A secure payment gateway for business helps to retain customers and improve the conversion rate of your online store. Find your solutions with Oceanpayment.
A secure payment gateway for business helps to enable smooth online transactions and get approved by the bank. A secure payment gateway can send credit card information from a website to the payment network to make secure processing. It returns the transaction details and responses of the online payment network to the respective website.
There are numerous reasons why a payment gateway for business and e-commerce websites is important. In 2018, almost 80% of total login attempts to online businesses were illegal hacking attempts. In order to avoid such hacking attempts, secure payment gateways are important for both big and small businesses, including e-commerce sites. A secure payment gateway for business includes:
1. Accept Debit, Credit, and Other Online Payment Methods
A payment gateway for business enables business owners and merchants to accept and process payments for debit and credit cards. Moreover, it also provides a way for businesses to welcome other online payment modes. Using expanded payment options make it easier for business owners to fulfill the needs and demands of different buyers.
2. Lessens Credit Card Fraud
Payments gateways are mainly used to avoid the possibility of online payment fraud cases. Payment frauds are common for online retailers and businesses during transactions that need credit cards for receiving payments from customers. A secure payment gateway for businesses offers extra security and features to ensure secure payment processing for both operators and buyers.
3. Seamless Site Navigation
Some payment gateways for businesses come with a feature to let businesses design customer checkout pages. With the help of this, customers no longer need to be redirected to another page to make payments and process their orders.
4. Secure Customer Data
A payment gateway for business strengthens the encryption and security of customer information. The improvement in customer security makes it a highly recommended layer of protection to avoid online fraud that online businesses can face. Customer experience can be improved by integrating a payment gateway for business.
5. Easy to Install and Maintain
A payment gateway for business doesn’t need a high installation fee and regular maintenance because it can be automated completely. Most secure payment gateways only need businesses to create an account for activating the software. Moreover, the additional updates are often scheduled, and businesses get notifications for upgrading their existing secure payment gateway.
Most payment gateways for businesses follow these steps for a regular transaction:
1. Encryption
Information or data that can be exchanged between customers and merchants will be encoded securely by the payment gateway for business.
2. Request
The payment processor needs approval from the bank that issued the credit card. Contacting the issuing bank can be helpful to check the validity of a credit card.
3. Fulfillment
Payments approved or authorized by the issuing bank signal the transaction for processing the payment and moving to the next phase.
At times, payment gateways for businesses can also check customer orders and employ geolocation for assured processes in customer purchases and transactions that need to be checked.
Locating the Best Secure Payment Gateway for Business
There are different payment gateways for businesses, and it is important for online business owners to choose the secure payment gateway ideal for their business and customers. However, they also need to consider the security of their website while choosing a payment gateway for business.
Oceanpayment offers a secure and most suitable secure payment gateway for businesses around the world. Make your online business successful and increase customer satisfaction.
The payment gateway for business occurs in the background when a credit or debit card transaction occurs. The payment gateway processes by sending information securely between the website and the credit card network, and then returning the transaction details from the payment network to the website. A secure payment gateway for business is the main component that enables e-commerce to operate.
What makes online payments secure
Generally speaking, when conducting e-commerce transactions online, both parties of the transaction need to use digital signatures to show their identities, and use digital signatures to carry out related transaction operations. With the prevalence of e-commerce, the CA Center, the issuing authority of digital signatures, will provide reliable security for the development of e-commerce.
- SSL Certification
SSL certificate is to comply with the SSL protocol, issued by a trusted digital certificate authority CA, after verifying the identity of the server, with server identity verification and data transmission encryption functions.
If your website uses SSL Certificates and displays the Secured Seal, your customers will know that their transactions are safe and reliable, and they fully trust your website.
- PCI DSS
The full name of PCI-DSS security certification is Payment Card Industry (PCI) Data Security Standard. It is jointly launched by five card schemes including VISA, American Express, Discovery Financial Services, JCB and MasterCard International. It is currently the most stringent and highest level in the world. Safety certification standards for financial institutions.
