3 Payment Security Measures To Expand Online Sales & Win Customers Loyalty

When selling online, security is always the priority. Customers are extremely wary about data breaches and refrain from merchants who have their payment systems compromised. As per a study, it has been concluded that more than 50% consumers are not satisfied with merchant websites, as they think that merchants do nothing much to protect consumers confidential information. In other words, to make an e-commerce business successful, winning the confidence of valuable customers is the stepping stone.

If you are planning to set up an online store for your business needs, check out the 3 important measures you should follow for an intact security of payment processing:

1. Partner with a processor who understands online payments

The first step towards safe and secure credit card processing is choosing the right payment processor. Hence, make sure to go for the processing partner who keeps security as their priority and holds expertise in assisting merchants to comply with PCI DSS, Payments Card Industry Security Standards. Working with well-established processor guarantees that data of merchant as well as its customers are secure.

The best thing about a proficient partner is that they offer comprehensive help in maintaining and keeping up with the PCI compliance via training programs, vulnerability checks, and customer support.

2. Keep an eye for suspicious purchasing activity

Every online business needs to be aware of the different types of doubtful activities that smell a potential fraud or some sort of foul play. For instance, a merchant should turn alert if they notice receiving many orders from a single IP address with different credit cards. In this case, it is highly possible that there’s some fraudster behind the purchase who is using stolen cards.

Besides this, bulk orders that are needed within few hours or the following day also signal something not right. In this case, it is possible that the buyer is in hurry to receive the products or services in shortest time to avoid card theft and it getting halt. With the help of effective fraud tools, it is now possible to determine whether the transaction is legal or not.

Last but not the least, the email address that has a string of numbers combined with letters also indicates fraud. This is because genuine customers have email addresses with real names and words.

3. Address verification system (AVS) for every sale

Knowing whether the customer is actually the cardholder or not, is not something easy. Hence, to stay away from frauds, address verification system (AVS) should be used. This security system works by checking if the billing address is genuine by verifying it against the cardholder’s information from the issuing bank. It is fruitful to know that stolen card does not have any sort of access to the billing address. Anytime the buyer will try to make the purchase, they will enter the wrong address, which will be caught by the AVS enabled system and it will inform the merchant. Remember, incorrect billing address does not necessarily mean any fraud; hence, additional security measures should also be adopted.

Besides following these three tips, make it a point to consult with industry experts to make sure you take all the necessary precautions required for secure payment processing. While a reputable partner can help you protect everything related to your customers and business; an inexperienced partner can lead to adverse experiences and loss.