Internet is a life companion for almost everyone nowadays. Using the internet has given the capability for the users to go beyond and compete on a larger scale in the business arena. By utilizing the internet, people will be able to explore the uniqueness of your products or services and gain personalized experiences. Internet has its advantages but there are also many concerns from the customers. In physical storefront, customers can see and know how merchants keep their payment information safe. By accepting Online payments, merchants are basically dealing with the customers’ base trust. The concerns are usable considering how much online fraud grown in the past few years.
Customers cannot see how the information are used when being online and may less likely to trust the merchants to protect their personal data and credit card. There are few ways to encourage them to trust you and show that you are secure when handling online payments.
Warren Buffett: If You Own A Good Business, Keep It
Here are few tips related to online payment security that will give advantages thus build the customers’ trust:
Become PCI-DSS compliant
PCI-DSS is a collection of compliance regulations that was created by the Payment Card Industry Security Standards Council. It is to help standardizing the process of processing, transmitting, and storing payment data. PCI-DSS compliant provide beneficial assistance in stopping fraud even their standard seem complex and constantly be revised.
Verify the transaction and using encryption
The verification is to secure every transaction made or received by the customers or vice versa by having a validated proof. This process includes doing an address verification match, requesting the card security, using geo-location to verify the IP address and assessing any huge size of number of abnormal order behaviour.
In order to secure the online payments, merchants need to have a new updated systems that can be downloaded immediately. Encryption is when the original information is left intact but inaccessible without the proper key. Make sure when storing the data, it is encrypted and tokenized.
Be Cautious when Storing Customer’s Data
When storing customer’s data, there is a strict regulation that takes place. Estimated that there are 95% of credit card data breaches which comes from small businesses. In order to avoid data breach, merchants must not simply store any payment information when the transaction is done clearly.
Merchants must make sure that the data is protected by storing it to the 3rd party or cloud-based server or encrypting the user data to avoid identification by intruders.
Update all software and security tools regularly
To stay secure and protected, merchants have to make sure that all systems are up to date. It is because criminals usually practice how they will break into the systems using the existing systems security. In order to avoid this from happening, update the systems regularly will slow down their fraud activities.
Use the Right Payment Processing Software
Merchants also can increase the security systems by using the correct payment processing software. Using the software will provide merchants with security that they need. The payment processing software will be responsible for the card data’s security thus managing all information regarding the card details.
It will be a good news to the customers knowing that your business follows the proper security measures in accepting payments online. These tips can be used so that you can provide a safe and secure payment environment for your customers.
Article by Nabihah Jasri