Accepting Online Payments: Security Tips For Merchants

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.

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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.

What Is Payment Gateway And How Does It Work?

Performing online transaction is a far more easy and comfortable way to make payments and these online transactions have become a small part of our day to day life in a very short span of time. The worldwide spread internet service has made it easy to buy and sell objects across borders. The online transactions nowadays are not only limited to debit or Credit Card Processing but also have expanded to payments methods like UPI, net banking, wallets, etc.

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This online transaction service is a necessary part of every business. The Merchant of a business applies for a merchant account integrating with a payment gateway.

What is Payment Gateway?

A connecting tunnel between a customer’s bank account and a merchant’s bank account is the payment gateway. It is actually a software that authorizes the online transactions through various payment methods mentioned earlier. A payment gateway acts as a third party or an agent that safely transacts the amount from the source to the designated payment portal. A PG also provides data security on the card details provided by the consumer.

How does Payment Gateway work?

Following are the basic steps that will help us understand how a Payment Gateway works.

1. From any particular website the customer places an order for an object by clicking on the checkout or buy button.

2. The order information is safely sent by the merchant to the payment gateway. The costumer selects the payment method of choice which is further directed to the customer’s bank for the authentication process.

3. After the authentication process is done the transaction is either successful or it is declined by the customer’s bank for relative reasons.

4. A relative message is sent to the merchant by the payment gateway if the money is received or not.

5. The issuing bank resolves the payment with the PG and the PG further resolves the payment with the merchant.

Payment Gateway Solution- A Hassle Free Option

Are you planning to sell flowers, books or antiques online? If you are venturing into e-commerce, a payment gateway solution is tailor made for you. It helps you in making and receiving payments for any e-business or retailing from any part of the world and in any currency. You can be assured that all sensitive information about you and your customer is secure, whatever mode of payment either of you choose. This reliable and efficient way of money transfer is visible at the point-of-sale (POS) terminal at retail outlets.

How does a payment gateway solution work?

Although it appears simple and fast, a payment gateway solution involves a few steps:

Apply for a Secure Payment Gateway

A customer places an order which is encrypted and transferred to the merchant’s web server. The concerned payment gateway gets this information and in turn informs the merchant’s bank. This bank then connects to the customer’s credit card issuing bank which either approves or declines the transaction and passes its decision back to the merchant’s server. This information, whether the transaction has been successful or not, is also sent to the customer’s server in an encrypted form. In case of an approval, the credit issuing bank transfers the funds into the merchant’s account. The customer gets to know if the credit has been accepted or not through the customer’s server. The entire process, typically, takes not more than five seconds to complete.

Features to look for:

Before you log on to a Secure Payment Gateway solution, you must look into its basic features. Besides credit cards, it should cover debit cards, mobile applications and internet banking. Make sure your account details are safe, transactions completed in a secure manner and reports delivered instantly. The concerned website should be secure against any malicious attacks. An available toll free number will help you in case of any queries and doubts. As soon as you log in, a number tracking your transaction should be made available to you. Does this online facility follow banking norms and flag transactions from high risk countries? If all the above criteria are met, you can be assured of satisfactory service.