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How to Know you are Picking a Secure Payment Service

by | Jun 10, 2020 | Business, IT & Technology

While online payments have become the tested and reliable way to ensure transactions move forward seamlessly, you have to know you are going in for a secure one. The right platform assures you that you are going in for a secure payment service as well as it offers you plenty of additional benefits. 

The question is how do you determine whether the payment service is secure. Here is how to know whether you are going in for a secure and reliable one.

You have to be alert about fraud and security regulations 

You are sure to find an array of payment gateways that help you out with fraud detection. This makes it easy to recognize discrepancies in payment processes. As a result, you can identify any suspicious activity on time. 

This is why it is important to pay attention to fraud and security measures. You also have to make sure that you go in for a processor that offers security through the latest and most reliable data security measures. It needs to possess technologies such as point-to-point encryption and tokenization. Other than this, it should also have fraud management tools.

The payment flow needs to be hassle-free and smooth

Make sure that the payment service has an appropriate payment flow. This is because as your business expands, you want to have a good payment gateway by your side, one that you can securely and effortlessly shift and scale with the changing needs of your business. As long as you have the right payment gateway, you can be sure that you obtain the right payment flow for your business. This ensures you can use a payment gateway for a website without any issues. 

If you are looking at it in an in-depth manner, you need to know that a primary gateway provides you with alternatives such as the following.  

Integrated payment form:

In this situation, details and information are offered to a secure payment gateway. All of the needed information is offered to the gateway provider through the help of an integrated API. 

Redirect for payments on iFrame:

Through the help of this alternative, users are effortlessly directed to a secured hosted payment gateway page. Other than this, they may also be needed to insert their information and details in an embedded iFrame that is available on the site.

Escrow system:

Through the Escrow system alternative, funds are held back. Funds are withheld right until the appropriate authority is provided by the admin. They tell you when you can go ahead with the process. 

You also need to pay attention to frequency and average transaction amounts 

There is a wide variety of payment providers that bring customers a tiered pricing structure. This usually relies on the frequency as well as the amount of the transaction made. Owing to this, you must go in for a package that works seamlessly with your current needs and requirements. You have to pay specific emphasis on this factor as you end up paying more if you go above your transaction limit. This is why it is important to go in for a payment provider that can faultlessly adapt and adjust to your various needs in the most superior and professional way possible. This makes it possible for your business to grow and thrive in all the best ways possible. 

Also, look at the service agreement and associated fees. Confirm whether they offer round the clock customer service. Should anything go wrong in the middle of the night or on a holiday, you should be able to get in touch with technical support to promptly resolve the issue.

So there you go; it is important to pay attention to these factors to ensure you are going in for a secure payment service. Your customers need to know that your website is serious and particular about safeguarding their sensitive information.