Determining if the credit card transactions that were done for the business were processed securely and if the credit card information that was provided by the customer when they paid online was handled safely is of utmost importance. Leakage of both or either the customer or credit card information can ruin the credibility of the business and also affect customer’s trust. This will also be seen as non-compliance of the security standards that were set by the acquiring bank and payment provider that can possibly lead to termination of the merchant account.
Following security measures to make sure that payments transacted are more secure can be done to combat the huge number of fraud that has been prevalent with online transactions. One business can have a secured online payment system even if the owners are not an online security expert by proper selection of tools and partners to protect the business.
Data security is a participatory and it means the following few best practices to ensure that it is done right. Eliminating fraud is not easy but there are many ways to secure data and prevent it from being stolen. Below are some safety measures that must be followed to ensure a secure payment system for the company’s website.
SAFETY MEASURES TO ENSURE A SECURE PAYMENT SYSTEM
1. SET UP THE SSL CERTIFICATE OF THE COMPANY WEBSITE WHERE CLIENTS SHOP
Payment providers require the merchant to secure its website or at least on the actual payment page with an SSL certificate at the very least. The payment page is where credit card information is collected and forwarded to the payment gateway.
The company website’s connection where clients shop must be secured with an SSL certificate. To check if the website’s security one must look for a padlock icon in the left side of the web address bar. Once clicked, the icon will display if the connection is secured and also show the site’s details and permissions. Also, the website must start with “https://”.
Using SSL certificate helps to encrypt the information transmitted in the website and also protecting cardholder’s card details and other sensitive data improving payments security.
2. USE ADDITIONAL VERIFIER FIELD IN THE LOGIN, FORGOT PASSWORD AND CONTACT FORM PAGE
A captcha code verifier field prevents hackers use SQL injection which is one of the most common ways to hack the web.
The cardholder should also be able to nominate the usernames and password as well as security questions he or she can use when processing transaction. It is better if they will be asked to provide a one-time pin or one-time code that is sent to their mobile number or email address for additional verification.
3. USING 3D SECURE AUTHENTICATION
3DS is an additional security layer that prevents fraud in both debit and credit card transactions. It is also known as Payer Authentication that is a service that is provided by Visa under Verified by Visa service and MasterCard under MasterCard SecureCode. Registering in this service allows banks to confirm the identity of the cardholder when they do online transactions by requesting for the 3D Secure password each time they purchase online and no transactions can be done without it.
4. ONLY PERTINENT & NECESSARY INFORMATION MUST BE ASKED AND COLLECTED FROM THE CLIENTS
Only important information and pertinent to the sale must be asked from the customer such as customer’s name, customer’s address, phone number, billing address and payment information only. Customer’s birthday and social security number can be potentially stolen and re-used by cybercriminals.
5. THE BUSINESS MUST BE PCI COMPLIANT
Compliance with the Payment Card Industry means that the company follows a set of security standards (12 requirements set by the PCI Security Standards Council) which ensure that the company maintains a secure environment when verifying, accepting, processing, storing or transmitting credit card information of the cardholder.
6. THE CMS (CONTENT MANAGEMENT SYSTEM) OR THE THIRD-PARTY SALES PLATFORM MUST ALSO BE SECURED
Added security measures must be provided by the platform provider especially when information is shared.
7. CONDUCT A REGULAR TEST & AUDIT OF THE ENTIRE WEBSITE
The website especially the payment page must be checked regularly every now and then to determine if the page is running smoothly and contains no broken link and if the SSL certificate is installed properly. It must also check if the field form only asks for pertinent information of the cardholder and if the CMS is also secured. Auditing the website must be done to ensure optimum security.
8. ALL TRANSACTIONS MUST BE ENCRYPTED
Strong encryption must be used when processing payments and additional encryption of the database containing cardholder’s information must also be done to be safe from hackers and outside parties. Encryption prevents the said sensitive information to be intercepted by the hackers.
9. CARDHOLDER”S INFORMATION MUST NOT BE STORED
As per PCI, merchants are not allowed to store all credit card details. All payment information must be disposed of securely
10. EMPLOYEES MUST ALSO HANDLE CARDHOLDER”S INFORMATION SAFELY
Aside from the payment gateway system, some of the cardholder’s information is used by the company’s employees such as in receipts, invoices and other transaction paper trail. These documents must be stored and disposed of properly.
Cybercrimes are committed every day against almost everyone from individuals to governments and even to corporate giants. It is the merchant’s responsibility to do everything in its power to make sure that online transactions done on their website are all secured since customers don’t have the luxury to choose their own payment gateway and it’s up to the merchant to make the best choice.
Handling customers’ payment information safely and with the utmost confidentiality is very important and should also be taken very seriously. The likelihood of security and data breaches will be reduced once these safety measures are followed, financial transactions will run smoothly thus customers will be more comfortable and secured to carry on online transactions. Once customers feel secured they are more likely to repeat their purchases and would prefer the business versus competitors who don’t prioritize online security.
Learn More about iPayTotal Secure Payment Services Today
Give us a call at+44 800 776 5988 or get in touch with us through our website. Even if you’re not a customer of ours, we want to help you understand the process so you can make the best decisions for your business. We believe transparency and proactive education is the best policy.