How to Secure the Payment Process on Your Website
by Ryan Pell
More and more people prefer to shop online.
This rapid change in consumer behavior sparked the growth of e-commerce as well as online courier services like Postmates.
Optinmonster’s online shopping statistics predict that the e-commerce market will hit $4 trillion this year. Besides, according to the same stats:
- e-commerce sales now account for 14.4% of all retail purchases worldwide
- by 2023, this percentage will reach 22%
- the U.S. alone expects to have over 300 million online shoppers by 2023
As of today, 69% of Americans already shop online quite frequently. The majority of them are millennials, who often speak in favor of online shopping.
Today, as a result of the rapid growth of online shopping, e-commerce businesses chase every opportunity to create a great shopping experience for their customers.
But no matter how hard you try, there is one thing that can ruin this experience and cost you your business.
It’s a lack of security in the online payment process.
Customers under Threat
With the growth of online shopping also grows the threat of security breaches.
Just in the past year, we saw 4.1 billion data breaches. One of the biggest data breaches happened at the Australian National University, where hackers stole 19 years of personal data.
Other loud cases included financial data breaches at Capital One, medical data breaches at the American Medical Collection Agency, and education data breaches Georgia Tech.
E-commerce businesses and online shops are under threat as well.
One of the online payment data breaches already happened this year to Wawa Inc., with more than 30 million payment cards compromised.
Such payment data breaches can cause your business millions of dollars and put you under threat of bankruptcy.
So, what can you do now to secure the payment process on your website?
Let’s take a look.
Switch to HTTPS
You are probably already familiar with HTTP – a protocol used to transfer data between the sender and the receiver.
Over the past few years, websites, including Google, transferred to HTTPS, which is a more secure version of HTTP. And, back in 2014, Google announced that websites that use HTTPS would rank higher in search results.
As a result, websites, including online shops, that have this sign before the URL, have poor SEO results:
Secure websites get SEO prerogatives because Google tries to take care of the safety of its users, especially when it comes to the online payment process, which involves a lot of sensitive data.
To set up the HTTPS protocol, you need to purchase the SSL Certificate, which ensures:
- confidential transactions – SSL Certificate encrypts all private data
- consumer’s trust – having HTTPS protocol set up on your website convinces the consumers that their personal data is safe
Having the SSL Certificate installed on your server will ensure the encryption of all the transactions happening on your website.
Include Two-Step Authentication
Today, many online services, before finishing the transaction, require two-step authentication to confirm the identity of the customer.
Two-step authentication verifies the user by requiring them to provide other details in addition to a password or a code. These details may even include a fingerprint, a facial scan, or voice recognition.
In the case of online payments, two-step authentication usually requires a user to provide a phone number and, after receiving a message with a secret code, to enter this code and proceed to the payment.
With two-step authentication, you offer an extra layer of security. “Even if a hacker has a password at hand, it is very unlikely that they will be able to get access to the phone to breach the payment information,” says Greg Middlebrooks, a web developer at Flatfy.
Besides requiring a phone number, you can also include one-time passwords as a second factor in two-step authentication. This is especially handy for e-commerce businesses that have apps, through which customers purchase products.
Add Multiple Login Options
One more step you can take towards securing the payment process on your website is including multiple login options.
Besides a traditional way of asking customers to create an account and proceed to payment, you can give them different options to log in. This way, you give your customers complete freedom over the way how they want to share their personal details with you.
Implementing multiple login options doesn’t only make the payment process on your website more secure, but it also cuts the payment process. Logging in through social networks or Google takes far less time than creating an account from scratch.
What Else Can You Do?
Many payment data breaches, unfortunately, happen because consumers lack knowledge of how to protect their data from hackers.
That’s why many online businesses take on to educate their consumers about the steps they can take to make the payment process more secure.
You can include a notification reminding the consumers to check if the internet connection is private before they continue with the purchase. Some online businesses also recommend their customers to use a VPN to make the connection private and to secure the payment process.
Although the ways to secure the payment process that we discussed in this article are quite effective, they still don’t guarantee the full protection of payment data provided by your consumers.
Nevertheless, these methods still add extra layers of security to prevent personal data leaks and breaches, as well as make your customers more confident about trusting your website with their payment details.
About the Author
Ryan is a passionate writer who likes sharing his thoughts and experience with the readers. Currently, he works as content editor and internet researcher, you can check his website. He likes everything related to traveling and new countries.