Setting up your business to take secure online payments is easy - if you choose wisely
Wednesday September 01, 2021
Increasingly, your customers will expect the ability to order and pay online. Indeed, the coronavirus pandemic has only served to speed up the shift to a cashless society.
Setting up your business to take secure online payments is easy - if you choose wisely
Increasingly, your customers will expect the ability to order and pay online. Indeed, the coronavirus pandemic has only served to speed up the shift to a cashless society.
Online payments are not only beneficial for your business, but they’re quick and convenient for those ordering from you too. However, there are certain risks associated with online payments for both businesses and individuals. So if you’re just dipping your toe into the world of online payments, it’s essential you understand where these risks lie. Only then will your customers trust you with their payment information enough to buy from you online.
We can’t emphasise this enough; if a website doesn’t feel very secure, then buyers are likely to be put off. In fact, around 58% of customers said in a recent study that payment security concerns would be enough to abandon their transaction half way through.
Remember, if your business will be accepting card payments, you will need to be PCI compliant. This means all data collected from cardholders must be stored securely using a hosting provider that meets with the Payment Card Industry Data Security Standard.
Security
The payment gateway you choose should have SSL and 128 Bit encryption. It must also have a digital signature and a Dynamic IP address. These layers of security mean you and your customers can rest assured that their money is as safe as possible.
Hosted or integrated
Many businesses choose a hosted payment gateway, simply because it’s cheaper and easier to set up. It also makes staying PCI compliant much more straight-forward. However, one small downside to a hosted payment gateway is that it can be difficult to customise. Integrated payment gateways however connect your ecommerce site to a payment processor using API integration. Although they’re more tricky to work with, integrated systems are easier to customise. Your conversion rates should also be healthier too, as customers haven’t had to leave your website to add in their details and submit their order. If you’re not sure which one is best for your business, our team would be happy to advise you - get in touch.
What's the best payment provider for my business?
Identifying the right payment processor means considering some important questions. How easy is it to set up? Will you need expert help? Have you checked that everything will work together?You’ll also need to ask yourself:
What payment security is provided and is there any risk of customer card details being leaked online? Does the supplier offer additional fraud protection?
Can a wide variety of payment types be processed, and which cards are accepted? Do you also want to take other types of payments, for example over the phone or via online banking. Can the system deal with digital walletssuch as Apple Pay, and are international payments in different currencies important?
Does it have a good reputation? Customers are wise to online fraud these days, and prefer brand names they recognise as safer. Will customers make payments from within your site, or by using a third-party payment page?
Do the fees fit with your budget and your business needs? Is there a maximum payment size that can be made, and if so, will this be an issue?
What reporting tools are available and is the system flexible enough to grow with your business over time?
By taking a few simple steps, online payments can be taken by your business incredibly easily and securely. Don’t stake your reputation on anything that’s less than ideal.
