Sunday 23 September 2018

Ecommerce Security is At The Core of Payment Gateway Solutions

The success of any ecommerce business depends majorly on the customers and the ease of transaction experienced by them. In short, a payment gateway is the best way to ensure hassle-free payments.

Business when implementing an online payment gateway solution, should first consider the level of security offered by the payment gateway. Security in ecommerce is a high priority for the merchants and customers alike. Before entering the financial details, the customers should research how secure the site is. On the other hand, merchants should have multiple layers of security in place to protect sensitive data of their customers.

So, how can an online merchant ensure that the payment gateway is secure? Is there a way to strengthen the security of the website?

Even though most of the ecommerce platforms have built-in security features, but here are some ways by which an online merchant can bolster data security.

The Payment Card Industry (PCI) Standards and SSL Certificate 
In order to be PCI compliant, the ecommerce platform must adhere to a strict set of policies and procedures that guarantee the security of payment via credit or debit card. Anti-malware software, encryption, extensive monitoring and risk analysis are some of the measures to ensure the security.

Apart from this, use SSL certificate to authenticate the identity of your business and to facilitate a secure connection at the time of checkout. Both of these are vital for protecting your company as well as your customers from any fraudulent activities.

Multi-layered Security
Ensure that the ecommerce platform you choose has multi-layered security to keep your business safe from any fraudulent activities.

CVV Requirement
Card Verification Value is a three- or four-digit code at the back of a credit card. Even though retailers can record customer’s names, addresses and credit card number for future transactions but they are not allowed to store CVV number under any circumstances. A CVV requirement makes it extremely tough for any fraudulent transaction to take place.

Address Verification System
Address verification system is another way to facilitate safer payment processing. This can be useful in verifying if the billing address entered by the customer is same as what the credit card issuer has on records. In short, AVS can be used to identify if the transaction is legitimate or fraudulent. 

Apart from these, it is important to monitor all the transactions and deploy PCI scans at regular intervals to check for any suspicious activities that may be targeting your online store. 

Wrapping Up
Make sure you choose the most suitable online payment gateway solution for your online store and build up the security of your store by following the security measures discussed above.

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