The main role of PCI-DSS:
1) The transaction process protection is more rigorous and rigorous, and every link is checked.
2) Take credit card information protection to a higher level, increase the credibility of online transactions, and increase the company’s reputation and trust.
3) For merchants, a more complete and standardized transaction process can win more consumers.
4) Credit card transactions are also more convenient for consumers.
- Tokenization
Tokenization is the process of protecting sensitive data by replacing sensitive data with numbers called tokens generated by algorithms. Generally, tokenization is used to prevent credit card fraud. In credit card tokenization, the customer’s primary account number (PAN) is replaced by a series of randomly generated numbers called “tokens.” These tokens can then be passed over the Internet or various wireless networks required to process payments without revealing the actual bank details. The actual bank account number is stored securely in a secure token library.
- 3D Secure
3D Secure (3-domain structure), also known as a payer authentication, is a security protocol that helps to prevent fraud in online credit and debit card transactions.
The payer authentication is a three-part process refers to the “three domains” which interact using the protocol: the merchant/acquirer domain, the issuer domain, and the interoperability domain. (Such as payment system).
- Anti-fraud
Anti-fraud is a service that identifies fraudulent activities including transaction fraud, network fraud, phone fraud, card theft and theft of numbers. Online anti-fraud is an indispensable part of Internet finance. Common anti-fraud systems include: user behavior risk identification engine, credit information system, blacklist system, etc.
The credit card transaction anti-fraud system consists of five parts, data collection, fraud detection, system management, reports, and database.
How to ensure the security of the payment gateway?
The security of the entire payment industry is not measured by the security measures taken, but determined by the weakest link in the payment system. In other words, improving the anti-risk ability of each weak link in the payment system is the best way to effectively ensure the security of the entire payment industry. The following three suggestions are important means to ensure the security of payment gateways:
1. Prevention:
Take security measures to prevent criminal groups and other criminals from stealing payment data. These measures are long-term plans designed to strengthen the construction plan of safe payment gateway infrastructure in consideration of the long-term benefits of the payment gateways for business industry. This is an ongoing program to protect merchant account data from fraudulent criminals and to ensure that payment data loses value to criminals through the use of dynamic data encryption. This is the key area of risk management in the future.
2. Protection:
Prevent criminal groups and other criminals from using stolen data to commit crimes. Protective measures include verification schemes implemented in different payment environments to prevent the use of stolen account data. The plan is a medium-term plan, and the purpose is to further ensure the security protection and identity verification of merchants, to ensure that the payment system only accepts authentic and credible transactions, and to build a secure payment gateway.
3. Response:
Through the monitoring and management of incidents, the impact on the payment gateway for business industry is reduced, and tactical support is provided to deal with current challenges and prevent further losses. Specifically, it includes fraud detection, common shopping point (CPP) detection, training and education for all stakeholders, and actions to promote mutual trust, partnership and cooperation in the industry.
The safe payment gateway is an important and complex system. It is constantly evolving to meet various new needs and respond to various new challenges. Therefore, it is very important that all institutions in the payment gateway industry have a clear understanding of the overall structure and concept of the payment gateway system, so that they have sufficient awareness of various threats and adopt corresponding strategies to deal with increasingly serious threats. As we explore new payment technologies and methods, the number of relevant stakeholders will increase, and the challenge we face is to make all these relevant stakeholders ensure the highest security standards.
A secure payment gateway for business: Oceanpayment
Jointly invested by professional capital in the financial and internet industry and a senior team engaged in internet payment and operation, Oceanpayment has long provided payment gateway solutions and payment security services for global merchants, especially in Hong Kong and Singapore.
With the highest level of security certification in the global financial industry PCI DSS LEVEL 1, Visa, MasterCard, American Express, Discover, China UnionPay, JCB and other certification services Merchant or acquirer qualification, Google Pay and Apple Pay PSP certification, Oceanpayment is the only fully licensed FinTech company in Hong Kong with global digital payment technology and business qualifications.
For more details please contact us here: Contact sales – Oceanpayment
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