It is crucial to choose the right payment system for your online store. For those not familiar with the payment industry, it can be difficult to navigate the complex world of online payments. We’ll be discussing some of the top strategies that you should keep in mind when setting up a payment system for your ecommerce shop.
1. When possible, use a platform-hosted merchant bank account.
The easiest and most secure way to accept credit or debit cards is through the payment solution offered by an ecommerce platform. The integration was designed to be used in conjunction with your ecommerce shop by the same company so you can rest assured that updates and maintenance will be given priority.
You can also use your ecommerce platform as a single point of contact for all your questions and issues. This eliminates the need to triage between your payment support team and your ecommerce support staff. Ecommerce platforms can often match or beat competitors’ prices because they value your business.
2. Accept multiple payment methods with one solution
Accepting credit and debit cards payments is a good idea. It’s also a growing trend in online shopping to offer flexible payment options. Although it is becoming more popular to pay online with wallet payments, Pay Later options and mobile payment apps, it can be costly to keep so many accounts.
All-in-one payment options are becoming more popular. You can make your life easier by using a payment provider who does all the work of integrating multiple payment methods. This also makes it easier for your storefront, as it reduces the number of integrations that could pose security risks to hackers.
3. Make sure your storefront complies with compliance standards
PCI DSS (Payment Card Industry Data Security Standard), is a set standards that are designed to protect global payments. Compliance with PCI standards involves many factors, such as protecting stored cardholder information, monitoring system access, and much more.
Most merchant service providers now include PCI compliance as an integral part of their services. This means that business owners are not required to follow the associated rules. When you are researching credit and debit card processing options, ensure that they include PCI compliance.
4. A 3D-Secure solution is recommended if your territory requires it.
3D-Secure is a new set of security standards that adds additional verification on customers’ ends. It has become mandatory in increasing numbers of countries. Although this may cause friction during checkout, it provides additional protection by shifting the chargeback liability of the business to the issuing banks. Visa transactions are exempted from chargebacks.
If you live in a country where 3D-Secure has become or will be required, ensure that your payment gateway meets these requirements. Many of the bigger gateways, such as Stripe and PayPal, have 3D-Secure already.
5. You can add an SSL certificate to your storefront.
SSL Certificates (Secure Socket Layer), are designed to encrypt all data between your online store, and customers’ devices. This adds another level of security. Ever wonder what the difference between a URL starting with http:// and one that begins with https ://?? An SSL certificate is required to be present.
SSL Certificates are a great way to protect your customers’ information and keep them safe from hackers. SSL certificates are usually included with online storefront services. However, if yours does not, you should make sure to purchase one from a trusted source before accepting payment.
6. You should incorporate fraud prevention tools wherever you can.
To ensure the best protection possible for your payment process, you should make use of all fraud prevention tools available to you. These are some of the most common fraud tools:
Address Verification Services, (AVS), compares the billing address provided with the cardholder’s banks to verify that they match.
To keep your storefront safe for customers and prevent fraudulent activity, it is essential to have a solid payment infrastructure and checkout. These best practices will help you and your customers avoid getting scammed when you set up your ecommerce payment strategy.
By: Volusion Staff
Title: Best Practices to Follow When Setting Up Ecommerce Payments
Sourced From: www.volusion.com/blog/best-practices-to-follow-when-setting-up-ecommerce-payments/
Published Date: Mon, 25 Apr 2022 15:05:00 GMT
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