Secure payment is of paramount importance. This is not an area of ecommerce where compromises can be made. When choosing an online merchant account provider, the first thing you should be assessing is the level of security they offer and how sophisticated their solutions are.
Imagine how disastrous it would be if your consumers’ personal data were compromised. The level of damage that could be caused to your customers is astronomical and needless to say your reputation would be left in tatters. This is something you need to consider in regards to processing online payments, using third-party order fulfillment companies that process information, handling returns, storing data, and so on.
So, how do you go about making sure that all payment information and data are secure?
Get Familiar With the Security Standards You Need
There is only one place to begin when it comes to payment security, and this is PCI DSS compliance. PCI DSS stands for Payment Card Industry Data Security Standard.
In 2006, the Payment Card Industry Security Standards Council was established with the purpose of keeping customers’ financial data safe and regulating major payment brands. They have implemented 12 security requirements and, therefore, it is imperative to find a secure payment processing company that will ensure your business adheres to the 12 requirements put in place.
Some of the requirements are as follows – maintain a policy that addresses information security, protect stored cardholder data, assign a unique ID to every individual with computer access, test security processes and systems on a frequent basis and protect cardholder data by installing and maintaining a firewall configuration.
Head to the PCI DSS website to see the full requirements so you can understand what is expected of your business when it comes to payment security.
You Need to Consider Security Even When Hiring Third-Parties
You may think that it is not your responsibility to worry about payment security if you are outsourcing this to a payment processor but it is. You will still get fined and your company’s reputation will still be in tatters. Don’t take any chances.
You should also look for a company that has fraud counter features implemented as part of their basic service.
A Wide Range of Security Features Should Be Used
What sort of services should you be looking for? Well, all companies have different approaches to fraud, but some of the most important products and services are as follows: CSC, CVV2 and CVC2 security codes, an address verification system, quarantine services, encryption, and 3-D security.
There should also be an unlimited quantity of rules for querying and accepting transactions, as well as identity checks.
Final Words on Making Sure That Payment Security Is Your Number One Priority Right Now
Hopefully, you will now feel more confident about choosing a payment processor that fits in with your security requirements. You should never underestimate the importance of this. After all, there are many start-ups and small businesses that have ceased to exist after a data breach.