As a merchant, you need to do everything to make sure that all the transactions on your website are secure. Technology Advancement and online business come with many opportunities, however, there are chances for cybercriminals, who can hack data and steal the inside information on customers’ personal and banking details. Therefore it is very important to choose your payment service wisely and provide a sense of security to customers and subscribers. As customers usually cannot choose their own payment gateway, so it is up to you to make the best choice.
There were major data breaches that occurred in the last few years. Even companies like eBay and Sony are not immune to cybersecurity issues. Therefore, your business must be proactive about cybersecurity rather than waiting for a catastrophe.
The majority of consumers do not even consider the whole process that takes place when he/she is making a payment for any goods or services. The merchant needs to understand that in the payment process, there are many players, not only you and your customers’. Thus, it is crucial to make the whole process under control and reduce the risk at every transaction.
Though credit card payments are considered as the safe way of making payments, unfortunately with the growing number of online payments, there are more fraudsters. Data thieves have a huge amount of knowledge on how new technologies work, so they are always seeking vulnerable points of payment processing.
How to know if the recurring payment is safe?
It is not an easy task to eliminate fraud. However, there are many ways to secure your data and prevent it from being stolen. Read the information below to find out what are factors to focus on to ensure that the payment processing for your business is secure.
PCI DSS
When you are processing payments for your business, always consider PCI. The payment Card Industry Data Security Standards (PCI DSS) provide a guideline for merchants to secure sensitive data in payment processing.
However, you do not need to worry about PCI compliance if you choose a payment gateway that complies with the industry-level security standards. CloudBanking Provides PCI compliance with data encryption features.
Tokenisation
You should never store your customers’ credit and debit card information on your server. When choosing the right payment solution, the customers’ data does not even view on your server. More importantly, it is encrypted before it is stored on the database servers.
Tokenisation replaces sensitive data with a randomly generated string of characters, it reduces the risk associated with a data breach. When the transaction is authorised, the data is sent to the centralised server and stored securely. At the same time, a merchant’s system receives a unique number. Then the token is used as a substitute for card data, with one-click payments on the customer’s future transaction. CloudBaning is one payment gateway with tokenisation that minimises the risk of payment fraud.
SSL
Any kind of transaction in your business would be secured with SSL protocol. It helps to encrypt information so that the card details and all other sensitive data are protected.
The SSL is symbolised by a padlock icon in the URL bar, and the web address begins with HTTPS.
3D Secure
It is an additional layer of security that helps with fraud prevention in debit and credit card transactions. When a customer wants to buy something, or subscribe to a service, he/she needs to provide a secure password for his card details. Every transaction, then after will be confirmed with the password to add extra protection.
Conclusion
With fraud prevention tools, each transaction is scanned and monitored, so it becomes easier to prevent and eliminate all suspected fraudulent activities.
Moreover, with the CloudBanking Payment gateway, you can contact the customer support team easily for troubleshooting
To sum up, when you choose a payment gateway for your website, you need to make sure it comes with the following:
PCI level 1
Data encryption (Do they use HTTPS?)
3D Secure
How is sensitive data protected?
How they identify and prevent fraud?
Quick support in case of fraud
There are some basic rules for both merchants and consumers to follow in order to make secure transactions. Merchants have to use encrypted payment services, remove credit card details after completed transactions, or apply the privacy policy to make sure customers know what information will be collected during the payment process.
However, customers also 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 (such as card details and billing address), and never ever send a scan of their IDs or credit card copy.
Using the right solution and paying attention to the security of online payments can reduce the overall level of vulnerability.
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