Technology has allowed modern businesses the great ability to accept payments online. Payment gateways facilitate such transactions and help companies accept online payments from customers in a number of ways. When looking for a payment gateway the most important consideration is the level of security provided because online transactions are very susceptible to fraud and security risks. While it is not easy to completely remove fraud and security threats online a business can, however, look for certain security features in its online payment provider to ensure that all sensitive data is safe and protected. These include-
- SSL- When SSL protocol is used, information sent across the Internet becomes unreadable to everyone except for the server you are sending the information to. SSL provides privacy, security and data integrity for your website and protects card details and other sensitive data from hackers and identity thieves. SSL plays an essential role in payment security and is a requirement for PCI compliance. SSL is symbolised by a padlock icon on the URL bar before the website address. Customers are more willing to buy when they see the green padlock as it indicates that their connection is secured.
- PCI- the Payment Card Industry Data Security Standards i.e. PCI DSS is a widely accepted set of requirements for payment gateways. These ensure the safety and protection of cardholder data.
- Tokenisation- A method that replaces sensitive card data with a unique identifier (token) in order to protect sensitive payment information. All data is encrypted before it is stored on servers.
- 3D secure- A method of authentication that adds an additional layer of security to your transactions. The cardholder will be required to enter a One-time PIN (OTP) in order to complete an online card payment.
- Fraud management tools- These tools scan and monitor every transaction that occurs and thus, prevent any fraudulent activity.
Any payment gateway that offers the above security measures will ensure effective protection of the online transactions that help you grow your business.