Today’s consumer demands the flexibility to pay in a manner that suits them. In order to meet these customer preferences, businesses are required to provide a range of payment methods. Nevertheless, online payments are accompanied by a certain level of risk.
Providing sufficiently reliable payment methods is a necessity that modern businesses cannot escape. This will help prevent security breaches and maintain trust in the brand. We have collected tips that will help secure online payments and any online transactions.
7 Essential Tips For Secure Online Payments For Small Business
- PCI Compliance
- Encrypt Data with SSL
- Increase Awareness about Using VPNs
- Use Payment Tokenization
- Stay Updated
- Avoid Storing Customer Payment Data
- Use 3D Secure 2.0 (3DS2)
Payment Card Industry (PCI) compliance means that the organization has done everything necessary to protect the payment data of users. Ignoring the requirements will lead to legal consequences. PCI is an organization that sets the security standards for electronic payments.
Every business that makes digital payments is required to comply with PCI standards and practices. You can find them in the PCI DSS document. The specific standards to be followed by a business depend on its size. The PCI assigns four levels of business classification based on the annual number of card transactions:
- Level 4: Up to 20,000 transactions per reporting year
- Level 3: Between 20k-1 million transactions
- Level 2: Between 1–6 million transactions
- Level 1: Over 6 million card transactions
Encrypt Data with SSL
SSL or Secure Sockets Layer is an encryption protocol. It means that the site uses data encryption and its security is confirmed by a large company that issued the certificate. The presence of an SSL certificate is easy to check by looking at the address bar. If it’s normal HTTP, then there is no question of protection. HTTPS means that there is SSL technology here. You can learn more about the certificate and who issued it. Another trigger is the padlock on the left in the address bar. It indicates that your data is protected.
Increase Awareness about Using VPNs
Security doesn’t stop at SSL encryption or following best practices for data storage in the cloud. It is crucial to educate users about their responsibility in safeguarding their own security by utilizing VPNs or other tools to ensure internet safety. It is in the power of each company to inform consumers about the use of VPN for crypto trading. If you explain why a VPN Bitcoin transactions is so important, users will appreciate it and be able to protect their data. You don’t have to recommend any particular provider, but if there’s a good option, you can. For example, one of the most reputable on the market is VeePN. Employing such tools can effectively mitigate the risk of a data breach.
Use Payment Tokenization
Payment tokenization – the process of converting key payment information into a token. The client already transfers it to the server and further work is done with it. Even if the data is intercepted, the token is of no value to hackers. If this procedure was ignored by the site, hackers could steal user data. Network Tokens are an alternative approach to reducing fraud rates. Similar to payment tokenization, it replaces sensitive card data with tokens. However, unlike acquirers of payment service providers, the card scheme issues the token, and it is utilized across the payment pathway. This feature makes network tokenization suitable for a wider range of applications throughout the entire payment ecosystem.
Cyber attacks happen constantly, and hackers are constantly inventing new methods to access private information. Software and service providers create system updates to safeguard users from these ongoing threats. It is important for individuals to promptly download any updates for their e-commerce sites and antivirus software. Outdated systems are vulnerable to attacks, making it crucial to stay up-to-date. For example, if you decide to set up Mozilla VPN, be sure to turn on auto-update (usually it is active by default). Otherwise, there are risks of software obsolescence and vulnerability detection.
Avoid Storing Customer Payment Data
It is advisable to refrain from keeping customer payment data to minimize the risk of information loss during a cyber attack. After each transaction, it is recommended to eliminate any payment details. If storage of certain data, such as customer names, is necessary, appropriate safeguards should be implemented, such as data encryption or storing it on a private network.
Use 3D Secure 2.0 (3DS2)
One of the optimal moments to identify potential security risks occurs during the checkout process. The inclusion of 3D Secure offers a valuable feature designed for this purpose. Whenever a customer proceeds to make an online purchase, 3D Secure implements an additional layer of verification, which is carried out by the respective cardholder’s bank. In the case of a customer using a Visa card on your website, Visa itself would assume responsibility for conducting the final authentication assessment. The specific tests involved, such as entering PIN codes or utilizing biometric scans, are determined by the card-issuing bank and are not subject to your discretion.
If you are serious about doing business online, you have a responsibility to provide users with a secure payment method. Fraud can end up costing a significant amount of money in chargeback fees, while data breaches can result in a complete PR disaster, leading to customer distrust. In today’s processing landscape, there are numerous providers offering state-of-the-art security tools, ensuring that businesses can securely sell their products or services. The key lies in finding the right processor for your needs.