payscout

Payscout has worked to establish the company as one of the most trusted payment processing providers. Facilitating safe and convenient payment solutions across six continents, Payscout has been linking merchants and consumers with credit, debit, mobile, ATM, and alternative payment solutions. Managing payments, whether on-site or across mobile and online media, is easy with Payscout. Payscout integrates with more than a dozen software applications and also offers healthcare payment processing as well as specialization in non profit payment processing. Whatever your specific payment needs, Payscout can accommodate you with quick, convenient, friendly, and secure service.

Learn more about Payscout’s payment processing solutions at www.payscout.com

How Payscout Is Committed to Making Payment More Secure with Tokenization

Young Smiling Business People At Work In Office. Portrait Of You

Payscout has long been committed to driving and supporting innovation in the payment processing industry. Much of that innovation has been dedicated to payment platforms (including those in revolutionary new channels like virtual reality) and establishing the most user-friendly suite of global payment processing tools.

However, they recognize that as important as those advances are, the most cutting-edge services and intuitive tools in the international payment processing space are not of much use to consumers and partners if they aren’t secure. It is that understanding that has inspired them to develop security measures, like Tokenization, as trustworthy, advanced, and dependable as their payment processing solutions.

The Tokens

It turns out that the best way to protect information from hackers and cyber-criminals is to remove that data altogether. No one can steal, destroy, damage, or compromise what isn’t there. Of course, previously this strategy suffered from a pretty significant drawback: eliminating payment data from a network meant that while the malicious and criminals couldn’t find it, neither could anyone else.

Enter Payscout’s Tokenization security system. Tokenization works by taking even the most sensitive payment data, like healthcare payment processing records, and replacing that data with a different, unique identifier, the token. Those tokens are pieces of data generated by proprietary algorithms that are mathematically impossible to reverse.

For instance, if hackers managed to break into the accounts receivable collections software of a participating merchant working with Payscout, they would only have access to the tokens. Although the tokens had replaced the payment card data, they would retain none of the information that was of any use to the intruder, being entirely meaningless to hackers.

The Customer Vault

The data that the token has replaced hasn’t been deleted or destroyed. To ensure that merchants still have access to sensitive payment data without having to store it, as is, on a local database with an unknown level of security, Tokenization is paired with the Payscout Customer Vault.

Information replaced by a token is transmitted through a Secure Sockets Layer (SSL) connection to the Customer Vault. The Customer Vault itself is a Level 1 PCI-certified Payscout data storage center operated by Visa, making it just about the digital equivalent of Fort Knox. The tokens with which the sensitive data have been replaced usually incorporate the last four digits of the card the payment was made with, allowing an accurate and predictable matching of the token with the secure data.

Perhaps most conveniently, the token isn’t just an inert stand-in for sensitive payment data. Tokens support the same payment actions and checkout models as the actual cardholder information would, and the merchant can initiate transactions remotely without risking access to the card’s number or other private information. Practically, it means that Payscout offers their partners exceptional safety and security without sacrificing convenience.

Learn more about Payscout’s innovations and user-friendly platforms, at www.payscout.com