What Does it Really Mean to Have Secure Payments?

April 3, 2019

You’ve likely noticed that the idea of secure payments comes up in discussion time and time again with card issuers and payment processors, but do you know what that really means?  Whether it’s debit or credit, in-store or online, one of the most important things to ensure when it comes to payments is if they’re secure. However, if you’re not confident that you know what makes a secure payment, it would be hard to make sure you’re making and taking them correctly.  Consider the following information about secure payments, and determine whether your current processes make need an upgrade!

What Are Secure Payments 

A secure payment is a payment that is made through a system where a number of security protocols are in place to ensure that the payment information is protected. These security systems could be features like: data encryption, SSL certificates, tokenization, and more. By having these systems in place, it makes it difficult for outside entities to access any data that is passed on from a card to a payment processor, to a bank and back.

Unsure payments are then payments that are being made through systems that don’t have any protective measures in place to keep data secure from outside entities. The lack of protection makes it easier for a person or party to disrupt the transfer of information to authorize a payment, and steal vital information.

Accepting Secure Payments

As a merchant, it’s important to make sure that your payment systems are up to date to ensure you’re accepting secure payments. In regards to online payments, it’s important to have an up-to-date ecommerce system that is using the most advanced security and fraud prevention tools. A secure website is an important place to start, which happens by having a https certificate in place over the dated http option; the “s” in this certificate even stands for secure.

From there, a safe ecommerce solution like a cloud-based option, HPP or API is important. Adding on fraud prevention tools adds even more security, and keeps your business and your customers protected.

When it comes to being secure in store, you also need to make sure that you and your staff are following card acceptance best practices. It’s important to make sure that each staff members knows how to properly accept card-based payments, and know the signs of potential fraudulent activity. Having an up-to-date payment terminal with secure software to process the payments is equally important. Also, regularly make sure the terminals haven’t been tampered with by checking that any fixed stands or tethers are not damaged and that the device serial numbers match the numbers you have on file.

Making Secure Payments

Whether you’re buying a coffee before your day starts or paying a supplier for goods, merchants are customers too. That’s why it’s just as important that you know how to make sure you’re making secure payments, and see the signs when a business isn’t secure.

When making an ecommerce payment, make sure that the website URL starts with https to show that it has a security certificate in place. Also, check that the payment page requires you to input your address and the card’s CVV number, which shows fraud prevention tools could be in place. In person, watch out for similar things that you do as a business owner; see that the terminal hasn’t been tampered with, that it’s an up-to-date device, and that you’re being asked to authenticate the purchase correctly.

For more information on secure payments and avoiding fraudulent charges, check out our articles 3 Signs Your Ecommerce Store is Vulnerable to Credit Card Fraud and A Fraud Prevention Checklist For Customer-Facing Businesses

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed. 

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