Nowadays, online shopping is very popular and now its big concern is to secure online transactions for e-commerce merchants, as the past year has made all too clear. A large number of data breaches have hit since 2014 to present, with many of the hacks linked to their payment systems.
Now it’s time to dig in, what security features are offering your payment gateway? Is your payment gateway provider offering the security solution to protect your online shoppers?
What is a good payment gateway?
A good payment gateway should make sure merchants always get paid, at the moment of purchase, so you don’t have to worry about credit or fraud risk and take every precaution to ensure secure transactions, including offering buyer protection.
What features should offer by payment gateway provider?
To eliminate fraud it’s not easy, and almost impossible, but there are many ways to secure your data and prevent it from being stolen.
- SSL (Secure Socket Layer)
In online shops, all transactions should be secured with SSL protocol. It helps to encrypt the information so sensitive data is protected. The SSL-enabled website address begins with https and its symbolized by a padlock icon in the URL bar.
- PCI DSS(Payment Card Industry Data Security Standards)
In 2006, the leading credit card brands established PCI DSS guidance to help merchants and financial institutions provide secure payment solutions. A good payment gateway must have PCI. A merchant doesn’t have to be PCI compliant if he/she chooses the right payment provider.
- Tokenization
The tokenization is extremely valuable for various types of online transactions. It substitutes an actual credit card number with a randomly generated string of characters, a one-time code associated with the transaction.
The tokenization process in brief:
- The customer enters their card details into the payment form.
- A token is created in the payment gateway’s API and sent to the token server.
- The authenticated response is returned and a token is sent to a merchant’s system.
- The merchant can securely process payments with a token that represents the cardholder’s data.
As customer customers’ sensitive card data is never stored on the Merchants server, the tokenization also protects the Merchants. Tokenization also protects merchants because customers’ sensitive card data is never saved on their networks. So for hackers, there is nothing to steal from the Merchants database server.
- 3D Secure
3D Secure(3-domain secure) is a security protocol that helps to prevent fraudulent transactions with online shoppers’ debit and credit cards. In short, when an online shopper wants to buy something, he/she creates a secure password for the credit card he/she uses to pay. At that time, every transaction will be confirmed with the password in order to add extra protection.
- Anti-fraud tools
The anti-fraud tools also important to prevent fraudulent transactions, using the tools every transaction is scanned and monitored either automatically or manually, so it is easy to prevent and eliminate all suspicious fraud activities.
Moreover, when you seek out a payment gateway, choose one with great customer support. It’s extremely important for your business because you need to be sure that you can contact the payment provider easily for troubleshooting.