Financial Regulation and Supervision Essay Example | Topics and Well Written Essays - 2500 words

Financial Regulation and Supervision - Essay ExampleThe paper tells that Andrews Pick & riffle should seek to put in place pertinent PCI DSS compliance measure according to its level of operations, and convey to offer credit and account card payments, which would go a long way in enhancing its online sell business. Credit and debit card services are advantageous in that, they enable the business to verify and accept payments from a variety of major debit cards, credit cards, traditional checks, and electronic checks. The business is also able to accept payments from anywhere, since accomplishments are processed online at any remote location totally over the world given internet connectivity. Moreover, the services will enable entry of information manually incase sales and secures are done in physical retail outlets. Andrews Pick & Mix would also be able to get protection from fraudulent activities that are rampant in transactions do over the internet. Credit and debit card s ervices consequently offer security protection through modern encryption utilities to give customers assurance and authorisation when transacting and processing their personal credit and debit card information. The service security measures focus on the use of VeriSign SSL Certificate that does not require individuals to separately purchase certificates, as well as Address Verification Service that would help them in protecting fraudulent credit card application. When deciding on whether to accept the banks offer, Andrews Pick & Mix retailers need to analyze which card of credit and debit card payment solutions are relevant with respect to the merchant account they had with the company. If need be, the company may process alternative merchant accounts with the bank with regards to what is convenient to them, since the online income was only a small part of their turnover, although it provided a wider gravel to their portfolio of products. These particular aspects are critical for decision making on the kind of credit and debit payment solutions they will put in place. Moreover, Andrews Pick & Mix retailers had their own web servers hosted and managed by a design agency that had developed and customized their online payment application, which was integrated with a third-party provider of credit and debit card transaction processing facilities. However, Andrews Pick & Mix were not completely aware of the level of charges for different types of transaction and the precise contractual obligations they had adopted, as well as the potential risks involved. Their services had clients payment card details being entered on the retailers website, while other orders were being accepted by fax, telephone, and physical knock off where payments could be made with a point-of-sale card terminal. The retailer needs to comprehensively put into consideration a broad range of aspects such as the average approval rating, cost per month, customer service, account set up time, p oint of sale options, start up costs, and internet based features (Segel, 2008). Average approval rating evaluates percentage of applicants approved, the application fees, and speed of processing the application. Ideal service provisions seek to target high rates of approval at no fee with