Post Menu and Details.
- Use Secure Payment Methods
- Use Trusted Payment Platforms
- Keep Your Payment Gateway Secure
- Use AVS and CVV Checks
- Use Payment Security Software
- Keep Your Systems Updated
- Be proactive about fraud.
- Keep Your Customers Informed
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A recent study found that in 2021, U.S. consumers will spend over $435 billion on online payments. With numbers like that, it’s no wonder so many people are switching to buying everything from clothes to groceries online. However, as anyone who’s ever made an online purchase knows, one of the biggest concerns about eCommerce is how to handle payments properly. Given the number of scams and fraudulent activities that occur online every day, it can be challenging to know who to trust when it comes time to pay for your latest purchase.
These tips will help you streamline your eCommerce business, increase customer satisfaction, and boost sales over time.
Use Secure Payment Methods
It’s also essential to use secure payment methods whenever possible. You should avoid sending sensitive information like credit card or bank account numbers over email. These are often targets for hackers looking to steal this data for illicit purposes. Instead, look for payment options like invoicing or shopping cart plugins that allow customers to enter their credit card information directly on your website, where it is encrypted and stored securely. Using an eCommerce merchant payment processing platform will also provide you with several tools and features that can make it easier to manage your online transactions. Since many of these platforms offer fraud protection and other vital features like customer tracking, analytics, and more, you’ll be able to easily manage your business activity and focus on growing your sales over time.
Use Trusted Payment Platforms
One of the most important things to remember when handling payments online is to use only trusted payment platforms like PayPal and Stripe. These services are highly secure, which helps protect you and your customers from hackers and scammers who may be looking to steal sensitive information or commit fraud. Most importantly, trusted payment platforms offer buyer protection if something goes wrong with a purchase. If your customer is ever unhappy with their purchase or doesn’t receive what they ordered, they can file a dispute and potentially get their money back. This type of protection is crucial when running an eCommerce business, as it can help build trust and confidence with your customers.
Keep Your Payment Gateway Secure
In addition to using secure payment methods, it’s also essential to keep your payment gateway secure. Your payment gateway is the platform you use to process online payments, and you must choose a platform that offers robust security features. One of the best ways to keep your payment gateway secure is to use a hosted solution like PayPal or Stripe. Hosted solutions store your customer’s credit card information on their secure servers, which helps protect this sensitive data from being hacked or stolen. In addition, many hosted solutions offer fraud protection and other security features that can help you keep your business safe from malicious activity.
Use AVS and CVV Checks
When a customer enters their credit card information, you should always run an AVS (address verification system) check. This check verifies that the billing address entered by the customer matches the one on file with the credit card issuer. This helps to prevent fraudsters from using stolen credit cards to make purchases. You should also run a CVV (card verification value) check when a customer makes a purchase. This checks the three- or four-digit number on the back of a credit card to ensure that the physical card has the buyer. This helps prevent thieves from using a stolen credit card number to make fraudulent purchases online.
Use Payment Security Software
Another important strategy for keeping your payment gateway and data secure is to use payment security software. This software can help monitor your eCommerce site for suspicious activity, alerting you if there’s a problem so that you can take action right away. It’s also good to partner with an eCommerce fraud protection service like innovation or Sift Science, which has extensive experience protecting businesses from hackers and scammers. These services work behind the scenes to keep your system safe, and they often offer additional features like identity confirmation and email authentication.
Keep Your Systems Updated
Finally, keeping your systems updated with the latest security patches is essential. Hackers are always looking for new ways to exploit vulnerabilities, so you must stay one step ahead of them. You should regularly update your eCommerce platform, payment gateway, and security software. Most importantly, it would help if you never used outdated or unpatched software, as this can leave your business open to attack.
Be proactive about fraud.
While there are several ways to prevent fraud, the best defense is always a good offense. This means being proactive about identifying and preventing fraud before it happens. That way, you can help protect your business and keep your customers safe. There are a few key things you can do to be proactive about fraud:
- Educate your employees: Train your employees on the signs of fraud and how to prevent it.
- Monitor your accounts: Keep a close eye on your financial accounts and look for any suspicious activity.
- Verify customer information: Always verify your customer’s identity and billing information before processing payment.
Keep Your Customers Informed
Finally, it’s essential to keep your customers informed about the status of their order and any changes to your payment policy. If you change your accepted payment methods, be sure to let your customers know in advance so that they can adjust their purchases accordingly. It’s also a good idea to send your customers a confirmation email after purchasing. The email should include the order details and a link to track the shipping status. This helps ensure that they received their order and gives them a chance to contact you if there are any problems.
You can help ensure that your eCommerce business correctly handles payments and protects your customers’ information by following these tips. By using only trusted platforms and services, you can build trust with your customers and help prevent fraud. Additionally, by keeping your systems updated and using payment security software, you can help keep your business safe from hackers.
Thank you for reading!