Security is the basic foundation of all electronic transaction processing. Any average consumer doesn’t even think about the whole process that takes place when he/she pays for items at an online store. It is important to understand that in the payment process there are many players, not just you and the customer. There are also card brands, acquirers, and issuing banks or other companies. Henceit is crucial to have the whole process under control and reduce the risk at every point possible. Making both yours and your customers’ data secure is one of the most important issues for your online business.
Credit card payments are still the most common type of payments, but unfortunately with the growing number of online payments, there are also more fraudsters. Data thieves have a great knowledge on how new technologies work, so they are always looking for the vulnerable points of payment processing.
What makes online payment safe?
- TLS Encryption:
Data security on e-commerce websites or an online payment system begins the moment a user enters the site. The TLS Certificate says users that the data transmitted between the web server and their browser is safe.
Encryption protects data in transit and luckily , many good encryption solutions are available and affordable for most merchants. Your best course of action is to ask your payment service provider about the options that are best for your business.
Tokenization is a technology that makes it easier to improve payment security and provide a payment process without vulnerabilities. Tokenization makes customer authentication during the purchase possible without any effect on transaction’s security.
Tokenization is a process by which a 16-digit card number gets replaced by a digital identifier called as a token. This is done to ensure the safety of the original data while allowing payment gateways to securely access the cardholder data and initiate a safe and secure payment.
- 3D Secure:
3D Secure is an additional security measure for online payment processing. It works by authenticating the identity of the cardholder at the time of the purchase. 3D Secure creates a secure password for any shopper’s credit card. Every transaction is then verified with a password, which adds an additional measure of security. It will decrease the number of fraudulent transactions and boost your revenue.
- Fraud Prevention:
Merchants need to know that the number of vulnerabilities they face is constantly growing and they have to be ready for fraudulent activities at any time. Always make sure that you comply with the payment, security, and risk standards of the countries you operate in.
Apart from the mandatory protocols, most e-commerce websites and payment gateways have their own fraud and risk prevention systems.
Even though technology is developing rapidly, even then it’s impossible to completely prevent fraud. But, there are signs you can look out for to limit the number of fraudulent activities.
Always, customers have to be cautious and check the website they are buying from before purchasing. Also, they should only enter essential information in the payment form and never ever send a scan of their IDs or credit card copy.
Are you looking for a Payment Provider with secure payment processing system? iPayTotal simply provides all you need from an online payment processor. We have a great customer service team. Feel free to call us and we will be happy to help you.