Business

7 Tips to Safeguard your Online Business Transactions

Safeguard your Online Business Transactions

Whether you are a business owner or a customer, online safety and security is your paramount concern.
The aftermath of the pandemic has left the world with a heavy reliance on online eCommerce stores for everyday purchases, which is why safe online transactions have gained significant importance.

2021 has seen a global increase of 25% in eCommerce sales, which is likely to continue growing even at a higher pace.

Along with the global sales, you know what else is proliferating?

Cybercrime. Amidst the global surge in sales, businesses should not forget that some people are waiting for their website to get life even more than their customers.

So, how can we fight against an unforeseen foe? Well, these seven tips will surely help:

7 Tips to Safeguard your Online Business Transactions and Protect your Customer Data

1. Never store customer’s payment information.

Since; you are a genuine business owner, there is no point in keeping a customer’s payment credentials after the purchase is over.
You are risking their sensitive information by storing their debit card, credit card, and bank details.
Once your website gets compromised, all your customer information will get compromised too.
Moreover, that would have a destructive impact on your overall business reputation. So, never resort to storing customer payment information in your database.

2. Chose an authentic platform

If you are creating your store on an eCommerce platform, we recommend doing thorough research about its history before choosing it.
The platform’s past will surely help you shape your future in the right way.
You can talk to them on their contact number and see how quickly they respond to your inquiry.
Moreover, get a glimpse of their security measures too. Ask them how they tackle cybersecurity issues for customers.
This would give you a good idea about the credibility of the platform.

3. Install an SSL certificate

You can never compromise on your website security if you want to ensure safe business transactions.
Security protocols like SSL or Secured Socket Layer certificate help you secure your transaction and your overall website. It is a security protocol that encrypts the data transfer between a client and a server through critical public infrastructure and passes it over a secure network.

SSL is also a significant factor when it comes to Google rankings too. If a website wants to rank higher on Google’s SERP, it must have an SSL certificate. SSL certificates and several domains are correlated factors while choosing the proper digital certificate. If your website is running on subdomains then, a wildcard SSL certificate is the best choice. In other cases, you can chat with your SSL provider to get the best SSL certificate.

4. Comply with PCI/DSS guidelines

PCI/DSS or Payment Card Industry/ Data Security Standard is a regulatory body that governs financial transactions online.
Its job is to protect the customer’s financial data from cybercrimes due to its non-compliance.
Legally, every website that accepts payments through online medium must comply with PCI/DSS.
Google also stresses its importance (fun fact: the SSL that we discussed in the previous point is an essential factor in PCI compliance, so you have already ticked one box).

5. Use address verification services

During a transaction, the merchant asks for the verification of address to authorize payment further.
The transaction does not get approved if a mismatch is encountered, which can frustrate a user.
But, if your site has AVS, there is no need to worry because AVS will ensure that your customer’s card details match their address.
This will prevent mismatching, and the customer will be able to push smoothly through the purchase.
So, get an AVS system installed if you haven’t already.

6. Never use common admin passwords.

Your password is your first and last line of defence. If it is breached, your entire business will get compromised.
To have safe online transactions for your business, you must ensure that your passwords are tip-top.
Moreover, guide your customers on how to create intelligent passwords. Sometimes, hackers don’t choose to target you; they select your customers to target you.
So, you must always keep a healthy relationship with your customers where they listen to your requests and responses.
You don’t want a hacker to enter as your previous customer and shop on their behalf.

7. Choose secure websites to purchase from

And, finally one for the customers. Never choose an unsecured website to make your purchase.
Always ensure a grey padlock ahead of their URL, and they have an excellent social media presence.
Before buying from a brand-new site, always check for their social media handles. Do they have any presence?

What are people talking about? What do customer reviews say about them on Google?
Take all these factors into account before choosing a website, and you will never land into trouble with your payments.

To Conclude

Your website must be kept up with the latest security protocols to ensure transaction safety for your customers.

Always take due measures like AVS and PCI/DSS compliance to ensure smooth and secure online transactions.

Hackers are advancing every day; they find new ways to attack you as your customer and sometimes other businesses.

If you and your staff are ill-prepared for such a situation, you won’t last very long in the eCommerce industry.

So, never miss a chance to learn about the latest technological upgrades and tools that can significantly value your business.

By following these seven steps given above, you can safeguard your online transactions and business.

About the author

Brian Altman

Brian Altman is with us for the last 10 years and manages technology-related newsletters, blogs, reviews, and weekly opinion articles. He is a passionate writer and is the chief of content & editorial strategies. He writes articles on artificial intelligence, Blogging, SEO, Technology, and cryptocurrency. Brian Altman is a professional writer from the last 8 years in this industry and, in leisure time, he likes to be connected with people via social media platforms.

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