In 2023, nearly one-third of hotels reported experiencing a data breach, with 90% of those suffering multiple incidents within the same year. Each breach cost an average of over 3 million pounds, highlighting the urgent need for robust cybersecurity measures. The rise in card-not-present fraud, phishing, card skimming, and chargebacks poses significant threats to a hotel's brand, reputation, and revenue.
Security and compliance are essential in mitigating these risks. The Payment Card Industry Data Security Standard (PCI DSS) is designed to protect cardholder data by enforcing a minimum set of security requirements for merchants. Hotels that are not PCI compliant during a breach face severe financial penalties and brand damage. Therefore, it is critical for hotels to protect both their guests and themselves.
Achieving PCI compliance can be challenging, especially with the enforcement of the new level 4 specification since March 31, 2024. The audit process is long and arduous. However, partnering with a PCI-compliant payment provider can simplify this process and reduce the scope of PCI requirements. For instance, eliminating the practice of taking card details over the phone and replacing it with a secure online payment authorization method significantly reduces the risk of compromising guest card information. Tokenizing and securely storing guest card details with the payment gateway eliminates the need to view or store card data locally, providing a more secure and convenient payment method for guests.
Partnering with SOTpay can help your hotel avoid potential security risks, ensure PCI compliance, and provide a 100% guarantee against fraud-related chargebacks. SOTpay's implementation of 3DS adds an additional layer of protection, shifting liability from the hotel to the card issuer, resulting in fewer chargebacks and fraud. Secure, branded payment requests with embedded checkout links sent via telephony, email, SMS, live web chat, or social media messaging apps keep your guests engaged and transactions secure.
SOTpay empowers hotels to manage guest data in compliance with Consumer Privacy Acts, TCPA, UK Data Protection Act 2018, EU GDPR, and other local regulations. Integration with Oracle OPERA allows SOTpay to automate payment collection for reservation bookings linked to specific booking or rate codes, reducing fraud from these channels.
A growing number of the world’s leading luxury hotels and resorts are choosing SOTpay for safer, faster, easier, and more cost-effective payment collection for reservations and events. SOTpay prioritizes data security and is:
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