At Alunta we have decided to createa a dictionary for words and important terms related to running a subcription busniess. You are now reading about “Payment service”.
Payment services in subscription business models generally implement several layers of security measures. These may include encryption of data during transmission and storage, compliance with Payment Card Industry Data Security Standard (PCI DSS), use of secure socket layer (SSL) certificates for secure connections, and employing two-factor authentication for user accounts. Additionally, they may use anti-fraud measures such as monitoring for suspicious activity, address verification systems, and card verification value (CVV) checks.
Payment services handle recurring billing for subscription businesses by storing customers' payment information securely and then automatically charging the agreed-upon amount at the scheduled intervals. This involves complex processes of tokenization and encryption to securely store and process sensitive card information. The service also handles renewals, cancellations, payment failures, notifications, and other related issues so that the business can focus on their core functions.
Check out other topics in our subscription dictionary below. We've gathered the ones we find most relevant in relation to payment service.
