Gone were days when we loved to pay visits to brick and mortar stores; now everything is digital, from ordering clothes to groceries. As more and more physical store owners are shifting towards online platforms, online fraud and theft have also been increased.
A stable payment gateway functions similarly to a point-of-sale interface.
As a business owner, you might have wondered about online payment security. Since protecting consumers against online attacks and digital theft to earn their confidence is quickly one of the essential responsibilities for small and big business owners.
So if you are wondering about a free payment gateway and the security that comes along with it, then this blog is all you need.
What Is Meant By Payment Gateway?
A payment gateway is a type of technology or a system that allows a client or customer to make a payment into a merchant bank. Not only will it secure payment, but it also records the transaction’s success or failure and informs both the client and the merchant. It acts as a bridge between client and merchant. Customers enter essential information such as bank numbers, credit card numbers, and other financial information; therefore, it’s critical to keep that data safe.
The use of a free payment gateway in a business eases the whole process, and there is no need to wait in line at the bank as the money is directly deposited in your bank account. All the transactions happen in real-time, which makes this technology best for business transactions.
Is the Payment Gateway Process Secure?
This is the first question that pops into everybody’s minds when they start using a free payment gateway. The payment gateway not only allows merchants to collect payment from clients but also ensures security. Below are the reasons for saying so.
1. Data Encryption Technologies: The first form of security that comes with a free payment gateway is data encryption. If you are not familiar with the term, let us break it down for you. Data encryption is a way to convert original information into ciphertext. A ciphertext is a new form of text that only authorized parties can understand. The use of this technology in payment gateways prevents unauthorized parties from gaining access to your payment details. In simple words, the payment details entered by customers are only understandable to merchants and payment gateways.
2. PCI Certificate: Businesses need to include a PCI certificate to accept payments securely. Companies processing payment information must meet PCI standards criteria and undergo regular reviews by the PCI Security Standards Council to maintain compliance. Payment gateways are tightly regulated, ensuring customer information is secure and mitigating the risk of public relations issues. Additionally, understanding the role of the PCI Attestation of Compliance, also known as pci aoc, is crucial for businesses to demonstrate their adherence to these standards and maintain a secure payment environment.
3. SSL: An SSL certificate verifies the validity of a website and establishes an encrypted connection for websites that contain payment gateways, ensuring that payments are safe and protected. The majority of companies use SSL to verify their online identities. It covers client information and encrypts and secures all digital transactions taking place on the site. It is a must for business owners to have an SSL certificate if they want to establish a positive relationship with their customers.
4. Tokenization: Tokenization is another form of security that comes with free payment gateways. You might have seen dots appearing when you enter your card information or account number on any website. It is called tokenization. In simple words, when different characters replace the sensitive information, just to hide the information. Payment gateways that support tokenization can help you minimize the chances of fraudulent transactions. You don’t have to keep all of your client’s data on the server, including their bank or credit card details.
5. 3D Secure Authentication: Three Domain Secure is a communications system that incorporates three aspects: the issuing bank, the accessible bank, and the technology that executes the transaction. It is an extra layer of protection that aids in preventing suspicious purchases that do not need an actual bank card. Whenever someone makes a purchase, they need to confirm it using a password or pin provided by the bank.
There you have it! Now you know all about the free payment gateway. No matter what kind of business you are operating, customers lean towards platforms that don’t disturb their comfort, if it is big or small. And digital payment transaction is one of them as they don’t have to budge an effort to make payment. Just some simple tips here and there, and voila, it is done. But as a business owner, you need to ensure that the payment gateways you are using must be secure, as customers won’t make purchases if they don’t trust your business.
Therefore, by collaborating with reputable payment gateways, you can quickly add payment connections to any website and adhere to the security measures outlined above to protect your business from malicious parties.
