Most businesses find it more valuable to set up online bill payment options to improve profitability and security in this time and age. This payment option is also convenient for distant clients to access and pay for your services.
With the advancing nature of payment technologies and improvements in cyber security, online bill payments and online shopping are becoming safer to use.
This article details a few practices in how online payments strengthen payment security in your business.
Ensures PCI compliance
PCI( Payment Card Industry) compliance is an important security protocol standard for processing online payments. This compliance provides data encryption on customer information, reducing the risk of malicious exposure to cyberattacks. In addition, when you comply with PCI, you build trust with your customers while strengthing security.
Handling PCI compliance by yourself can be nerve-wracking, and that is why most processing companies will handle credit card information, transaction history, and credit card processing. Some providers like Square will go a step further by not sharing customer and card information with businesses, thus handling PCI alone.
Tokenization is substituting a customer’s sensitive data with random non-sensitive numbers with no exploitable value. Therefore, tokenization is an added layer of protection for customers when processing payments.
For instance, if a hacker were to access a customer’s tokenized information, it would be of no value to them. So on that account, when searching for a payment processor, always inquire if the provider uses tokenization.
SSL (secure sockets layer) provides encryption security to data exchange between a customer and server through the web. This encrypted information cannot be hacked and misused, and hence payment process is secure. A simple way to identify an SSL certified website is if a website URL starts with https. Another symbol is if the URL has a padlock at the start.
As a business owner or entrepreneur building on an E-commerce website, ensure you use a builder who offers SSL certification. Most customers know this feature, and it’s wise to incorporate it to maintain trust. As for payment processing, most service providers will offer SSL certified portal.
AVS Address verification service
A service that almost all service providers have incorporated. The address verification service is when you must fill in your billing address when completing purchases through a website. If you enter a different billing address from your credit card, your purchases will decline to complete.
This service reduces the chances of fraudulent purchases going through.
A good payment service will also increase your chances of securing external funding or a business loan to improve and maintain your business venture.
As a parting shot, it’s necessary to go for a reputable company that aligns with your security concerns and will also assist you in comprehending the small changes to incorporate that will support payment security.