Businesses and their customers should know how to carry out online payments safely. In this article, you’ll find relevant and up-to-date information on how to achieve this goal. online payments security

The online payments industry is developing rapidly. Some business owners fail to keep up with the latest trends simply because they lack time and profile knowledge. Some customers neglect the basic security rules. This creates a favorable environment for cybercrime. In this article, you’ll learn how to enhance the security of internet payments in Europe in 2021. These recommendations should come in equally handy for entrepreneurs and their clients.

Use Credit Cards online payments security

No matter how diverse and secure innovative payment methods might be, businesses should allow their customers to pay for goods or services with credit cards. To keep clients’ accounts and personal information safe, credit card issuers rely on encryption and fraud monitoring systems. Many also offer zero fraud liability, which means the card owner won’t need to pay from their own pocket for fraudulent transactions charged to their card. When a person makes a payment with their credit card, the funds are not deducted from their own account. Instead, the credit organization pays for them, and then they transfer money from their account to that organization.

Debit cards might be just as popular as their credit counterparts, but they work on a different principle. If someone steals the card and carries out fraudulent transactions, the person might lose all the money from this card and the bank account that is linked to it. In this case, the funds will be transferred directly from the person’s account to the merchant. It might be impossible to retrieve them later.

Smart Tips About Voice Payments

More and more people buy goods online with the help of Amazon Echo, Google Nest, and other similar devices. To maximize the security level of such transactions, customers should carry out voice payments from their credit cards with zero fraud liability. If businesses inform their clients about the benefits of this approach, consumers will be grateful and trust them more.

Don’t Forget About Security Tools When Using Payment Apps

PayPal, Google Pay, Apple Pay, Samsung Pay, Facebook Pay, and other similar apps enable users to safely and conveniently store multiple payment methods in one place. But users themselves need to behave proactively and use the following security tools:

• Enable multi-factor authentication
• Use facial and/or fingerprint recognition (both for the app and the phone)
• Install a password (both for the app and the phone)

Businesses, for their part, should accept payments from multiple apps. It would be unfair to accept, let’s say, only Apple Pay but not Samsung Pay.

Make the Most of ACH payments

Automated Clearing House (ACH) payments enable users to transfer funds directly from their checking accounts to other bank accounts. This method is also known as “eCheck” or “paying by electronic check.” Thanks to encryption and the implementation of access controls, ACH keeps people’s banking information entirely safe.

This payment method boosts sales conversion for businesses and helps them improve customer relationships. People like that they don’t need to manually type and confidential information to conduct a transaction. Plus, in the case of recurring purchases, payments via ACH can be automatic. Moreover, the processing fees for credit cards might reach 2-4% per transaction, not including setup and operational fees. Fees for ACH transfers should be considerably lower.

Choose a Reliable Payment Provider  online payments security

When selecting a payment service provider, business owners tend to pay primary attention to three factors: which payment methods it offers, how high are its fees are, and whether it complies with PCIDSS security requirements. Apart from that, you might want to analyze four additional factors.

• Which markets does the provider specialize in? The better it understands the specifics of your sector, the safer your transactions will be.
• What level of support does it offer? Both the business representatives and their customers should be able to report any potential fraud quickly and easily. Some providers have responsive support while others feature ticketing systems. An ideal support team should be available through multiple support channels, including live chat. The shorter the response time and the quicker the support fixes all the issues, the better. It would be nice if users who report issues could track the progress of their queries.
• What risk management tools does the provider rely on? Payment services providers should be ready to take measures to help businesses avoid financial and reputational damage. Before signing a contract, business owners should check the risk management policies of their potential providers. Plus, they should get to know how comprehensive the support is for helping users to minimize risks involved with financial operations.
• What kind of reporting does the provider generate? Transactional data provides valuable insights for companies to improve their payments experience. Business owners should ask their potential providers to show them demos of their reporting dashboards. The more detailed, well-structured, and flexible the reports are, the better.

Besides, you should discuss the onboarding and checkout processes. They should leave no gaps that thieves and hackers could use for nefarious purposes.

Beware of Fake Communications

Hardly any financial organization would ask its customers to enter their personal data in a pop-up window, send this data in an email, or visit a certain site for authorization. No one except the account owner, should know this information. Also, one should never click on suspicious links in emails, chat messengers, or ad banners. These recommendations might seem obvious, yet thousands of people forget about them.

Final Thoughts

Hopefully, this information came in handy, and now you better understand how to enhance the security of your online payments. It would be wise to always stay aware of the latest news and trends in this sphere to protect your money and private data. If you run a business, you might want to either hire specialists who will keep you informed about new risks and achievements in the security sphere or regularly consult with independent experts. If you’re a private user, you shouldn’t miss the opportunity to protect your smartphone and payment solutions with fingerprint scanners, face ID, and passwords. online payments security

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