As the world shifts more and more into using online purchase platforms, the security of businesses and customers alike continue to be a growing concern. As a business owner, customers rely on you to ensure that their credit card transactions with your business are secure. Here are some great tips to make these transactions even safer than before.
Use a Third-Party for Card Storage
To help mitigate the risk that is placed on your business regarding online credit card transactions, you should opt for bringing in experienced third-party service providers. Storing credit card details is one of the biggest risks for businesses in an online environment. Most customers love having their card on file with your company as it makes future transactions easier. However, having that data poses a risk. Instead of just taking on that risk yourself, consider hiring a third-party data storage service that is experienced in handling the storage of sensitive data.
Use a Personal Verification System
If you specialize in selling high-ticket items, then you may want to invest in a personal verification system. In most cases, customers will expect some extra verification requirements for things like a firearm merchant account. This personal verification system can be as simple as requiring a copy of a driver’s license or passport.
Purchase Cyber Liability Insurance
It’s vital that your business purchases a cyber liability insurance policy. This will protect you financially from any adverse instances that happen as a result of the online transaction. When legal problems arise, cyber liability insurance is key. It will also ensure that your customers get their money back quickly.
Use AaWidely Known and Secure E-Commerce Platform
Instead of taking the risk of having customer payment details on your own, consider sharing some of that burden with a popular e-commerce platform. Some of the most widely used include Shopify and PayPal. These e-commerce platforms add another layer of security to help keep your customer’s data safe during monetary transactions.
Online transactions are something that we’re all used to dealing with. However, as a business owner, online transactions come along with a lot of liability issues. You must be proactive in minimizing your risk through adequate online security measures. The above are some of the most basic measures that you can start to implement today to allow your business to process transactions in a safer environment. As technology continues to grow, so does the ability of hackers. For this reason, you need to continually update your security measures.
