Having an online payment platform for one’s business is a trend gaining rapid traction in the modern era of digitalization. However, this also opens the floodgates to newer hacking and phishing threats. As a result, we collated a list of safety protocols that add to the strength of the online payment platform utilized by your business.
Safety Protocols for Your Online Payment Platform
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3D Secure Feature
Dealing with potential security threats is stringent during checkout by banking on the 3D secure feature. An additional layer of authentication appears whenever a customer proceeds with the payment for the product or service. The specific bank of the cardholder administers this layer. Thus, Visa handles the final authentication test if a Visa customer proceeds to place a purchase order on your website. Some examples of these tests are the usage of biometric scans and entering pin codes. The end users do not decide on the type of test given, as the card-issuing bank implements it. This additional level of security ensures the issuance of the card to the person using the card.
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Updated Computer Operating System
This plays a big role in affecting payment transaction security. As a result, it is imperative to regularly check for updates, as these fix the security bugs plaguing the previous versions.
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Address Verification Service (AVS)
Often e-commerce portals require customers to enter their billing addresses before proceeding with the payments. This information is required for authenticating the credit card of users. The transaction receives a green signal if the entered address matches the one saved with your credit card provider. The popular name for this service is address verification service (AVS). Most processors commonly use it, as it is easy to implement. It reduces the chances of fraudulent transactions largely through the verification process.
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Secure Sockets Layer
Known as SSL, this is an internet security encryption protocol for businesses that sell wares online. You gauge whether a website has SSL encryption by observing its URL name. Ideally, the URL name begins with HTTPS. The site should also have a padlock appearing next to its URL.
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Tokenization
This refers to the additional security layer protecting customer payment data. It happens when payment data is converted by a program into a random string of numbers. Some payment processors offer the tokenization service. As a result, if hackers somehow gain access to the data, then the data renders useless. Tokenization is a popular online payment platform security feature. Amp up the safety meter of your online payment platform, and ask your processor to implement the same.
Get Online Payment Platform Protection
With multiple online payment platform solutions available in the market, taking the end call is a difficult one. While remitting transferwise usd to php, expect bank-level security that keeps users buffered from both money laundering and fraud. An in-house security team of this global remittance application scans for potential threats by reviewing the processes continuously. Similarly, Payoneer offers top-notch consumer protection and encryption metrics to keep your remittances risk-free.
