Protecting online payments is essential for both buyers and sellers. One of the most important things for a merchant is a high-risk merchant account, which minimizes the risk of fraud and unnecessary chargebacks. Proper protection of payments doesn’t end there, and there are other steps you have to take to increase the level of online security.
How do you protect online payments?
If you are a business owner and you receive online payments, the following steps will be useful for you:
Make sure to use a reliable ecommerce platform.
There are plenty of e-commerce platforms out there, and choosing a trustworthy one should always be a priority. The best platforms offer proper encryption of data, customer support, and a high level of security against any threats.
- Consider getting an SSL certificate.
Credit card breaches are a common problem experienced by the owners of small businesses. One of the reasons is that small businesses don’t always pay enough attention to their security. Getting an SSL certificate for your online shop is a great idea, as it allows you to protect information stored on the site and also your clients’ details.
- Avoid storing payment data of customers.
Another way to increase the level of security on your site is to delete payment data after receiving payments. Depending on the chosen business practices, some prefer to store payment data, so removing it after each payment is problematic. In this case, the solution is to find a reliable network to store it on.
Ensure that your software and platform are always updated.
Updates are essential for any online service, as developers constantly look for potential weaknesses and fix problems. Whenever you receive any notifications that you need to update your system, you should not postpone this step until later.
- Two-factor authentication is a must.
Whether you access your social media or your e-commerce platform, two-factor authentication significantly boosts your security. When it is in place, you will be notified when someone tries to access your accounts from another device. Once you see some suspicious activity, you can act immediately and make sure that your financial information remains safe.
- Customers should also be responsible.
It is a good idea to remind your clients that they should also take steps to improve their online security. One of the ways they can do this is by installing an updated browser and using a VPN. You can inform your customers about the importance of such steps right on your site.
- Store payment details on a third-party platform.
Another way you can minimize the risk of the payment details being stolen is to store them on other platforms. For this, you can have a transaction partner that can keep the information on their platform.
- Take it further with insurance.
For many businesses, a great way to minimize the financial repercussions is to purchase proper cyber liability insurance. The reason is that you can do everything in your power to protect yourself and your customers and still experience data breaching. The combination of modern security features and coverage can help you feel safer and avoid serious legal expenses.
- Easy to follow yet often overlooked
A lot of online security problems can be prevented thanks to various modern solutions. At the same time, a lot of people pay attention to such tools only when they experience some problems. If you want to feel more secure online, make sure that you don’t ignore the mentioned steps.
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