Data protection and security are crucial not just for protecting customers, but for protecting business owners as well. Having and maintaining secure payment systems is integral for protecting yourself and your customers.
Because more credit card-oriented purchases take place online, security and fraud protection are top priorities. Making sure there are secure payment technology policies and procedures within your company will ensure the integrity of present and future transactions.
Businesses are converting to digital and online platforms to stabilize their profitability at this time. The need for security is at an all-time high and business owners need to enhance protection for their customers and secure their sites to maintain trust.
Sure, you might know about ensuring to have an SSL certificate for your site URL and may have other fundamental factors in place but secure payment policies require more coordination, effort, and awareness.
If you currently run an online business or you’re interested in adding an online shopping cart to your business, protecting your customers is priority one.
Security threats can come from anywhere, and that is why you must institute checks and specific credit card processing policies that secure sensitive client details.
Here is how you can protect your online customers and your business with secure payment systems (SPS).
Protect Your Customers and Your Business from Chargebacks
When a fraudulent purchase occurs at your online store, it could lead to a credit chargeback. These chargebacks mean directly issuing a refund to the customer whose credit card was used in the fraudulent transaction.
If your business is subject to a chargeback, you and your company can end up paying extra fees to your credit card processor as well.
There are steps businesses can take to respond to a chargeback if the business owner would like to dispute it. But in the case of fraud, securing your payment systems (SPS) is the best protection. When you secure your payment systems, your customers can shop from your online store with confidence.
Aspects such as chargebacks are a part of payment processing that many businesses may not spend as much time thinking about when observing and instituting secure payment processing (SPS) habits.
But these are the details that matter when processing payments online.
How to Secure Your Online Store with a Payment Gateway
A secure payment gateway is the best tool for protecting your payment systems. A secure payment gateway is a PCI-compliant tool that encrypts and tokenizes cardholder information. This means that the cardholder information is less vulnerable to data thieves, protecting you and your customers from fraud.
The payment gateway acts as a secure “checkpoint” for transactions from customers to you. Most merchant services providers will offer eCommerce solutions, including shopping cart integrations and secure payment (SPS) gateways.
Implement Security Measures
A secure site will reassure your customers that their information is safe and stays private. Using SSL is a common and necessary step to protect that information. A Secure Sockets Layer, or “SSL”, encrypts the customer’s data as it moves between the website and the server.
An SSL certificate will reassure your website’s visitors that their data is secure if they enter in their payment information. Browsers will even show if a website has an SSL certificate or not.
85% of Internet users reported that they would stop using a website if it wasn’t secure. So an SSL certificate offers peace of mind and tightens your online store’s security.
Don’t Collect Too Much Information
Another way to boost your site’s security is to collect only the information you need. You’ll be cutting down the risk of a data leak or a security breach if you only collect what you need and don’t require your customers to create an account to check out. At the same time, you’re improving the customer experience by streamlining your entire checkout process.
23% of customers abandon their shopping cart because they had to make an account, while 12% abandoned their cart because checking out was too confusing. A streamlined and secure checkout is the best way to protect your customers’ data and keep them happy.
When it comes to protecting your business, securing sensitive data can be as simple as using the right tools. And a merchant services provider will have the resources you need to protect your business from fraud and data breaches. With the necessary precautions, you can avoid penalties and your customers can shop with confidence at your online store.
At Stax, we’re committed to securing sensitive cardholder data. As a Level 1 PCI Service Provider, we take the utmost care in protecting this data. We use a host of security measures to prevent fraud and ensure PCI compliance across all of our products.
Our team will always be available to assist you in staying within PCI standards. In the new digital age of payments and shopping, security is top of mind for businesses. With Stax, you can rest easy knowing your data is protected and secure.
To learn more about our services or to have a free consultation, don’t hesitate to reach out to us at Stax today. We will be happy to discuss your needs and help you set up online payment solutions that are a perfect fit for your business.