Whether you are a brick-and-mortar establishment with an online interface for setting appointments or accepting payments, or a business that is exclusively online, picking an online payment system is one of the biggest decisions that a business owner has to make. Choosing the right online payment system is sometimes bewildering for the sheer number of options. Comparing fees and rates are only the tip of the iceberg, you need a dependable partner who will keep your payment system up and running, process your payments in a timely matter to your bank account, and provide state-of-the-art security to keep your customer’s vital information out of the wrong hands.
In the Internet age, credit card and other vital information is the suite of choice for hackers. It has always been assumed that off-line transactions are more secure than online transactions. However, that would be a fallacy. Transactions are processed on the Internet, passed from server to server from the start of the sale to the approval. In fact, security experts have speculated for years that online payments are safer than off-line payments made in person at the time of purchase. These major criteria will help you select the system and most secure practice for your business.
1. Tokenization. This process replaces your customer’s sensitive data with unique identification symbols. These symbols retain the information needed to process the transaction but do not compromise security.
2. Point to point encryption. This is a method of sending data through a virtual “tunnel” from the point of sale the credit card processor.
3. PCI DSS standards. These standards are not enforced by a government agency but are entirely voluntary. All major credit card companies are members, and they work with merchants, banks, and processors to develop security standards that keep data.
4. Address verification. Something as simple as verifying a billing address can make all the difference in preventing credit card fraud and should be offered as an option with your service.
When you choose an online payment systems provider, look very closely at their track record and their reputation. In this age of the Internet, companies live and die on their reviews. Choosing a company with a strong online presence, content, and happy customers is the best way to find your future online provider.