Running an online business requires that you provide fast and easy online payment methods for your customers. You may have a variety of payment options such as credit cards and PayPal. Depending on the payment options you offer, it’s your responsibility to ensure they’re secure. This is because digital transactions are prone to security threats such as financial fraud, malware, DoS and DDoS attacks, bots, brute force, and more.

A secure online payment method gives your employees peace of mind and boosts their trust in your brand. Below are online payment security tips for businesses.

1.   Ensure PCI security standards compliance

The PCI security standards are meant for businesses and other entities that store, process, or transmit cardholder details to maintain payment security. The steps involved in the compliance process are several and complex, but integrating it with the credit card scanning software makes it less strenuous. By using a credit card scanner, you can quickly identify non-compliant card data and secure it. A PCI compliance report is then available for viewing after the scan. This saves your business from data breaches, legal cases, and fraud.

2.   Choose a secure e-commerce platform

E-commerce security allows your customers to buy products and services over the internet within a framework that ensures security for all involved parties. A secure e-commerce platform protects your customers’ privacy and their sensitive data, safeguards an online business’s finances, deters fraud and financial scams, and defends an online store’s reputation as a safe place to shop.

3.   Educate your employees

Approximately 88% of data breaches are due to an employee’s mistake. Even if your business complies with all other regulations and enhances online security, failure to educate your employees on basic security measures will still put your customers’ confidential data at risk. You can have them attend online security awareness courses, so they’re well-equipped with the necessary and relevant knowledge.

4.   Consider verifying your transactions

Transaction verification, especially when you don’t have access to the card, is essential to protect your business against possible fraud attacks. Credit card companies and associations provide verification services such as card security codes, address verification service (AVS), and transaction authorization. Look out for behavior like a massive order from a return customer. Review other details such as products being shipped to areas associated with fraud incidences, strange email addresses, and more. This will help ensure you don’t approve any fraudulent transactions. 

5.   Use data encryption

Data encryption involves encoding data to ensure that it can only be accessed by someone with the correct encryption key. It helps protect customer privacy, prevents identity theft and ransomware blackmail, and provides secure sharing of files. The ideal solution should have the encryption algorithm, keys to your files, an always-on encryption feature, and safe sharing. This ensures that even when an attack accesses the data, they cannot read it.

6.   Ensure regular software updates

Outdated software is prone to attacks, rendering your business’s data and client information vulnerable. Regular software updates help prevent data breaches and add new features, making them difficult to break into.

Endnote

Besides helping you comply with security regulations, ensuring online payment security helps you build brand loyalty and protect confidential client data.