Types Of Payment Security Merchant Should Know When Choosing A Payment Provider
Online payment security isn’t something that we talk about every day! For a new merchant who plans to go online, there are quite a few things they need to know about payment security. When you start searching for an online payment provider, there are various technical terms that you will come across and most likely think ‘What are they talking about?’. Many of our clients have been there already and told us it took them days of research and communication to be able to comprehend what was being explained to them. No, we don’t want to scare you here, we just want to simplify things for you and want you to know that you shouldn’t take payment security lightly.
First, let’s look at the purpose of online payment security, which involves various steps and checks to make sure that your customers’ personal data is protected, helping them avoid unauthorized transactions. More and more companies are going online and cybercriminals who steal personal details are keeping track of their next target, many customers are cautious of using websites fearing their personal data being stolen. If your website does not provide your customer with the top level of payment security, it’s almost certain that they will leave your website and buy from somewhere else. We are sure that you wouldn’t want that to happen, making it very important for you to understand the different types of payment security that your website should be providing them with.
Online Payment Security 1: PCI DSS Compliance
Honestly, this term is nothing to be scared of; don’t shy away from it. PCI DSS Compliance stands for “Payment Card Industry Data Security Standards”. What is it and what does it do? Complicated as it may sound, PCI DSS is just the card industry helping to keep payment data secure. How do they do that? They provide guidelines to payment providers on how to secure payment processing. To ensure these guidelines are followed as they should be, service providers go through a compliance audit to review whether they have been able to meet the industry security standards and requirements. You should know that there are various levels of PCI Compliance ranging from 1 to 6, level 1 is the highest PCI level with the strictest requirements. As an online merchant, all you need to do is look for a payment provider certified as PCI DSS Compliant Level 1, then you really don’t need to worry about your payment security. Appletree has again passed their external PCI audit and has achieved Level 1 certification for another consecutive year, ask to see our Attestation of Compliance we will be proud to show you and explain how we can help with your payment security.
Online Payment Security 2: Tokenization
Tokenization! We’re sure you are picturing a token here! Let us get straight to the point of what it means and what it does. Tokenization is an online payment security process that replaces your credit card number with a unique code known as a token. The token is then used as an alternative to your credit card details making the data useless for scammers trying to steal data. You should know that tokenization is considered one of the best online payment security methods that a payment provider has to offer. With the tokenization option, you do not have to worry about storing your customer’s credit card details on your website. This security method is known to have decreased payment fraud significantly. “For most businesses now, the best option is to fully tokenize their payment gateway relationship with their e-commerce platform, such that the business’s own e-commerce system never actually sees the full payment information,” Agouris from iTristan Media Group says.
Online Payment Security 2: 3D Secure (Multifactor Authentication)
You must have come across the term 3D Secure, it’s used in Mauritius by all of the acquiring banks, you would recognize it as being issued with an OTP. If not, let us explain it to you. By now many of us have shopped online. Think of your latest online purchase, when confirming the payment, you must have gotten a page where it asks you to confirm the payment with a code sent to your mobile phone number. Yes, that process is a security layer known as 3D secure and helps keep transactions secure. For you to understand better, 3D Secure is a messaging security protocol used to authenticate (confirmation process of the right and actual user) a user upon request acting as an extra layer of protection for payment card transactions. 3D Secure is known to be an effective online payment security measure that has not only made payments safer but also gained the trust of customers and encouraged sales in the first place.
Don’t choose a payment provider just because you need to process transactions, choose a payment provider because you want to provide your customers with payment security. Once they trust your payment process they will most likely return to your website!