Things That Prove Your Payment Processing Through Online Payment Gateway Is Secure

By Author: Sahil Verma
Total Articles: 160
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Our purchasing habits have shifted. Daily activities, including shopping, have increasingly moved online. How can merchants ensure the security of payment processing in their online stores?

E-commerce has many advantages, but it also opens up new opportunities for cybercriminals to steal our personal and banking information. As a merchant, you must do everything possible to reassure your customers that their transactions on your website are safe. Customers are usually unable to select their own online payment gateway, so it is up to you to make the best decision.

Consider the major data breaches that have occurred in recent years. Even the biggest names are vulnerable to cybersecurity threats. It is critical that your company is proactive in terms of cybersecurity rather than waiting for a crisis to occur before taking action.

The average consumer does not consider the entire process that occurs when he purchases items from an online store. However, it is critical to recognize that the payment process involves a large number of parties. Aside from you and your customers, ...
... there are card brands, acquirers, issuing banks, and other companies to consider. As a result, it is critical to keep the entire process under control and to minimize risk at all times.

Credit card payments remain one of the most common types of payments, making them a popular target for fraudsters. Because data thieves are well-versed in how new technologies work, they are constantly on the lookout for vulnerable points of payment processing.

What makes online payments secure

Although it is nearly impossible to eliminate fraud, there are numerous methods for securing your data and preventing it from being stolen. Read on to find out what you should concentrate 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

The SSL protocol should be used to secure all transactions. Using SSL helps to encrypt the information, protecting card details and other sensitive data. It, of course, improves payment security, but it also increases customer willingness to buy. The SSL is represented in the address bar by a padlock icon, and the web address begins with HTTPS.

Make sure that the payment provider you use requires HTTPS for all of its services, and that they have an SSL certificate in place. They should also check the details of the certificate authorities they use on a regular basis to ensure the highest level of security.

2. PCI certificate

PCI compliance is required when accepting payments on your website. The Payment Card Industry Data Security Standards (PCI DSS) provide merchants with guidelines outlining what they must do to secure sensitive data in payment processing.

The good news is that if merchants choose the right payment provider, they won't have to be PCI-compliant. They can rely on the best online payment gateway to adhere to industry security standards and to provide data encryption, as required by PCI.

3. Tokenization

Tokenization replaces sensitive data with a randomly generated string of characters, thereby lowering the risk of a data breach. Using a token that represents a real credit card number is one of the best methods of protection. When a transaction is approved, the data is sent to a centralized server and securely stored. At the same time, a unique number is assigned to a merchant's system. The token can then be used in place of the card data, for example, with one-click payments on the customer's future transaction.

Using a payment gateway that supports tokenization can help to reduce the risk of payment fraud. This means you won't have to keep your customers' credit and debit card information on your server. When you select the right payment solution, the cardholders' data is never sent to your servers. More importantly, they are encrypted before being stored on database servers. Reliable payment processors host infrastructure for storing and decrypting card numbers in a separate hosting environment separate from their primary services.

4. 3D Secure authentication

Three Domain Secure (3D Secure) is a messaging protocol that involves three domains: the bank, the technology that processes the transaction, and the issuing bank. It is an additional security layer that aids in the prevention of fraud during card-not-present transactions. Furthermore, the liability for each transaction that is successfully verified is transferred from the merchant to the issuing bank.

To add extra security, when online shoppers buy something, they must confirm the transaction with a generated password (or a one-time PIN sent from their bank via SMS).

5. Anti-fraud tools

Every transaction is scanned and monitored with fraud prevention tools (automatically or manually), making it easier to prevent and eliminate all suspected fraudulent activities. Merchants should keep in mind that a single tool will not suffice to protect their businesses. They require a multilevel approach with increased protection.

Furthermore, when looking for a payment gateway, go with one that has excellent customer service. It's critical for your business because you need to know that you can easily contact the payment provider for troubleshooting and that all of your issues will be addressed.

Wrapping up

To summarise, when selecting an online payment gateway for your website, ensure that it includes the following features:

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 that both merchants and consumers must follow in order to conduct secure transactions. Online merchants must use encrypted payment services, delete credit card information after completed transactions, and implement a privacy policy to inform customers about the information that will be collected during the payment process.

Customers must, however, exercise caution and check the website from which they are purchasing before making a purchase (here are website compliance requirements that a reliable website needs to follow). They should also only fill out the payment form with necessary information (such as card details and billing address), and never send scans of their IDs or copies of their credit cards.

Using the proper solution and paying close attention to online payment security can significantly reduce the level of vulnerability.