Online Payment Security Tips for Merchants

Juliet D'cruz

Updated on:

Now that more and more people switch to shopping online on a regular basis, starting an online store is a wise decision. That way, you’ll provide your clients with the utmost convenience, versatility, and freedom of choice. However, this venture also comes with big risks, for it involves accepting online payments. Make sure you keep your eyes open for a multitude of security incidents that can potentially cost you time and damage your reputation (read as affect your sales and revenue). In this post, you’ll find some of the best tips on ensuring the safety of online transactions for your business.

Table of Contents 

  1. Explore the Notion of Risk:
  2. Avoid Storing Payment Data in Your System:
  3. Work With a Solid Payment Processor:
  4. Get Your Online Business PCI DSS Compliant:
  5. Keep Sensitive Info Protected by Using Data Encryption:
  6. Conclusion:

1. Explore the Notion of Risk

Start by doing your homework and reading a lot on the topic of enhancing your online payment security. That way, you will also educate your employees and stimulate them to prevent human error — something that often results in fraud-related incidents. The more knowledge you acquire on the topic, the better you and your staff will become at elevating the security level of online payments for your business. Moreover, this knowledge will further help you see through all kinds of fraud patterns and i.e., find solutions even before the problem takes its most serious form.

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2. Avoid Storing Payment Data in Your System

Take client data security seriously. Do not keep customer transaction data in your records. First, it’s not the wisest approach in the legal sense. Second, your clients’ payment details (which belong to them, as you can probably guess) are something that can be easily stolen. This factor, in its turn, can potentially ruin your entire reputation as a reliable merchant. 

3. Work With a Solid Payment Processor

If you start using a top-notch payment gateway that your clients send your way will arrive with a new level of security and peace of mind (both for you and your customers). There are hundreds of payment gateways to choose from, so make sure you study the issue thoroughly before sticking with the most suitable company for you.

4. Get Your Online Business PCI DSS Compliant 

Adhering to the Payment Card Industry Security Standard is one of the most vital ways to safeguard your e-commerce business against fraud. No doubt, these requirements are not a cakewalk to follow, but that’s exactly what you should start mastering as soon as possible if you want to succeed in working online and i.e., boost your profit in the long run. You can always hire a consultant to assist you with the annual data security analysis. It will be money well spent for you, especially if you find an excellent pro to work with. 

5. Keep Sensitive Info Protected by Using Data Encryption 

This technology is something your business won’t do without because it helps you fortify your online payment integrity. By turning to a trusted data encryption system, you can successfully prove the legitimacy of your online store, while reducing the risk of data leakages and breaches along the way. Look at it as another ‘layer’ of protection in these highly digitized times when malicious hacking occurs on a regular basis. 

Here are some more quick tips on keeping your customers’ payment information secure and your business safe:

  • notice the unusual stuff when receiving orders from your customers, both new and regular;
  • update all your software, for outdated programs are more vulnerable to being hacked;
  • write about data protection on your website to enlighten your clients on the topic;
  • make sure your hosting provider has enhanced security measures in place.

Conclusion: Better Safe Than Sorry

Paying heed to all the aforestated tips may sound too difficult to you. However, in reality, it’s easier than you can imagine. In any case, the better you brush up on your online payment security, the higher your revenue levels will be. Leave a reply in the comments below if you have anything to say on the topic. Your two cents are important to us, for more related blogs, please search on Blogclus

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