With the advent of e-commerce, merchant companies have to find a way to automate payments made by consumers for their products and services. And it’s not just a matter of making purchasing a computerized process. Companies have to ensure that payment solutions are secured. This means that when you input your details for payment, no one else will have access to them because protection measures are in place.
Different payment method types include credit cards, mobile payments, bank transfers, e-wallets, prepaid cards, direct deposit, or cash on delivery. Merchant companies have to decide which payment methods they’ll integrate into their system. It’ll depend largely on their target audience and location. Take note that the payment option that you’ll choose will help you maximise your revenue opportunities.
Once they’ve chosen the best payment method/s for your e-commerce business, you’ll have to find ways to ensure the security of your payment solution to mitigate fraud and minimise the payment risks from your consumers. Some security measures that companies use to improve online security are:
Use of Secure Socket Layer (SSL)
This is a certification that companies get for their website to ensure that all the data that your customers provide you in your website is encrypted. Using SSL will minimise exposure to cyberattacks that will compromise all your stored data. For those using credit card payments, make sure you’re compliant to Payment Card Industry Data Security Standards as an added security measure.
- Make sure that your website host has security measures in place.
Choose the right host for your company’s website. Decent website hosts have security measures in place in their servers.
- Get rid of payment data.
You do not need to store the payment details of your customers on your server. Get rid of them as soon as the transaction is completed or you can also get a third party to store sensitive information. These third parties have the capability to store sensitive information and have the means to provide utmost security for payment details.
- Choose the right e-commerce platform.
If you prefer to make your products and services available in an online marketplace, make sure your chosen platform has advanced security measures in place to protect your customers’ information.
- Use of personal verification system.
Customers will have to input their government ID numbers to simplify the verification process because there’ll be no more need to provide other proof of identification.
- Use of a 2-factor authentication system.
Instead of just providing a password, users are also asked to provide another proof of identification as an extra layer of security. The second factor for authentication can be a fingerprint, facial scan, or information that only the user knows. This’ll enhance the protection of the data that the customers provide.
- Purchase cyber liability insurance.
If we’re talking about a great deal of sensitive information, then it’s best to get cyber liability insurance. The insurance coverage will help companies shoulder costs arising from breaches of security.
Advantages of Having Secured Payment Solutions for your Event
Events now use digital platforms to handle payments for their transactions such as ticket sales and online selling of products and services. Here is why event organisers should ensure that security measures are in place to protect the payment details provided by their users.
- It builds trust.
You don’t just give out your personal information for all the world to see. You want to be sure that the company you give it to will protect your information. You trust that company to use that information for its sole intended purpose – for the transaction that you availed and nothing more. Having a secured payment solution builds trust among your customers that your company will take care of the information that they have provided.
- It is very convenient.
Online payments make paying for products and services so much easier. There is no more need to go to a bank or other payment centers to make the payment. With just one click, customers are able to make the payment and all they have to do is wait for the package or voucher so that they can receive the item or service they paid for.
- It minimizes risks.
Unfortunately, cyberattacks are happening every day. To protect your company and customers, make sure adequate security measures are in place. You don’t want the hassle of dealing with fraudulent transactions. It takes up so much time and effort. There’ll be added legal costs if the matters escalate. Aside from that, your company will suffer financial set-back because customers don’t want to deal with a company that’s notoriously known for breaches of security.
Wrapping It Up
When customers know that you’ve done all the necessary measures to ensure data protection, then they will have no apprehension in purchasing your tickets, products, and services that you’ve featured on your event website. Secured payment solutions offer convenience and protection to all the users. It is also worthwhile to ensure the security of your chosen payment methods as this will help you earn the trust of your customers.