How to Maintain Online Payment Security in B2B eCommerce

Running a business-to-business operation requires meticulous attention to detail and constant vigilance – especially when it comes to accepting payments – in a business landscape that is completely dependent on technology and virtual payment transactions. Because the stakes are higher in B2B transactions, the benefits and risks are greater. You are not only responsible for your client's data, but you may also be responsible for their customers' data in some cases.

Because today's businesses are shifting their purchasing online, B2B operations must accommodate them by providing payment options that go beyond the standard credit card. In a flexible market, online check payments, ACH transfers, wire transfers, virtual or purchasing cards, and extended credit are all viable and necessary options. But, before you start adding more payment options to your menu, consider these suggestions for making your online payment gateway systems smarter, safer, and less vulnerable to fraud and abuse.

Accounts with Multiple User Roles

B2B purchasing is very different from B2C purchasing; your security solutions must be flexible enough to account for different levels of privilege, supporting multiple user roles and customizable permissions that allow multiple levels of access to the payment method.

Implementing "access control," which is based on the security principle of Separation of Duties (SoD), clarifies who can participate in each step of the payment process. Each user role has different capabilities, creating a system of checks and balances to ensure that all payments are processed correctly. Permissions enable individuals and organizations to implement tighter access controls, preventing unauthorized transactions or erroneous or fraudulent invoices from being paid.

Buy Legitimate Products

As a business that provides services to other businesses, you must ensure that the software and hardware you use are legitimate and highly rated. Purchasing genuine copies of security software, such as antivirus programs and malware filters, lowers your risk of allowing valuable data to slip through your fingers. Furthermore, legitimate copies are constantly updated to improve performance and security. Purchase high-quality products and keep them up to date.

Verification

Anyone wishing to buy or sell on a digital platform should be prepared to provide some form of identification. Verifying an individual's identity before agreeing to a sale has become more common as the B2B sector has expanded into eCommerce. Because so many large transactions are conducted between entities across international borders, verification is especially important in B2B transactions.

Store Less – Encrypt More

Avoid storing tracking data in your system, and encrypt anything you do. Invest in a high-quality encryption program and think about working with an IT company that specializes in internet security to ensure that everything runs smoothly. If you accept credit card payments, ask customers to enter the CCV code, which stands for credit card verification. This is the three or four-digit code located on the back of your credit card. This CCV code prevents identity thieves from using credit cards fraudulently online, lowering cardholders' credit scores.

Avoid Paper-Based Checks

Paper checks, as antiquated as they are, continue to be a major source of B2B payment fraud. The ultimate goal of eCommerce is to simplify sales transactions – by utilizing an online payment gateway, all sales transactions can be entirely electronic and mobile as well. Going paperless is both more convenient and more secure. All major credit card companies must adhere to PCI compliance standards, and additional layers of fraud protection may be available depending on the best online payment gateway provider.

Make Criminals Work Harder

Simple passwords have never been effective in deterring criminals, and they are even less effective today. When your clients make financial transactions, add layers of security by requiring complex passwords and using two-factor authentication. Complex passwords may be difficult to remember, but they work! To eliminate the risk of prying eyes, consider storing all of your passwords in a secure vault.

Multiple Payment Options

Credit card transactions can be inconvenient for B2B transactions due to transaction fees for buyers and sellers, as well as chargeback issues for sellers. Buyers, however, must be aware of their vendors' payment requirements and preferences. By incorporating various payment options – credit card, e-payment, electronic invoicing, and so on – it is possible to eliminate any potential points of friction at which someone may choose to click away and abandon their cart.

Security across multiple payment systems should be a top priority for B2B businesses looking to gain a stronger global foothold. To provide personalized service across international markets, it's critical to recognize that offering multiple payment options is just as important as recognizing other equally significant cultural differences. Given the rising threat of cybercrime, it's a boon to payees if they can avoid the potentially hazardous hassle of obtaining customer credit card or bank account information.

Comply with PCI

PCI is an abbreviation for Payment Card Industry. The PCI Security Standards Council, or PCI SSC, was founded in 2006 by a group of major credit card companies. Today, it actively monitors and certifies online payment gateway merchants, including B2B eCommerce sites. To accept online payments, you must adhere to PCI standards, which are robust, complex, and strictly enforced. While the PCI provides self-assessment tools for ensuring data security, you should be aware that you are not required to handle certification on your own. PCI compliance can be handled by your payment processor, allowing you to conduct business without worrying about complex data security measures.

Running a secure B2B eCommerce operation entails going above and beyond basic encryption and antivirus scans. In order to combat internet fraud and abuse, you must now meet PCI compliance and use comprehensive, up-to-date software. These and other security measures ensure that you can provide a plethora of online payment options while not inadvertently selling your clients' personal information to criminals.