Things that prove your payment processing is secure

Things That Prove Your Payment Processing Is Secure

Things that prove your payment processing is secure

Our shopping habits have changed. More and more daily activities have moved online, and so has daily shopping. How can merchants secure payment processing in their online stores?

E-commerce comes with many benefits, but there are also new possibilities for cyber criminals who steal our personal and banking details. As a merchant you need to do everything in your power to assure your customers that the transactions on your website are secure. Customers usually can’t choose their own payment gateway, so it’s up to you to make the best choice.

Think about the major data breaches that have occurred in the last few years. Even the biggest players are not immune to cybersecurity issues. It is important that your company is proactive about cybersecurity rather than waiting for a crisis before taking action.

The average consumer doesn’t even think about the whole process that takes place when he pays for items at an online store. But it is important to understand that there are many players involved in the payment process. Besides you and the customers there are card brands, acquirers, issuing banks, and other companies. Thus, it is crucial to have the whole process under control and reduce the risk at every possible point.

Credit card payments are still one of the most common types of payments, so they are also one of the favorite targets for fraudsters. Data thieves have vast knowledge of how new technologies work, so they are always looking for vulnerable points of payment processing.

What makes online payments secure

It’s almost impossible to eliminate fraud, but there are many ways to secure your data and prevent them from being stolen. Read below to find out what to focus on to ensure that payment processing on your website is secure (or what to consider when choosing a payment gateway for your online business in case of security).

1. SSL for secure connections

All transactions should be secured with the SSL protocol. Using SSL helps to encrypt the information so that card details and all other sensitive data are protected. It, of course, improves payment security, but also makes customers more willing to buy. The SSL is symbolized by a padlock icon in the address bar, and the web address begins with HTTPS.

The payment provider you use should force HTTPS for all its services, so make sure that they have an SSL certificate in place. They should also regularly check the details of the certificate authorities they use to provide the strongest possible security.

2. PCI certificate

When you process payments on your website, PCI is a must. The Payment Card Industry Data Security Standards (PCI DSS) provide guidelines for merchants that tell them what they need to do to secure sensitive data in payment processing.

The good news is that merchants don’t have to be PCI-compliant if they choose the right payment provider. They can leave it up to the payment gateway to follow the industry security standards and provide data encryption, which is required by PCI.

Note that SecurionPay has been audited by a PCI certified auditor and is certified to PCI Service Provider Level 1, which is the highest PCI level with the strictest requirements.

3. Tokenization

Tokenization replaces sensitive data with a randomly generated string of characters, so it reduces the risk associated with data breach. One of the best protection methods is using a token that represents a real credit card number. When the transaction is authorized, the data are sent to a centralized server and stored securely. At the same time a merchant’s system receives a unique number. Then the token can be used as a substitute for the card data, e.g. with one-click payments on the customer’s future transaction.

Choosing a payment gateway with tokenization can minimize the risk of payment fraud. This means that you don’t have to store your customers’ credit and debit card data on your server. When choosing the right payment solution, the cardholders’ data don’t even touch your servers. More importantly, they’re encrypted before they are ever stored on database servers. Reliable payment processors run infrastructure for storing and decrypting card numbers in a separate hosting environment that is not connected to their primary services.

4. 3D Secure authentication

3D Secure (Three Domain Secure) is a messaging protocol that involves three domains: bank, technology that processes the transaction, and the issuing bank. It is an additional security layer that helps with fraud prevention for card-not-present transactions.  Plus, the liability on every transaction that is successfully verified is shifted from a merchant to the issuing bank.

So when online shoppers want to buy something, they need to confirm the transaction with a generated password (or it can be a one-time PIN sent from their bank by an SMS) in order to add extra protection.

5. Anti-fraud tools

Every transaction is (automatically or manually) scanned and monitored with fraud prevention tools, so it’s easier to prevent and eliminate all suspected fraudulent activities. Merchants should remember that a single tool is not enough to defend their businesses. They need a multilevel approach that comes with higher protection.

Moreover, when you seek a payment gateway, choose one with great customer support. It’s immensely important for your business because you need to be sure that you can easily contact the payment provider for troubleshooting, and that all your issues will be addressed.

Wrapping up

To sum up, when choosing a payment gateway for your website, make sure that it comes with the following:

PCI level 1
Data encryption (do they use HTTPS?)
3D Secure
Is sensitive data protected the right way?
Do they offer solutions for identifying and preventing fraud?
Quick support in case of fraud

There are some basic rules for both merchants and consumers to follow to make secure transactions. Online business owners definitely have to use encrypted payment services, remove credit card details after completed transactions, and apply the privacy policy to make customers know what information will be collected during the payment process.

Yet, customers also have to be cautious and check the website they are buying from before buying (here are website compliance requirements which a reliable website needs to follow). They should also only enter essential information on the payment form (such as card details and billing address), and never send scans of their IDs or copies of their credit cards.

Using the right solution and paying attention to online payment security can definitely reduce the level of vulnerability.

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Sandra Wróbel-Konior

A well-established Content Marketing Specialist with a tech-savvy personality, experience in writing, and a passion for reading. Staying up to date with the latest technology and social media trends, in love with GIFs and craft chocolate.

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