Online payment has become the fastest way for revenue collection. But the system is subject to cybersecurity threats that expose your customers and business information to hackers. Therefore, business owners like you must be tactical when introducing integrated payment solutions to their operations.
The first step toward a safe and secure payment for business development is through a Payment Card Industry or PCI compliance solutions. It’s a user-friendly fraud prevention plan that can safeguard customers’ or cardholders’ data and funds transmission. You can use the payment compliance certification for marketing your business as a trusted brand. It can improve your reputation and possibly the business revenue.
Indicated below are a number of ways you need to keep in mind if you want to keep your online payment systems safe and secure:
- Use Multi-Factor Authentication (MFA)
Multi-Factor Authentication (MFA) is a crucial security feature you should integrate into your online business. MFA works by adding an additional layer of protection for your users by asking for various identifiable forms of identification, besides their passwords, to your users in each log-in session. Introducing MFA can prevent incidents of account hacking and others.
- Select A Secure Payment Platform
Online payment platforms are important aspects of your online business operations. Making sure that they’re highly reliable and secure is a must.
Today, there are many innovative payment platforms you can tap into to support your business processes. But you need to review each one’s features to pick the most appropriate payment platform for your online company. Check the payment platform’s company history, security infrastructure, data privacy policy, and the like.
Find out if the payment platform will jive well with your current tools as well. Raise questions of compatibility with your Information Technology (IT) officer and the payment platform vendor too.
- Install Identification Verification Systems
After-sales client management is key for online-based businesses. After accomplishing order requests, you may encounter instances when clients will question the authenticity of alleged transactions they’ve made on their accounts in your shop. To address such concerns appropriately, it’s recommended that you include identification verification systems in your business operations.
What are identification verification systems? They’re tools that work by making client after-sales management much easier. An identification verification system can help by providing you with a tool to help you confirm customer identity against a transaction that took place in your shop. Plus, it’s a system that can help in managing customer online payment plan concerns.
Ensure you use a verification system for high ticket orders or payments in your business. Alternatively, you can employ a support team to swiftly handle and provide resolutions to customer concerns.
- Acquire SSL Certification
Websites that have high traffic and experience substantial customer conversion need to acquire Secure Sockets Layer or SSL certification. Why? It’s because it protects your website or e-commerce store and your customers’ private information through encryption.
Hackers will always look for ways to infiltrate your website and access whatever information they deem valuable. Credit card payments are mainly the target for cybercriminals once they gain access to your payment systems. But features like SSL can prevent unauthorized data access.
Install SSL protection and market your business as a safe platform for all customer transactions. Do note that SSL certifications expire, and you must renew your subscription as necessary.
- Enforce PCI Compliance
PCI compliance is very important in keeping your online payment systems secure and highly reliable. To be hailed as PCI compliant, you need to adhere to different PCI compliance data security standards, such as the implementation of a firewall or protection of cardholder data.
Hence, learning about the different PCI certification requirement standards is imperative. You can work with a consultant that specializes in PCI compliance to conduct an audit and recommend actionable steps that’ll help your business.
- Get Cyber Liability Insurance Coverage
Cybersecurity experts agree that having cyber liability insurance coverage is non-negotiable for online-based companies like yours.
Cyberattacks such as data theft can negatively affect many companies, including yours. Without insurance, your business may need to deal with cybersecurity regulators and/or face lawsuits from your clientele. Luckily, cyber liability insurance coverage can shield your business from compensation claims from disgruntled clients that have transacted with you and used your online payment systems.
- Monitor Fraud Religiously
There are several fraud risks that businesses can face in the digital landscape. Learning how to detect and eliminate them as fast as possible is crucial. You can configure your online payment gateway to highlight potential fraud and breaches for your immediate response. Being vigilant is key in order to detect forms of fraud early on.
- Train Your Workforce On Cybersecurity
If you have a team working in your revenue collection section, it’s crucial to train them in cybersecurity. It’ll help them to detect and deter breach attempts on your online payment systems. You can spearhead the enforcement of best cybersecurity practices, such as using strong passwords in a shared network. And help them to verify customers’ identity when paying for goods and services through e-pay platforms.
- Keep An Eye On Customer Buying Patterns
Humans tend to have a normal pattern of behavior that’s easy to distinguish. This includes shopping behaviors too.
Hence, it’s easy to determine if whether or not a certain client is behaving suspiciously. You can have a quick look at your records and see if a particular client has been very active as of late, even though they’re not known for that. Thus, you can raise flags immediately and see if someone has unauthorized access to their account and payments – a great step to preventing fraud.
Conclusion
Keeping online payment systems safe and secure is no easy feat, indeed. You must consider the different cybersecurity threats that can affect how you conduct your business.
Customers must feel confident when paying for goods and services through the platforms you have in your e-commerce store. It’s critical to continuously upgrade the security of your payment systems to deter hackers’ access to your infrastructure. In addition, train your workforce on how to use payment systems to safeguard your revenue collection while protecting your customers.
