Online payment processing can often be vulnerable to hacks and a considerable level of fraud. That is why it is necessary to have a secure online payment processing system to protect both you and your clients from risk. It would be ideal to do this while not compromising on the efficiency and convenience of the payment system. In order to provide this, it is important for businesses to understand the best security practices online when accepting alternative payment methods like credit card payments. Below are some of the ways to provide a safe online payment experience for your consumers.
Match the IP and Billing Address Information
It is important to double-check to ensure that the IP and billing address information matches. Checking this information during the transaction can help to bring up any potentially fraudulent transactions and help to protect the business’s confidentiality and repute. Address Verification Services (AVS) can help you to compare the IP address of the client to the billing address of their credit card and can be utilized to provide reassurance that the consumer is indeed the cardholder.
Encrypt your Data
Encrypting your data, specifically, your transactions can help to make sure that confidential information privy to you can only be accessed by the intended recipient. You can do this with SSL (Secure Sockets Layer) and TLS (Transport Layer Security) protocols. These protocols help you to authenticate and encrypt your online presence. This can ensure that your clients and your payment information would not be leaked to any third party.
Utilize Payment Tokenization
If intending to keep your payment information confidential, your business could consider utilizing credit card tokenization. It de-identifies sensitive payment information by converting it to a string of randomly generated numbers named a “token.” This way, your payment information can be sent through the internet or payment networks without having the risk of being exposed.
Use Strong Passwords
Strong passwords that are uncommon can help to provide an additional line of defense to your cybersecurity needs. Try not to use frequently used combinations of passwords like names, birthdays, and common dictionary words.
Request the CVV
The CVV number of credit cards, also known as the card verification value, can also be used to validate online transactions or just simply the transactions where the credit card is not present. It helps to add an additional layer of security when it comes to payment processing as well.
Implement 3D Secure
This is a method of authentication that’s purpose is to help prevent the unauthorized usage of cards and protect eCommerce businesses from chargebacks in cases of fraudulent transactions. A total of 3 parties involved are required to authenticate transactions, consisting of the business, the card network as well as the financial institution. This helps to keep your payment transactions safe and secure.
Payment made Easy
A safe online payment experience is a necessity and is crucial to succeeding as a business. Here at Millennium Payment Systems, we have the most advanced and cost-effective payment processing services in the market. We also offer features like no hidden fees, online payments, as well as upgraded security tools. Contact us now to help maximize your business’s potential!