Securing Online Payment Systems for Your Business

As a business owner, you have a responsibility to protect the data and finances of your customers. This means offering multiple payment solutions. Typically, credit and debit card transactions are expected, yet securing online payment systems is straightforward. In addition, bank-to-bank transactions, installing SSL certificates, and accepting digital currencies will offer a more comprehensive payment system for clients.

Bank to Bank Transfers

If you provide a service, you can benefit from direct bank to bank payment systems. Using the Automated Clearing House (ACH payments) system, you can receive funds directly from a client’s account. For example, Netflix receives your subscription payment directly from your bank account to theirs. ACH foregoes the typical credit and debit card networks, therefore offering an extra level of security since a transaction requires direct authorization.

Customer Data Storage

Cybersecurity is a significant issue these days. It’s a common assumption that hackers steal money, but this isn’t entirely true. Instead, they steal data that is worth much money so they can then sell it on the dark web. Such data includes customer details from companies that store such information. This includes names, addresses, security questions, and bank details. Therefore you should not store credit card details, and doing so is illegal. Data like this is stored on PCI-DSS gateways.

Debit and Credit Cards

Most online payments are carried out through credit and debit card networks like Visa and MasterCard. These are typically very secure. Multiple checks are carried out during a transaction. These typically include:

• Registered card name and address
• CV2 number
• Expiry date

However, modern security systems are also included, such as multi-factor authentication and banking app verification. This makes today’s online credit and debit card fraud much more difficult.

Website SSL Certificates

Operating a secure version of your site is another step to combating online criminality. Installing SSL certificates on your eCommerce or business site is required for all digital payment and online transaction systems. You can see if your site is SSL encrypted by the prefix “HTTPS” rather than “HTTP” and a padlock symbol in your web browser’s address bar. If you don’t have an SSL certificate, you can request one from your web hosting provider or site management team.

Digital Wallets

Although a modern convenience, digital wallets are very secure. Systems such as PayPal, Venmo, and Stripe allow you to transfer funds from your bank to eWallets. You can also receive payments from customers via digital wallets. You can provide more security to customers by accepting digital wallets only. eWallets are encrypted, and there are multiple security measures involved in a transaction. Not least being in possession of a registered smartphone.

Cryptocurrencies

Further to digital wallets, cryptocurrencies are becoming more popular as a form of payment for online transactions. You will have heard of Bitcoin and Ether, and possibly DogeCoin. Yet, there are over 4,000 cryptocurrency platforms in use today. It is predicted that they will be a standard form of payment in the near future. The popularity of crypto has arisen because transactions are encrypted, anonymous, and secure. And the data involved is entirely unhackable.