As an online business, one of the things that you strive for is to make sure that people feel comfortable when they are making online purchases through your business. Your purchase process needs to be secure and safe for usage – and there are a couple of best practices to help make sure that you have secure online payment processing.
Making sure that you offer secure payments online will mean you keep your customers safe (and happy!), but more than that, it helps prevent fraud and risk.
Here is how to offer secure online payments for small businesses:
Billing Address
Although it is common for people to use multiple addresses, particularly when buying gifts – you should make sure that you have a system for checking potentially fraudulent transactions. One of the ways this can be achieved is with an address verification service which will compare the billing address and the IP address of the buyer. When required, this could trigger extra verification checks and support fraud prevention.
Encryption
It is now commonplace for websites to have an SSL certificate which is more secure. Make sure that you have an SSL certificate implemented – you can tell when you have HTTPS in the URL and a padlock. Transactions become more secure and are encrypted – meaning they are only accessible by the intended recipient.
Tokenization
The tokenization of a credit card means that the sensitive payment information is converted into randomly generated numbers (a token). Tokenization is explained here in detail. In essence, it means that the information can be sent through the payment portal or the internet, and the details remain secure.
Passwords
One of the biggest mistakes that is made by internet users is that they do not use a secure password. Although you cannot prevent them from using a weak password, you can have password guidelines. As they fill in their password, you can have an indicator bar that encourages the user to make the password more secure. Including things like unique characters, a random capital letter, and between 8-20 characters.
Two-Factor Authentication
To make sure that their account is more secure, once the password is entered, you can have a two-factor process. What that means is that a code will be sent to their email address or mobile number, so they need to enter it on the website to get into their account. This prevents account hacking.
CVV
When accepting payments online, and allowing users to enter their card details, ensure that there is a CVV request. What that means is that the number on the back of the card must be used to complete payments. When credit card numbers are stolen, but the criminal doesn’t have the card – they cannot be used on websites that have a CVV request.
These steps, combined with regular monitoring, will mean that you are making sure that your customers have the highest level of security supporting them as they make purchases online.
When you have the right security in place, it is not just the customers you are protecting but your business, too; here are some other ways to protect your business: 4 Ways to Safeguard Your Business and Keep It Secure.
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