Safety First! How to Improve Online Payment Security

Safety First! How to Improve Online Payment Security

Reading Time: 4 minutes

An online payment system is convenient for processing payments, but your business and your customers need the assurance that you’re using the best online payment security techniques.

Security breaches on the internet are common when your security systems are flimsy or outdated. Paying close attention to the online payment security methods you use prevents serious issues and gives you peace of mind when running your business.

This article discusses essential methods you can use to enhance your online payment system. Follow these simple online security tips to prevent malicious attacks.

  • Cyber Liability Insurance
  • Two-Factor Authentication
  • Use an SSL Certificate
  • Use a Secure Web Hosting Service
  • Check Suspicious Purchasing Activity
  • Use a Verification System
  • Do You Need Help Improving Your Online Payment Security?

Cyber Liability Insurance

Why should you get cyber liability insurance? With an online business, companies face the likelihood of a hacking incident. Your business faces great risks in collecting and storing a customer’s sensitive information during a transaction. Your duty is to minimize this risk as much as possible.

Clever hackers are increasingly inventive with the techniques they use to target a business. Their ultimate goal is to invade the online payment security system to steal credit card information and other important financial data.

A breach can put your business in serious legal situations. You may have to deal with expensive fines and stressful lawsuit settlements. Furthermore, a legal case could also hurt the reputation of your brand. You may even have to face the consequences of losing your valuable customers. For these reasons, you must consider getting insurance coverage that fits your business needs.

With cyber liability insurance coverage, you’re protecting your business from extortion, network failures, loss of physical records, and data breaches. Due to the increase in data breaches, one of our most important online security tips is for you to invest in cyber liability insurance. It is the ideal coverage for both large and small companies.

Two-Factor Authentication

You can feel confident using a simple username and password. However, your business still needs extra layers of protection to improve your online payment security.

A hacker that has access to a customer’s account will have an easy time stealing financial information. That is why you should consider using two-factor authentication that activates whenever a customer logs into an account.

Why does it work? If a hacker attempts to access your device by obtaining your password, they will not be successful because they do not have the second element for the two-factor authentication process. This is a method that easily and quickly increases your online payment security, greatly reducing the risk of fraud.

Using this security system decreases your chances of a hacker gaining access to your business computers, financial accounts, and sensitive information. You’re creating a secure environment for your business, employees, and customers. Following these types of online security tips also makes the process easier for you to build and maintain secure online relationships with your customers.

Use an SSL Certificate

Some business owners may not have initially considered SSL certification as a crucial online payment security element. Many are just now realizing the benefits of this technology.

An SSL certificate protects your website by creating a secure connection. This is a high-tech form of security that encrypts data as it passes to and from your website. It prevents fraudsters from stealing credit card information, usernames, and passwords.

If you have concerns about protecting your website and your customers’ information, be sure to get an SSL certificate. This easy-to-follow online security tip shows your customers that you respect their confidentiality. It also gives you the confidence that your website is not vulnerable to data breaches.

Use a Secure Web Hosting Service

Secure and reliable payment systems increase your volume of customers. Using a secure system also allows your customers to make purchases without fear.

You can always rely on reputable web hosting providers to ensure a safe and secure transaction process. Dependable and secure web hosting services make websites accessible to visitors. They also provide website safety around the clock.

If your website accepts online payments, make sure that your hosting provider uses the best online payment security practices. There are critical hosting features for you to look out for when you’re choosing a hosting service. Some of these include a secure payment gateway, an SSL certificate, and PCI compliance.

Check Suspicious Purchasing Activity

How often do you check the purchasing pattern of your customers? You should get in the habit of monitoring purchasing activity on your website. Once customers access your website, you can check their purchasing behavior.

Be suspicious of unusual activity you come across. For example, you may observe a huge order from a customer using multiple credit cards that no normal customer would have a reason to make. By observing the behavior and patterns of your customers yourself or with an automated system, you can determine if you’re dealing with a fraudster.

Use a Verification System

Another way to analyze and verify fraud is by using a verification system. With this simple online security tip, it’s much easier for you to verify the validity of the credit card holder as well as the transaction.

You can use this online payment security system to verify the billing address of the cardholder and the issuing bank. This is a security measure that helps you to identify a customer and to know if the credit card was stolen.

Do You Need Help Improving Your Online Payment Security?

In the online business world, you need to take the correct steps to keep your data safe and secure. Using the necessary security measures makes your business more trustworthy and credible. Regardless of the type of online business you have, you should be able to implement an efficient online payment security system that works for you.

The professionals at SeamlessChex are able to provide you and your business with expert online security tips. If you want to get started with an all-in-one credit card and ACH payment processing service, contact our site for more information.

Right payment solution for you infographic

More Blog Posts