If you are reading this blog means either you are a online payment accepting merchant or are planning to be one. The recent digitization of the world has lead to a huge raise in the profits of merchants who have been accepting online payments. But along with the profit the rate of frauds and scams also increases hence Security in your business transactions is the very first thing you need to take care.
The new merchants do not have to worry and we are here to help you with a few security tips for the safety in our online payment transactions. Stay with us till the end as we share the tips
1. Verification of every transaction
Online payment processing means accepting money in a card not present environment. But, still there are ways in which you can validate each and every transaction taking place with your business. Some of the verification processes are:
a) The customer should be asked to enter his CVV number on the back of his card
b) Address verification should be done a huge transaction.
c) The frequency and pattern of a customer should be observed.
2. Wisely select the Payment service provider
A trust worthy payment processing service provider is the first step in having a proper Merchant Account for your business. You need to do a proper background check of the reputation and history of any particular service provider for trusting them.
3. Educate your employees along with you.
You and your need should be in complete ready position with strategies and planning if there is any kind of Data Breach in your institute so that your costumer data is preserved.
It is very necessary to take into consideration proper security measures for accepting online payments. Follow the above three tips and help your costumers with a secure and safe online transaction process.