Ways to Offer Secure Payment To Your Customers
Now that more businesses are transitioning towards online transactions, it is crucial to find ways on how to also offer protection to your customers. Credit and debit card fraud has been rampant worldwide given the number of people using their cards for payments both online and offline. In 2018 alone, $24.26 billion was lost due to credit and debit card fraud. And despite the measures to protect consumers, credit card fraud has been on the rise.
Businesses can offer some level of protection to help encourage their customers to avail of their products and services without worrying about their card details.
SSL certification provides an encrypted connection that allows consumers to pass their sensitive information without worrying if it is going to be accessible to anyone else. This has become a norm for different e-commerce websites. SSL has become part of PCI compliance as well.
Though it is an additional cost on the part of businesses, it is still worth it. Could you imagine your online store’s reputation getting ruined because you were trying to skimp on your site’s security?
Opting for payment gateways that offer two-factor authentication can help lessen the times that your customers are getting duped by fraudsters. Two-factor authentication works by sending the customer’s number an SMS to be able to confirm the transaction.
Using a Secured Third Party
Instead of collecting credit card information, some businesses prefer to use a third party to handle the transactions. PayPal, for one, is a good option because it offers a consumer-friendly approach wherein they are protected from fraud.
Finding a Secure E-Commerce Platform
Another important detail about running an online business is choosing the right e-commerce platform for your audience. The good news is that there are platforms out there that can provide businesses with additional security. Shopify, WooCommerce, and Big Cartel are some of the most common platforms trusted by e-commerce sites all over the world.
If you are offering high-ticket items, you might as well verify the person’s identity. Airbnb has been doing this to protect both hosts and guests from fraud. It also gives the hosts peace of mind because they can verify the person staying in their property. However, this doesn’t apply to every platform.
Don’t Store Customer’s Info
A lot of businesses store their customer’s information for different purposes. Some businesses are known to sell their customer’s information while others try to contact them after to offer different products.
Though it’s quite an unpopular move to erase all your customer details, this is the wisest move that you can make as a business. It stops fraudulent activities in case your system gets hacked and they get access to all your customer’s emails.
Running an online business can be tricky especially when you need to think of your customers’ safety and security. Fraudsters have become more sophisticated in their attempts to capture their victim’s data. Given this reality, businesses also need to ramp up when it comes to their attempts to protect data. More than ever, you can’t be too sure.