In a world driven by online transactions, data protection and security are more important than ever before. Not only is it critical to protect your customers’ financial and personal data, it’s just as important to protect your business as well. With secure payment systems, you can protect your customers and your business from the risk of a data breach or hack.
As an ever-growing number of consumers are using credit cards to make purchases online, it’s vital that your business has a secure payment system to protect customers while also maintaining trust. The cost of a secure payment system is much less than the fallout from a financial data breach.
Keep reading to learn more about secure payment systems and why they’re so important.
What Is a Secure Payment System?
A secure payment system (SPS), is a kind of payment processing that ensures a user’s personal and financial information is protected from unauthorized access, fraud, and theft. Digital payments continue to grow in popularity. It’s more likely than not that a majority of your customers are paying using credit card, debit card, or a mobile wallet.
By 2023, it’s predicted that more than six billion people will use digital payments. This means that businesses, both large and small, will need to have reliable systems in place to ensure secure payment processing.
How to Provide a Secure Payment System
As a merchant, it’s your responsibility to minimize the risk of fraud. The best way to do this is to reduce the number of vulnerability points there are throughout checkout and payment processing.
Here are some of the most effective ways to provide a secure payment system for your customers:
Implementing an SSL protocol on your website is the first step in creating a secure payment system. SSL encrypts information that is inputted into the site, including credit card numbers, customer addresses, and other data provided during the checkout process.
An SSL protocol uses an SSL certificate. This certificate is proof that your company owns the website that the customer is visiting. This enables customers to verify that you are who you say you are. They can also ensure that your certificate is active and current.
When a website uses SSL protocol, a padlock icon will appear in the URL bar next to your web address. Your web address will also begin with https. These two details show that your website is safe and protected, so consumers can feel confident when making a purchase.
If you accept web-based payments, you’ve likely heard about PCI compliance. PCI DSS is a set of regulations that were created by some of the biggest names in the payment card industry, including MasterCard, Visa, Discover, and American Express. These regulations require merchants to follow a set list of security requirements.
Some of the PCI compliance rules include:
- Using and maintaining firewalls
- Scanning and testing for vulnerabilities
- Password protections
- Protecting cardholder data
- Using encryption
- Using and maintaining anti-virus
- Keeping software updated
- Restricting data access
- Using unique IDs for access
- Restricting physical access
- Maintaining access logs
- Documenting policies
Though it can be a daunting task to be PCI compliant, the time and effort is well worth it. By meeting PCI compliance standards, you can have peace of mind that your systems are secure. This means that customers can make purchases with total confidence.
PCI compliance also boosts your reputation as an online merchant. Companies that take the time to become PCI-compliant are more likely to be more well-received for their secure payment solution.
Adept Payments Offers Simplified Payment Processing
While you could take the time to create a secure payment gateway that offers fraud protection, why not use a trusted payment solution provider instead? We make it easy for business owners to comply with PCI mandates to protect their customers and their business.
We offer a simplified approach to processing payments, including seamless integrations and other must-have services. Adept Payments partners with proven and accredited providers to provide the best PCI compliance program for your business. We also offer online fraud detection and prevention.
Want to learn more about our secure payment solutions? Contact our team today at 888-732-3838.