Online payment transactions have grown to be quite risky and insecure. Nowadays, a simple click on an email can expose all your financial details in a matter of seconds. This is why business owners need to take the necessary steps to protect themselves and their clients from online payment processing risks.
As a business owner, if you are questioning which ways are ideal at preventing security breaches during online transactions – here are top security ways experts agree you can reduce online payment processing risks.
1. Introducing Two-Factor Authentication
For those running e-commerce stores, introducing two-factor authentication to their online customers’ accounts can significantly heighten security. As a result, every login attempt made, clients will be notified if it is accessed from an unfamiliar device.
2. Seeking Third-Party Assistance to Store Sensitive Client Data
If, as a business, you must store customers’ credit card numbers, then do so with a secure 3rd party site specializing in data online data storage. Doing this will minimize risk to a great extent.
3. Stick to Reliable e-Commerce Platforms Only
Over the years, hundreds of e-Commerce platforms have popped up – all promising security and efficient service delivery. However, if you are interested in running an online business successfully, stick to reputable platforms that have experience in preventing security hacks, and have features that can detect online threats.
4. Purchase Cyber Liability Insurance
No matter how robust your payment systems are, you can’t be fully guaranteed 100% secure online transactions in the online industry. Purchasing cyber liability insurance can come in quite handy on occasions where your business faces a security breach.
5. Avoid Storing Client Payment Data
If it is possible, don’t store your clients’ financial details in your system. Once a transaction is completed, any trail that might lead scammers back to customers should be deleted. And even though businesses prefer to store this data for marketing purposes and recurring payments, at times, the pros of doing this outweigh the cons. Therefore evaluate if this is a risk worth taking.
6. Acquire an SSL Certificate for Your Website
Did you know small businesses are the main target for online payment fraud? If you are opening up a small e-store and considering to overlook the importance of enhancing security, think again. With an SSL certificate, you are not only safeguarding your financial details but that of your clients as well. Should a client lose money on your e-store, the damage created on your brand might be too big to resolve.
7. Be PCI Compliant
As a smart business owner, being PCI compliant adds an extra layer of security to your online payment processing systems. Ensure that you train your staff on how to adhere to the Payment Card Industry Data Security Standard requirements.
8. Educate Your Customers on Making Secure Online Payments
Finally, it is your role as a merchant to educate your customers on making secure online payments. This can be done through webinars, blog posts, and face to face. Ask them to avoid public Wi-Fi, update their browsers, and avoid sharing their financial details with unknown or unsecured sites.
To conclude, with these 8 ways to reduce your online payment processing risks, you can rest easy your payments are secure and compliant, and your merchant account is not terminated. It also pays off to work with a reliable merchant account provider with all security measures in place. Since 2010, Payment Savvy has provided merchants across the country with reliable, affordable, secure, and innovative payment solutions. Be sure to reach out to learn more about our custom merchant services!