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How To Secure Online Transactions for Small E-businesses?

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Most of us would have come across stories and news of unknown or known people who were defrauded when making online payments or transactions. This is why several online shoppers are concerned about the safety and security of online transactions. 

Online transactions for small e-businesses have to be safe and secure if they want to establish themselves as trustworthy and genuine to customers. If you don’t present your business like that, customers will be reluctant to buy products and services from you, which is not good for any organization.

The Covid19 pandemic has forced us to reduce physical touch to prevent the chances of contamination, which has resulted in the increasing popularity of online transactions. As a result, several customers have turned towards online payment methods for completing their regular purchases ever since the start of the Covid19 pandemic. 

It is safe to say that cash purchases and other traditional payment methods have gone down over the last two years. As a result, most customers and online shoppers heavily rely on virtual payment gateways to make online transactions. 

The Risks Associated With Online Transactions

As mentioned earlier, there has been a considerable increase in internet banking and online transactions in recent years. The issue is that this has also resulted in the increase of cyberattacks, which has left several businesses scared and confused, especially small e-business. 

This is why businesses of all sizes and types accepting online payments from customers need to equip themselves with advanced security measures to ensure the safety of online transactions. Here are a few simple but effective tips on how to secure online transactions for small e-business.

Collect Only Necessary Customer Data 

The first and most important thing businesses need to understand is that there is no point in collecting customer data that your business doesn’t need. So, always request just for details or information from customers that your business will be using.

Ecommerce businesses should consider placing Call To Actions (CTAs) on the landing page of their website. However, you should ensure that you are only collecting the data required for online transactions. 

Businesses that are collecting customer data, which are not required to complete online transactions, will be at higher risks of penalties if there happens to be a data breach. 

Use SSL Certificates 

One of the most effective things you can do to ensure the safety of online transactions is to use SSL certificates. These certificates have been playing a critical role in ensuring the safety of different types of websites. So, it would be best if you considered buying and installing an SSL certificate. 

An SSL certificate is an encryption tool, which will provide the HTTPS status to your ecommerce website. HTTPS can be described as a secure transfer protocol that guarantees safe information transfer between web browsers and web servers. 

It is integral for businesses to understand that SSL certificates will also serve as trust indicators for your website. Online shoppers will be more comfortable when they are making online transactions on websites that are using SSL certificates. 

It may seem like a tough task to choose the perfect SSL cert for your small e-business. We have got you covered on that front as well! We suggest that you buy and install a wildcard SSL certificate. As with this certificate, you can secure your chosen main domain and an unlimited number of first-level subdomains under it. 

A scalable and future-proof option, it saves you the hassle of buying and managing separate single-domain SSL certificates for each new subdomain that you add. wildcard is required for subdomains security so, it is better to find a budget friendly or cheap wildcard SSL for security purpose.

Comply With PCI DSS 

The PCI DSS (Payment Card Industry Data Security Standards) can be defined as a specific set of rules and regulations that are introduced to guarantee. All businesses handling credit card information maintain a secure and safe environment. 

Ecommerce websites and stores usually process tons of sensitive payment information that include credit card and debit card details. Hackers and cybercriminals are on the lookout for such information for malicious uses. 

Most who get hold of account numbers or login information of customers may try to impersonate them, steal the identity of the cardholder, and they may even carry out other online transactions. It is important to note that data breaches, which focus on compromising cardholders’ information, have considerably increased over the years. 

It has been reported that frauds related to payment cards. And associated data breaches cost nearly 2.46 billion dollars to victims. The PCI DSS was introduced to offer adequate protection to customers making payments through their credit or debit card. 

This is why it is integral for small e-businesses to comply with the PCI DSS. Businesses that are not complying with the PCI DSS will not just be at higher risk of cyberattacks. But they may also have to pay penalties and fines.

Avoid Storing Payment Information Of Customers 

According to the FACTA ( Fair and Accurate Credit Transactions Act), businesses and organizations that are storing payment information of customers. It will need to get rid of such information after completing the transaction. 

Most businesses will probably need their customers and clients to share their addresses, names, card details, and more for facilitating online transactions. However, businesses will no longer need the data mentioned above once the transaction has been completed. 

Businesses requesting such client information should note that it is illegal to store. Customer payment information, which you are not using. This means that it is best to avoid storing such sensitive customer information. 

Select A Reliable Platform 

Businesses must do their research and find a reliable ecommerce platform that suits their requirement and ensures higher security. There are several options available to businesses when it comes to choosing ecommerce platforms and processors. 

However, it is best to consider the pros and cons of each platform before making a final decision. For example, it is best not to choose shared ecommerce platforms because they may compromise your business’s security. 

In addition, businesses should opt for a reputed payment processor, as such a processor will bring several security benefits.

Wrapping Up 

There is no denying the fact that online frauds and cyber attacks are on the rise. Therefore, businesses that fail to ensure they have adequate security measures to secure. Online transactions are more likely to suffer financial and reputation damages. Fortunately, you can avoid such issues by following the above-mentioned security measures and tips.

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