Growing eCommerce has greatly increased the number of digital transactions. It is projected that by 2021, a total of $5 Trillion worth transactions will be made on e-commerce websites worldwide. This industry is growing at a rate of 21% currently and continues to grow rapidly. Since, more and more of these e-commerce platforms are enabled to carry out financial transactions, a secure payment system for websites becomes a necessity. With a secure payment solution, reputation and credibility of a company grows resulting in an increased ROI (return on investment).
Ensuring a robust and secure payment processing solution instills confidence in a customer. A sense of security and the feeling that ‘my money is secure’ builds confidence and brand value of your company in the marketplace. Without these security measures, merchants and customers both are vulnerable to cyber-attacks, data-theft and fraudulent activities. In the last 6 years almost $112 billion have been siphoned off by cyber-frauds. 9 out of 10 data thieves target small merchants skimming off upto 1.5% of the revenue every year.
Merchants have to ensure foolproof security on their websites. Business owners must hire secure payment processing companies who provide a holistic security plan introducing several checkpoints in the payment process to safeguard data. Identity management, authentication technology, fraud monitoring, security analytics and threat intelligent systems help us make payment processes impenetrable. As a merchant one must hire a security solutions company that provides excellent customer support to take care of troubleshooting needs. Any decent secure payment solutions providing company will integrate some basic security measures on your website, let’s discuss what they are:
1. SSL Protocol: Secure Sockets Layer is a networking protocol. It encrypts/decrypts information sent over a network connection. Represented by a small padlock before the URL in your browser.
2. PCI Compliance Standards: Payment Card Industry Data Security Standards (PCI-DSS) is a compliance standard for credit/debit card transactions on the internet.
3. Tokenization: This simply involves replacing the sensitive information (ex:16 digit credit card number) with a random string of characters. This prevents data breach and even if data is stolen it is worthless.
4. 3D Secure Passwords: 3D secure passwords add an extra layer of security for credit/debit card transactions, this prevents frauds and unauthorized transactions via credit/debit cards.
5. Anti Fraud Tools/ Blacklisting: Several other anti-fraud tools are used to secure transactions. Blacklisting, address verification system, biometrics, captcha, geotagging etc are some of the methods being used to trace and block frauds.
Everyday new service providers keep popping up in the payment ecosystem. The payment processes are always under attack, whether it is to steal data or siphon off money, these processes are most prone to attacks. Ensuring a 360 degree safety to these processes will put your business on a pedestal where your brand will ooze a sense of security among the customers and that’s something you really want for your business.
This article originally appeared here: https://paycronn.blogspot.com/2020/03/secure-payment-solutions-for-small.html