7 Ways Small Businesses Can Keep Online Payments Secure
Marketing for our businesses is important. However, something many of us may not be thinking about is payment security. As this contributed post stresses, you must evaluate your online payment processes to ensure customer data is not breached, putting them and your business at risk. (I hope my team has done most of these!) Your online payments should be secure, so how can you guarantee this is the case?
2FA
Two-factor Authorization (2FA) is essential for everyone. It prevents purchases from being made without your permission and can help guarantee the person using an account or credit card is who they claim to be. The same goes for your website app, as this level of protection can ward off hackers who may have accessed your account and are using it to siphon sensitive data from your logs. When identifying suitable vendors and companies to partner with your business, make sure they offer 2FA to ensure they are as concerned about cybersecurity as you are.
Verification
All your transactions should be verified to make sure that nothing sketchy is going on. While in-person transactions are easy to verify because the customer has a credit card, e-commerce transactions are slightly more complicated. This is why it’s always crucial to request the card's security code in addition to the long number on the front. This way, you can stop hackers who only have half the information and protect your customers from suffering fraud.
Secure Processing
You should also explore the benefits of secure processing that ensures a straightforward and safe approach to taking payments and avoiding cybersecurity issues. While the most reliable payment processing systems aren’t cheap, the payoff is always worth it as it keeps your customers happy. It’s essential to know what to look for in an adult merchant account if your online business deals with sensitive stock compared to a more traditional setup, especially as it can be more challenging to find companies willing to work with you. If you can find a reliable service that is happy to cover your needs, you should establish a relationship no matter what.
Cyber Insurance
As you might assume, cyber insurance is a way to protect you from cyber theft that you could encounter. While this is hardly a new service, it has become more crucial for businesses that sell products or services online. You can do everything possible to protect your business and data, but it only takes one lapse to cause problems. Cyber insurance should help your business recover losses and ensure you can continue to operate. It will also help you identify gaps in your cybersecurity to avoid similar problems.
Do Not Store Data
Saving customer data can benefit your company as it helps you develop a profile that could enhance your marketing efforts. However, while you can analyze shopping habits, you mustn’t store their payment data even if your cybersecurity is robust. Storing payment data is asking for trouble, so while it might be convenient for the customer the next time they make a purchase, it also puts their information at risk. If you still need to store this data, it is better to work with a third-party firm that utilizes encryption. (This may also be a compliance issue.)
SSL Certification
SSL Certification will protect your customer payment data and ensure a more secure process when your customers purchase products online. This approach encrypts any communication between the consumer and your business and website. Use this guide to obtain SSL Certification to apply to your website to give customers the peace of mind they need when accessing your site. Many browsers will alert customers if a website lacks SSL certification, so getting the certificate will also increase website visitors and boost trust in your brand.
Monitor Purchase Patterns
It can take time to learn customer shopping habits, but if your online store specializes in specific products, you may be able to get an idea about your customers’ needs after just a few purchases. This can make it easier to monitor purchases and take action if a purchase seems unusual. A sudden large order (especially so soon after a recent purchase) is cause for alarm, so you should put the purchase on hold until you can verify that it is legitimate.
Secured
There was a time when consumers would be cautious about paying for anything online because they did not trust or fully understand the technology. Nowadays, online payments are common for all businesses, but you still need to ensure your payment processing is secure to prevent fraud or other issues that could harm your business and impact your customers.