Making transactions over the internet has become so common nowadays that we rarely think about the risk it involves. As individuals, we often choose secure websites we trust to process our payments correctly. However, as a business, how do you know if receiving an online payment is safe or not?
Well, we don’t know most of the time. However, you can try several practices to ensure that you won’t fall victim to online fraud. Below are the three most practical ones!
As a merchant, you cannot control who buys what from your online shop. However, you can do something to prevent fraudsters from attacking your internet business.
For instance, you can check the details that a buyer provides during the transaction. Data such as the customer’s IP address and the credit card’s billing address have to match. This way, you can make sure that the customer is the cardholder.
Otherwise, if the customer’s IP is from Nigeria and the cardholder is from Canada, the transaction may be part of a fraud. Subsequently, your business may be subject to investigations, and your funds could remain under sequestration.
You can make sure that these data match by employing an Address Verification System (AVS). This protection method should keep your online business safe when accepting payments.
Another great way to keep receiving payments safely is by being PCI compliant. The Payment Card Industry (PCI) is an information security standard that applies to businesses everywhere. Its regulations are in place to drastically reduce the risk of internet fraud.
As an online merchant, you can legally process, store or transmit credit card data that the PCI requires. This way, you make sure to engage with honest customers without revealing their identities. Also, almost any payment processor you use will require that you comply with PCI standards.
On the other hand, if you fail to meet the PCI regulations, you risk costly fines and penalties for your business. Also, your brand can suffer irreparable reputational damage. Lastly, it could increase the risk of fraud when accepting online payments.
Nowadays, businesses have to increase their payment processor services to ensure higher security for themselves and their customers. One way of achieving it is by using secure online platforms, like Globepax. This innovative financial service brings all the necessary security instruments in one place.
Organizations that use this platform can accept online payments at all times with a minimal risk of fraud. This service is designed to process transactions by following the latest security protocols and PCI standards.
If you have a business, you can enhance its safety with a Globepax account for businesses. Alternatively, you can use an individual account to ensure that all your financial operations are safe. Above all, both accounts should help improve your money management and increase savings in the long run.