These days everything is available online. Be it apparel shopping daily needs groceries! One can also buy furniture, electronic appliances etc from the comfort of their home. In fact, E-commerce has developed so much that now you can book hotels, trains, buses etc at just the click of a button! All this requires an exchange of money not physically but online or you can say virtually.
E-commerce business is growing day by day. New sites are being launched every hour. But we as a customer should ensure that every transaction with the site is confidential and secure as possible. We also should be ensured that our personal or banking details won’t get into the hands of intruders and cybercriminals. E-commerce site comes with a variety of boons and banes. An E-commerce site must have a secured gateway for online payments. Cybercriminals are quite smart and have massive knowledge about how the whole online payment process happens at the back-end.
Just imagine that you have spent a lot of money in developing the website. A huge sum is also spent on promotion and other advertising activities. A person visits your website and proceeds with the payment, but at the end, he’s not able to successfully complete his payment or some malicious activity happens and he exits! Such experiences guarantee that the customers won’t return ever and eventually the sales would decrease day by day.
Considering a layman or an average consumer they even don’t know how the whole process happens. How the redirection takes place etc. For them, it’s just filling up the details and having a successful transaction. It’s very important to understand that there are many players in a single payment processing. It’s not just about the merchant and the customer.
As a merchant, it’s your responsibility that every online transaction under your control and deploys strong mechanisms to improve the customer experience for online payments and ensure them that sensitive data such as User ID, Passwords or CVV code won’t be shared with any third party! Customers don’t have the access to choose the payment gateway usually, so it’s up to you to make the best choice. Needless to say that the payment processing industry is constantly developing new technologies which are surely raising the bar for what’s to be considered safe and secure. A technique that might be adequate to safeguard today might not work tomorrow. There goes a lot of research and development while choosing a payment processing company. While choosing one apart from considering it to be secure, there are various other factors that need to be kept in mind to run the business successfully.
Credit cards and debit cards are still one of the most popular modes of payment, but unfortunately with the advancement of technology fraudsters can even get access this as well. Data thieves have a huge amount of knowledge on how these new technologies work, so eventually, they are always looking for loopholes in payment processing paradigm.
Methods for Secure Online Payments:
Basically, it’s not an easy task to make payment processing secure. Rather it’s kind of impossible to eliminate fraud completely. But one can take certain security measures to prevent data from being stolen. Given below are few tips and tricks that one can consider while choosing a payment gateway for their website or have secure payment processing.
Use Extended Validation (EV) SSL Certificate
You must have noticed some of the security indicators are shown in browser address bar such as extra “S” with HTTP://, Green padlock icon in the URL bar, Company name display with country code and “Secure” label in Chrome browser address bar. An additional “S” in https:// denotes that a secured SSL (Secure Sockets Layer) connection is established and online payments will be done safely. If you want to allow your customers to verify the authenticity of your website before doing online payments, then you should install EV SSL certificate on your server and redirect your site from HTTP to HTTPS. Online data transmission between a web server and a web browser will be secured with 256-bit encryption.
PCI (Payment Card Industry) Standards
While processing online payments on your website PCI is a must. PCI DSS known as Payment Card Industry Data Security Standards provides a set of universal guidelines for the merchants that tell them how to handle, use and store credit card details while online payment processing takes place. A seller doesn’t have to be a PCI compliant if he or she chooses the right payment provider. It’s then the job of the payment gateway to comply with the industry level security standards. PCI also follows data encryption.
One of the most important things to be kept in mind is to never store or collect any sensitive details of your customers on your server. Rather deploy techniques such as tokenization. Tokenization is a process in which the sensitive details are replaced with a string of arbitrary characters that can be decoded to the original data by an authorized party. This reduces the risk of data breach. Choosing a payment gateway with tokenization reduces or minimizes the risk of payment fraud. It’s one of the best protection methods till the date. One can use a token that is kind of similar to the real card number. When the transaction is authorized, the data is sent to the centralized server and saved securely. Simultaneously a merchant receives a unique number. Then the token can be used as a substitute for the card’s data, e.g. with one-click payments on the customer’s future transaction.
Lately 3D secure has been trending a lot. Basically, it’s an additional security layer that helps in fraud prevention of debit and credit cards. That is while doing any transaction the user creates a secure password (PIN). Whenever Customer makes an online payment, 3D secure required customer’s secure password before completing each online transactions. 3D Secure ensures an extra layer of protection that if even the card gets stolen that pin will be saved with the user and no successful transactions would take place without it. OTP (one time password) is also kind of similar to 3D secure. The only difference is that it’s sent by the bank and can only be used once per transaction.
As the technology is advancing day by day it’s creating tools that monitor and scan each and every transaction. These fraud prevention tools help to eliminate any suspicious or fraudulent activities. Also while choosing a payment gateway to ensure that it has great customer support. It’s extremely important for your business because you need to be sure that you can contact the payment provider easily for troubleshooting.
There are some basic rules for both merchants and consumers that need to be followed to have successful and secured transactions. As a website owner, you can make every transaction secured with a robust encryption method and erase all sensitive details upon successful online payments. As considering all stated security measures. Customers also have to be cautious and check website authentication and trustworthiness before doing online payments.