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Best Practices for Secure Online Payment Processing

Does your small business have secure online payment processing? It's a question that many entrepreneurs don't think about, but it's one you should be asking yourself.


Making sure that online payments are safer through your website or e-commerce store is vital for your small business and your customers. If you haven't started the process, now is the time to do so.


In this blog, our experts at Rigel Payments will cover best practices for secure online payment processing. We do this because nothing is more important than protecting your customers and your small business from security breaches and fraud.


Table of Contents:

  1. Understanding The Importance of Secure Online Payment Processing

  2. 3 Essential Factors for Safer Online Payments

  3. Best Practices for Secure Online Payment Processing

  4. Have A AVS to Match IP and Billing Address Information

  5. Use A Customer Authentication (SCA) That is Strong

  6. Encrypt Information

  7. Always Ask for The CVV

  8. Conclusion

Image of mans hands holding credit card and smartphone while on the computer to make online payment
Secure Online Payment Processing

People Also Ask:


What is a secure online payment?


Secure online payments involve methods such as fraud monitoring and data encryption features. These are necessary for small business owners to protect customer accounts and valuable information.


How do I choose an online payment system?


Choosing and Integrating a Payment Gateway (POS systems):

  • Pay attention to the pricing.

  • Check provider transaction limits.

  • Look at different merchant account options.

  • Make sure the gateway supports credit and debit cards.

  • Consider mobile swipe payments.

Understanding The Importance of Secure Online Payment Processing


In today's digital marketplace, accepting payments online for the products or services you offer is practically essential. When customers visit your website to buy, they're expecting an easy and secure card transaction process.


As a business owner, your site needs to provide a seamless payment and checkout experience to increase sales and continued customer loyalty.


While there's no denying that online payments can provide many benefits for your business, with secure online payment processing you can:

  • Transfer online payments

  • Store customer transaction information

  • Store sensitive information (customer names, addresses, etc.)

  • Protect against fraud

  • Safeguard against security issues

With state-of-the-art security tools and credit card terminals provided by trusted providers, there's no reason to not have a safe online payment system.


Click here to learn more about secure credit card terminals available at Rigel Payments!


3 Essential Factors for Safer Online Payments


There are three things small business owners must do to develop an online payment experience that's easy and secure.


The three factors are:

  1. Fraud Management - Actively managing fraud is essential for any business, regardless of size or industry. Fraud management is crucial because high rates of fraud can lead to credit card companies revoking your right to accept and process payments. High fraud rates can also negatively impact your small business's reputation.

  2. Security - Cybercriminals are always looking for new opportunities to steal valuable business and customer information, especially financial data. As a business owner, you need to make sure that your online payment processing systems are secure and protect valuable information.

  3. PCI Compliance - PCI compliance stands for payment card industry compliance. This compliance is set by national privacy and data security standards. As a merchant (business owner) you must understand your obligations to ensure you stay compliant with the expected requirements when running a business.

Best Practices for Secure Online Payment Processing


The purpose of online payment security is to protect your business and the valuable information of your customers. By partnering with a reputable merchant services provider like Rigel Payments, you have the tools you need to handle processing security and safety.


All that's left to do is dot your i's and cross your t's by following best practices for more secure online payment processing!


Have A AVS to Match IP and Billing Address Information


AVS stands for address verification service, and it's one of the most common and widely-used methods for secure online payment processing. This works by comparing the IP address of the customer to the billing address of the card used to complete their online purchase.


Although not completely foolproof, having an address verification service in place can help significantly reduce the possibility of fraudulent charges.


Use A Customer Authentication (SCA) That is Strong


A customer authentication, or (SCA), is designed to increase online payment security and reduce fraud. It does so by asking for two or more forms of authentication to use during the transaction process.


Examples of common customer authentication verification include:

  • Passwords

  • PIN Numbers

  • Voice or Fingerprint recognition

Encrypt Information


Securing online customer transactions with specific protocols will better ensure that your business and customers' sensitive information is protected. It also ensures that all data is accessible only by the intended recipient.


The most common way to do this is to encrypt valuable information using an SSL (Secure Socket Layer) and TLS (Transport Layer Security).


Always Ask for The CVV


The Card Verification Value, or CVV, is another common method for helping protect customer information during online transactions. CVVs are also used to verify non-in-person card payments online.


Update Your Online Processing Systems


Updating your small business's online payment processing system sounds simple enough, but is often neglected by many entrepreneurs. In a day and age where there are over 230 million US digital shoppers, it pays to modernize your online processing systems!


Conclusion


At Rigel Payments, providing secure payment processing online is just one of the many solutions we specialize in. We offer a wide variety of modern POS systems and credit card terminals designed to integrate directly with your online store.


As your trusted partner for secure online payment processing in San Diego, we can help you provide your customers with better peace of mind.


Do you want to learn more?


Contact our friendly experts at Rigel Payments Today!

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