What are SOC Audits for Digital Payment Providers?

Are you looking to partner with a digital payment provider and want to ensure they are taking the necessary steps to protect your data? SOC audits are an essential component of evaluating the security and privacy practices of potential providers.

In this guide, we’ll explore the importance of SOC audits for digital payment providers, what they entail, and what you should look for when selecting a provider.

What are SOC Audits for Digital Payment Providers?

A SOC (Service Organization Control) audit is a third-party review of the controls and processes a service provider has in place to ensure the security, availability, processing integrity, confidentiality, and privacy of customer data. Digital payment providers are subject to a variety of regulations and must adhere to specific standards to ensure that they are safeguarding customer data.

The SOC audit process involves a rigorous review of the provider’s controls and processes, which is conducted by a third-party auditor. The auditor will examine the provider’s systems, policies, and procedures to ensure that they are in compliance with applicable regulations and standards.

Why Are SOC Audits Important for Digital Payment Providers?

SOC audits are critical for digital payment providers because they provide assurance to customers and partners that the provider has taken the necessary steps to protect their data. Without a SOC audit, it is difficult to know whether a provider is adhering to best practices and regulations. SOC audits help build trust between the provider and their customers, which is essential for any business.

Additionally, SOC audits can help providers identify areas for improvement in their security and privacy practices. The audit process can reveal gaps in controls or areas where policies and procedures need to be updated. Providers can use this information to improve their security posture and better protect customer data.

What to Look for When Selecting a Digital Payment Provider?

When selecting a digital payment provider, it is essential to look for a provider that has undergone a SOC audit. It is not enough to simply ask whether a provider has performed an audit – you should also ask to see the results of the audit and ensure that any issues have been addressed.

You should also look for a provider that is transparent about their security and privacy practices. The provider should be willing to share details about their controls, policies, and procedures, and be open to answering any questions you may have. Additionally, the provider should have a track record of adhering to applicable regulations and standards.

Finally, it is important to consider the provider’s experience and expertise. Look for a provider that has a strong understanding of the digital payment landscape and has experience working with businesses similar to yours. This can help ensure that the provider is equipped to meet your specific needs and can provide the level of service and support that you require.

SOC audits are a critical component of evaluating digital payment providers. They provide assurance that providers are adhering to best practices and regulations and help build trust between providers and their customers. When selecting a provider, it is essential to look for one that has undergone a SOC audit, is transparent about their security and privacy practices, and has experience working with businesses like yours.

Finding the Right Service Organization for Your Digital Payments.

It’s important to find the right service organization to meet your digital payment business’s particular needs. Every SOC should be tailored to ensure that it meets the compliance requirements of an enterprise. Consider factors such as cost, scalability, response time, and a clear understanding of associated risks with every step of implementation.

It’s also wise to compare reviews of different service organizations available in order to make a well-informed decision. Working with certified professionals can help save time, money, and confusion throughout the process.


About Lucrotec

Lucrotec is a thriving FinTech company that provides a managed payment service to its clients. Lucrotec delivers operational efficiencies for accounts payable and accounts receivable, better payment security, and vendor expense transparency. It does so without IT integration, OpEx/CapEx expenditures, or disrupting established accounts payment processes.

Additional information about Lucrotec can be found at www.lucrotec.com, requested via e-mail at info@lucrotec.com, or by calling 1.855.677.6348.