Customers who make a purchase from your online storefront need a safe and secure way while making their payment transactions. Otherwise, they are not likely to purchase from your online store and may reach out to your competitors.
Hence, the top priority for small business owners is to use secure payment encryption methods to build greater confidence and trust among their customers.
Top 10 Online Payment Related Security Measures Every Small Business Must Take
We have summarised few tips to secure online payment for small business website.
1- Avoid Storing Customer Payment Data
Most of the credit card breaches happen due to security lapses from small businesses. It’s recommended not to store payment related data such as CVV of your customers and best to discard any payment related information after completion of the transaction.
In case you need to store any payment, related information linked to your customer, then it’s better to use cloud-based storage or a private network by using encryption for protecting the data.
2- SSL- A Handy Security Protocol
Most small business owners with online stores deal with sensitive information related to their customers which may be in the form of personal information. Using an SSL certificate can provide valuable protection to confidential data as it encrypts the data transferred from the web browser to the server. SSL certificate adds a layer of security to this information and prevents access from being utilized or misused by third parties.
If you have multiple sub domains and need to secure all of them then Wildcard certificate is the best choice for your website security. You can buy Cheapest Wildcard SSL Certificate from SSL2BUY.COM and secure main domain with all sub domains. It saves your money and time.
3- Use a secure eCommerce Platform
Choose trusted and reliable eCommerce platforms with good reviews and have solid security practises in place. This is because not all companies take security seriously and this can have an adverse impact on your business, and you may end up losing your valuable customers.
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4- Adhere to PCI-DSS Regulations
PCI-DSS are a set of compliance regulations that are created by the Payments Card Security Standards Council to standardize the process of payment processing, transmitting and storing. These regulations help in keeping your customer data safe and can help in preventing fraud and misuse of payment related information related to credit cards etc.
For website that do not accept payment may not adhere PCI-DSS regulations on contrary, websites must fulfil PCI-DSS standards else, they must pay huge fine.
5- Create Awareness Among Employees
Most of the security breaches occur due to human error which is why it’s important to educate your employees and train them in using basic security measures. It’s necessary to inform them about the latest security threats and challenges related to payment transactions.
At the same time, they need to verify the transactions and be aware of the dangers associated with clicking on unsolicited e-mails, sharing sensitive information with unauthorized people.
6- Keep Your System Updated
Small companies which do not frequently update their system are more vulnerable to cyber-attacks. Regardless of any platform that you use such as Shopify, c-panel, WordPress or anti-virus software, it’s important to ensure that you have a new update installed immediately. Always use the latest version of the software for your business.
7- Use Additional Steps for Verification
It’s recommended to use multiple ways for verification in the process of payment transaction and request for additional information from your customers. This can be by way of doing an address verification to see if the address and the billing address match with each other. You can also request the customers to share their 3 digit or 4-digit PIN on the back of their credit card.
8- Increase Security Layers for More Protection
Security for online payments is all about adding more layers of protection to keep your data safe from being misused or stolen.
Thus, it becomes important to use additional security measures such as encryption, tokenization, firewall, etc.
Both encryption and tokenization work by scrambling the data which makes it difficult for hackers to decode them.
9- Report Any Suspicious Activity About Cyber Threats
If you notice any fraudulent activities on your website, it’s best to alert the local authorities about such activities to enable them to take suitable action.
It’s important to share intelligence about situations or equipment that may have been infected to take preventive measures at the earliest to avoid damage or risk to your website which may harm your business reputation.
10- Avoid Giving Unauthorized Access
Make sure every device that you use is password protected and it cannot be accessed any anyone, except the authorized personnel. Change your password regularly to enhance security for your devices and educate your employees to keep their device protected at all time to ensure security of your systems.
Most of the security tips that we have discussed above do not require much cost or investment, but they require investing time and knowledge to ensure that all your payment systems are safe and secure.