How to Secure your Online Payments?

Tips

July 7, 2023

—4 min

As a payment solution provider, we must ensure that our clients have an online payment solution that is easy to use, well-designed, and above all, fully secure.

Ensuring the protection of data, especially payment data, is a crucial concern for any merchant.

WHAT ARE THE SAFEST MEANS OF PAYMENT ON THE INTERNET?

Thanks to the multitude of possibilities available in today's online payment market, several solutions are available to businesses, such as:

Credit or debit card payments: Widely used, payment by credit card is easy for users to perform. Payment experts also offer fraud protection, which allows for secure shopping.
E-wallets: E-wallets enable online payments using stored information. Most of the time, users only need to enter their authentication information to access and make payments. Access is protected by a password, making it secure. Notable applications include PayPal, Apple Pay, Google Pay, and Amazon Pay.
Secure online payments: Secure online payment options can also be offered.
Simplified bank transfers: Simplified bank transfers allow customers to make purchases without the need for bank account details or beneficiary information. This payment method provides pre-filled information, including the amount and order reference. Security is also ensured here, as customers need to authenticate themselves through their banking account.

IMPLEMENTING AN ONLINE PAYMENT SOLUTION ON YOUR E-COMMERCE WEBSITE

To offer a competitive online service that meets current needs, it is recommended to have a secure online payment tool to accompany customer purchases.

THE PAYMENT STEP IN ONLINE SHOPPING, A DECISIVE MOMENT

During online shopping, the payment step is a crucial moment that confirms the order. Therefore, customers need a smooth, convenient, and fully secure payment process. They should be able to confidently enter their banking details and complete the payment in just a few clicks.

PROTECTING AGAINST ONLINE SCAMS AND FRAUD: BEST PRACTICES

To protect against fraud, merchants can apply several methods, including:

Using fraud detection tools for online payments
Promoting strong authentication, such as SMS confirmation on mobile devices (sending a security code via SMS to the customer, who must enter the code on the online store to validate the payment)
Monitoring transactions and suspicious activities using a suitable anti-fraud solution
Storing sensitive data securely within the company's system (external services can be utilized if expertise in data protection is lacking)
Providing training to staff on fraud, data protection, secure payment, cybersecurity, etc., to increase awareness
Complying with current regulations and recommendations from data protection authorities (such as CNIL, which provides valuable information to assist merchants)

STRONG AUTHENTICATION METHODS FOR ENHANCED SECURITY

A secure online payment system is often accompanied by strong authentication methods. Currently, the preferred methods include 3DS (3-D Secure) or two-factor authentication. In these methods, the customer enters their payment credentials and confirms the payment by entering a code received via SMS or by validating a notification in their banking application.

This identification system ensures that the customer is the legitimate owner of the device or credentials. Generally, the double authentication process involves using two devices owned by the customer (e.g., computer and smartphone) or two different applications.

CHOOSE A SUITABLE ONLINE PAYMENT SOLUTION BASED ON YOUR NEEDS AND TARGET AUDIENCE

During online purchases, the payment methods used should be adapted to the customer's needs and be secure. Therefore, choosing a service that meets these two expectations is crucial.

PAY ONLINE METHOD: A POWERFUL AND DYNAMIC E-COMMERCE PLATFORM

The Pay Online method provided by Market Pay offers merchants a simple and secure online payment page that is easy to use and dynamic. Customers can conveniently access their preferred payment methods based on the purchase context. The Pay Online solution is easy to integrate, designed to optimize conversion rates, and includes an intelligent fraud module. Furthermore, the payment service provider (PSP) boasts an availability rate of 99.90%.

EMERGING PAYMENT METHODS

In France, new online payment methods regularly emerge to offer customers even more convenient and secure options while simplifying the daily operations of merchants. To improve the customer experience, maximize conversion rates, and ultimately increase revenue, regularly updating your payment page to offer a wide range of payment methods is necessary to ensure no sales are missed.

TIPS TO AVOID HACKING RISKS

If you want to guarantee your customers a secure online payment method, you need to implement an appropriate service. One highly recommended option is the double security offered by banking applications, which is widely used today.

OPT FOR DOUBLE SECURITY WITH YOUR BANK

As mentioned earlier, the 3DS system is currently the best way to verify a customer's identity and minimize the risk of online fraud. Going beyond SMS codes, validating payments directly from the customer's banking application is an excellent method for secure online payments. In this way, the customer's bank is involved in the payment process, effectively preventing virtual fraud and reducing the risk of hacking.

By implementing such a system, customers can confidently make secure online payments and turn to your e-commerce website with trust for their purchases.