Payment Security for Merchant: Using the internet, you can sell and purchase any item as per your requirements. On top of that, people are loving digitization and the cashless nature of the business. As they do not need to keep cash all the time to themselves and yet get anything anytime. As easy as it may sound, both merchants and customers need to remember the safety while making these payments.
From a merchant’s perspective, the customer’s money, as well as the customer’s identity, should be kept safe. Any breach can cost a merchant not just money but also their business. In order to avoid such problems, a merchant needs to maintain payment security in their business.
If you are a merchant and need some advice with the Payment Security for Merchant then here is a detailed guide for you. Furthermore, if you need assistance which is specific to your business then you can simply get an expert for the same. For such services, you can contact the Merchant Stronghold at the toll-free number and get hold of an expert.
Card networks and banks are constantly working toward to provide a safe environment for their users to make a transaction by minimizing the limitations. However, users are also required to keep the eyes open to avoid any possible threat.
Provide Secure Online Payment Services
In order to reduce the risk, you need to add more secure online payment services to your system. Here are some security measures that you must add to your payment services:
SSL Protocol ensures the security of your website. This means, each and every data experiencing your website is encrypted. As a merchant, you need to purchase the SSL Certificate for the website so that when customers visit your website, they see that your website is safe to use.
Not just that, SSL Protocol helps you grow your online reputation as well. A website will SSL has a padlock icon along with URL of the website. This padlock icon gives customer relief that the website is safe to use.
It is a popular data security method used to transfer sensitive data. Payment methods are generally equipped with their system with tokenization. Using tokenization, the customers data and information remains safe even in case of the data breach.
In tokenization, the sensitive data is replaced with non-sensitive data which has no relation or meaning to customer’s original data. This non-sensitive data is called token. This token is meaningless to the fraudsters.
PCI Compliance improves security and reduce risk. Payment Card Industry Data Security Standards (PCI DSS) tell merchants how sensitive data used in payments should be secured. PCI Compliance uses the data encryption to ensure security when making online payments.
Every merchant offering online payment need to use the PCI Compliance services to ensure Payment Security for Merchant.
Address Verification Service (AVS)
It is a widely used service now where the customer needs to provide the address. If this address matches to the credit card holder’s address, only then the transaction will continue.
It is a simple method and seen to dodge many frauds in the last few years. This is the reason, merchants are advised to use AVS to ensure payment security.
It is an additional security PIN or Password generated by a customer that is used at the time of online purchase. Whenever the customer goes to a website to purchase a service, the customer is asked to enter the 3D PIN along with the other details of the card.
3D Security can decrease the number of fraudulent transactions and boost your revenue. In order to ensure Payment Security for Merchant, use of 3D Security is required.
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How To Minimize Payment Security Issues?
While handling a business, the merchant has to face risks where some can be managed while others need special attention. However, if you try to implement a strict and robust business model, payment risks can be avoided. Here are some tips to avoid and minimize payment security issues:
- React Instantly in case you sense anything alerting
- Verify customers with the card-issuing bank
- Implement latest and secure payment methods
- Offer Payment Descriptor with complete details of the company along with a contact number
- Make sure your policies are completely cleared to your customers.
- Provide shipping details with tracking information
- Avoid Disputes
If you have a similar question or more, you can place a call at the toll-free number i.e. +1 (888) 622 – 6875 or simply try the 24/7 email support. We also provide other merchant processing services and high-risk merchant account services.