18
Jun
2021

Online Payment Security Tips for Businesses

Our society’s business practices have changed as a result of the pandemic. We went from buying everything in a store or working in an office to shopping online and working remotely. For the world to combat this pandemic, our transition to online activities has been a great help.

online payment security tips

Although some businesses have closed and people have lost their jobs, some companies are quick enough to leverage the power of technology and the internet. They have created online stores to cater to their previous customers and even more.

This year, there are 2.14 billion online buyers. It has increased by 4.4 percent every year. Even though we are slowly returning to our way of living, e-commerce or online shops will continue to grow. We expect more businesses to go online because it allows them to showcase their goods and services to a larger audience and increase sales.

Online Shops and Cybersecurity

As people are moving online, cybercriminals are growing in numbers. They are creating ways to steal data and disrupt businesses. 

With the increase in cyber-attacks, businesses need to keep a cybersecurity checklist at hand to protect their companies. 

There are various ways to make sure your business is safe from attacks. You can use antivirus software like Bitdefender, use two-factor authentication, create strong passwords, and more.

Online security is critical, particularly online payments. Businesses should have the most sophisticated tools and security that can protect their customers’ sensitive information when checking out an item.

Online Payment Security Tips for Businesses

Comply with PCI DSS

The Payment Card Industry Data Security Standard (PCI DSS) is a requirement for companies to process, store, and transmit information from credit cards in a secure environment. It helps ensure that customers’ data is safely stored or managed by a business. 

PCI DSS makes sure that it scans and checks for vulnerabilities or threats on your system. If any issues have been encountered, you need to fix them before accepting payments from your customers.

The PCI DSS has strict and complex rules that businesses need to comply with. If you don’t have an IT team to fix the security issue, it would be difficult on your part. 

The PCI DSS has 12 sets of requirements an online merchant must meet to get their approval.

Here is a link to the checklist you need to comply with their requirements.

Get an SSL Certificate

A Security Socket Layer or SSL certificate is used to encrypt traffic online and to verify if the server is safe. If a website has an HTTPS on its web address, it uses an SSL certificate. 

An SSL certificate keeps your customers’ information safe online. It encrypts information like names, credit card numbers, and so on. So when someone is spying on your network, they won’t be able to see the information.

An SSL certificate contains the following:

  • Domain name
  • To who it was issued
  • Which certificate authority issued it
  • Digital signature of the certificate authority
  • Subdomains associated
  • Date of issue
  • Expiration date
  • Public key

Why You Need an SSL Certificate?

SSL certificate makes sure that your data is safe. It prevents spy, avoids the creation of fake websites, and verify the owner of the website.

  • It has a public-private key pairing for encrypting and decrypting data.
  • Prevents domain spoofing.
  • It has HTTPS on the web address, which indicates that the traffic is encrypted.

With an SSL, an intruder who tries to spy on your customers’ data will only see complicated characters that are difficult to decode.

Avoid Storing Your Customers’ Data

If you can afford to find the best and most secure way to store your customers’ data, then you can keep your customers’ information. However, storing sensitive information about your customers is not highly recommended for small businesses.

Most hackers target small businesses because of their lack of security. Therefore, it is best to avoid keeping your customers’ data. If a hacker gets access to your sensitive information, it could put your business at risk along with your customers’ data.

If you want to make it easy for your customers to shop next time, you can give them the option to save their details. However, make sure to keep them secured and encrypted from a possible data breach.

Educate Your Employees

The most common cause of data breaches is due to employee negligence. However, it can be prevented by educating your staff about cybersecurity and online threats that your business might encounter.

Create policies or hold seminars and workshops on cybersecurity to educate everyone in your business.

You can also inform your customers about how to protect themselves from threats by writing a blog post, sending a monthly newsletter, and so on. By simply telling them to protect themselves, your business and other customers will be safe too. Additionally, your customers will see that your company is dedicated to prioritizing customers’ safety, which will increase their trust in your brand.

Verify Every Transaction

Even if the customer’s card is not present, you can still verify the transaction to avoid fraudulent transactions and protect your customers from possible identity theft or financial loss.

  • Require customers to enter the card security code or CVV.
  • There should be an address verification (AVS) to match.
  • Confirm the customer’s order by calling them if there are any suspicious orders, such as bulk orders or orders that do not take advantage of your promotions.
  • Check details such as the address or email address of the customer.
  • Accept eChecks.

Utilize Tokenization and Encryption for Payment Details

Tokenization and encryption are popular methods for securing data. Although they have the same purpose, they function in different ways.

Tokenization is used to remove data and replace it with non-sensitive data. It’s a way to secure critical data on the system. Meanwhile, encryption keeps information safe by making the data inaccessible without the proper key.

Both methods reduce the risk of a data breach and provides a secure online payment for your customers.

Choose a Secure and Trustworthy E-commerce Platform and Processor

You can secure your online store, but having a reliable and trusted platform to watch your back is crucial. Research the market for the best and most secure E-commerce platform you can process and secure payments.

Some well-known e-commerce names in the market are BigCommerce, Magneto, and Shopify.

Enable Customer Two-factor Authentication

Aside from letting your customers log in using their username and password, they need to sign in to their account with a 2FA. 

Before they can access their account, they’ll receive a PIN or code to verify their account. In this way, hackers won’t easily access your customers’ details. Your customers will also be notified if someone is attempting to login to their account.

Update Everything

Make sure that all applications, software, certifications, plugins, and extensions are updated. Set automatic updates so you won’t miss them.

All updates provided help keep your e-commerce secure and receive the best features you need.

Hackers can use outdated software or applications to enter your website and manage to steal your customers’ information.

Get Data Breach Coverage or Cyber Liability Insurance

Sometimes, even if we practice all the cybersecurity tips given to us, hackers can find a way to penetrate your website. Therefore, being prepared at all times is crucial. Avail of data breach insurance coverage to protect you from financial liabilities.

Secure Your Network

Aside from your SSL certificate, invest in a firewall solution. It monitors the traffic that goes in and out of your website. It can detect any malicious traffic and block it immediately.

Conclusion

Owning a business has plenty of perks, but it comes with a lot of considerations too. Among them is the safeguarding of your customers’ information. You can follow the guidelines mentioned above to keep you and your customers safe and stress-free. When you provide a safe and secure place for your customers, your business can grow, and people will keep coming back as they trust your brand.

AUTHOR BIO

vanessa

VANESSA VENUGOPAL

Vanessa Venugopal is a passionate content writer. With four years of experience, she mastered the art of writing in various styles and topics. She is currently writing for Softvire Australia  and Softvire New Zealand.

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