Consumers expect that they will be able to order and pay for goods and services online. They take it for granted that they can enter a credit card number and purchase at any time of day. If a business cannot accept online payments, it is at a severe disadvantage in the modern market. Potential customers value convenience, and they will look for companies that tend to this need.
What is payment security?
While making financial transactions online is easy, it is not always safe. Credit card information is a valuable commodity for cybercriminals. They can use the information from an online sale to make illegal purchases or steal the consumer’s identity. Payment security is the work of protecting both businesses and consumers from online thieves and fraudsters.
One strategy for making a secure payment online is encryption. Businesses with an SSL or TLS certificate use the “https” designation. Also, a padlock appears at the beginning of the browser’s address bar to show that the connection is secure.
Address verification is another standard security tool. The user must enter an address as part of the checkout process. The secure payment gateway connects with the user’s bank to check if the address matches the bank account information.
Online fraud was such a growing problem that the major credit card companies banded together to form the Payment Card Industry Security Standard Council in 2006. This organization develops online payment safety standards and makes sure that businesses follow them. The level of security required depends on the number of transactions carried out by the company each year.
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