ProPay, a provider of credit card processing and electronic payment services, has launched ProtectPay Online Virtual Terminal (OVT).

According to the company, the new feature allows merchants to securely store their customers’ payment information in the ProtectPay Vault through the online virtual terminal.

ProtectPay Online Virtual Terminal enables merchants to reduce or remove PCI compliance obligations and risks associated with data compromise by storing their customers’ card data securely with ProPay.

The sensitive cardholder data never resides in the merchants’ systems and sent directly to the ProtectPay Vault, where the data is stored. The merchant receives a unique identifier that can be used for reporting purposes or repeat transactions, claims ProPay.

Heather Mark, SVP of of market strategies at ProPay, said: “It is a common misconception that data thieves only target large, well-known organizations. In fact, smaller companies, because of their perceived lack of resources and technical sophistication, are often targeted by cyber criminals.

“Many industry studies have suggested that over 80% of identified compromises of cardholder data (credit, debit card data) involve small merchants. While larger companies often make headlines, dozens of smaller companies are victimized for every large or well-known company that suffers a data compromise.”