Payment Processing: Nowadays, there are a lot of e-commerce and m-commerce transactions; opening doors for cyber criminals. As a merchant, you need to confirm that you provide the best payment security and that your customers don’t have to worry about their data. Customers usually cannot select their own payment gateway, so it’s up to you to make the best and perfect choice for them.
Credit card payments are still the most ordinary type of payments, but woefully with the growing number of online payments, scammers are also growing. Data thieves have a huge amount of command on how new technologies work, so they are always looking for the unprotected points of payment processing.
There are a lot of ways to secure your data and prevent it from being stolen. Given below are some of the ways:
When you’re processing payments on your website, PCI (Payment Card Industry) is a must. The Payment Card Industry Data Security Standards (PCI DSS) provide direction for merchants that tell them what they need to do in order to secure sensitive data in payment processing.
A merchant doesn’t have to be PCI compliant if he/she selected the right payment provider (one with PCI level 1). He/she can leave it up to the payment gateway to comply with the industry level security excellence. Note that data encryption is needed by PCI.
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Each and every transaction should be secured with SSL protocol. SSL helps to encrypt the information so that the card details and all other sensitive and important data is secured. It, of course, improves payment security but also makes customers more eager to for the purchase.
A padlock icon in the URL bar symbolizes the SSL, and the web address starts with https.
ADDRESS VERIFICATION SERVICE
You can also use an Address Verification Service, which requires customers to give the billing address connected with their credit card. If the address on the card matches with the one in bank’s documents, the transaction will go through.
Many companies have a problem of controlling the location and storage of their payment data, but almost 42% of the companies claim that payment data is at serious risk when it is stored. A Global Study on the State of Payment Data Security shows that over 50% of organizations had a breach involving payment data within the past three years.
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3D Secure gives extra security to transactions and comes with so many benefits. 3D Secure creates a secure password for the merchant’s credit card. Each and every transaction is then verified with a password, which adds an additional layer of the security. It can decrease the number of fraudulent transactions and boost your earnings.
We, at Merchant Stronghold, will help you secure your payment processing in order for you to provide the best payment security to your customers. We also provide high-risk merchant services,contact Merchant Stronghold to get answers to all your questions related to the security of payment processing. Feel free to contact us using our toll-free number +1 (727) 330-3944.