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6 Ways to Ensure Secure Online Payments

Category: Growth Hacks

6 Ways to Ensure Secure Online Payments
Mohab Growth Hacks 0

6 Ways to Ensure Secure Online Payments

Today, even though so many people depend on online transactions extensively while shopping or paying bills, there are many others who are afraid of going digital. Since some myths about online payments are still out there, it can be tough for people to trust the authenticity of this payment mode.

So, as an online merchant, you need to assure your customers that the payment gateway you use is safe. Only then can you expect increased traffic and better sales. There are plenty of ways to eliminate the risks associated with online transactions and ensure secure payments. Read on to know about them.

Online Payments – The Need of Every Hour

The reason why a huge number of people go online to shop for everything from fashion garments and groceries to pet food and baby products is because, it is simple, fast and reliable. Naturally, seamless and safe online payments are what they look forward to.

So, before you take payments online, make sure you are aware of at least the basic security measures. Educate your employees and customers about the same, so that frauds and scams can be avoided as much as possible.

  • Do Not Underestimate a Strong Password

Most of the times, people set obvious passwords – such as name, date of birth, mobile number – that anyone, with a little effort, can decode. Hackers are especially adept at this. So, make sure you insist that the customer provides a password that comprises of more than 6 digits including special characters, alphabets, and numbers. But at the same time, they should choose a password that they will not forget.

  • Be a Trusted Website

Malicious websites can expose the customers’ personal as well as account information. So, you need to make sure that you are a trusted website. How can you achieve that? You need a valid SSL certificate for this, and make sure that the terms of services and privacy policy are clearly mentioned, and payments are processed via secure payment processors.

  • Authenticate Everything

When it comes to your business and customers, it is really important to not be careless. After all, it’s really hard to grow a business and even harder to maintain a healthy relationship with your customers.

You should make sure that the transactions which are done on your website are 100% secure. Some of the ways of authenticating online payments are using two-factor authentication (2FA), using a 3D secure pin, and so on.

  • Install Anti-Malware Software

The chances of getting hacked increases when your website doesn’t have any anti-malware protection. So, you should install the latest anti-malware software as it shuts down all the online attack vectors. Not only does it deal with the old malware or viruses, but takes care of new malware attacks as well.

  • Secured Connection is All That You Need

Now, we don’t know if you already know this or not but you must keep your connection secure by figuring out the difference between a secure connection and an unsecured connection. The secure connection starts with https://, and the unsecured one with http://. You must install an SSL certificate to ensure a secure connection for taking online payments.

  • PCI Compliance Is Important

It is very important to make sure that the cardholder’s data is safe. To ensure this, it is mandatory that the merchants fulfill all requirements mentioned by PCI SSC. Since online payments require holding and processing cardholder’s data, you must ensure that your online shopping portal is hosted on PCI-compliant servers.

Conclusion:
All in all, it is possible to secure online payments effectively if you follow the tips above. Adopting a PCI-DSS compliant payment gateway can solve your problems to a great extent. Also keep all your software updated and inform your customers about security measures for better results.

5 years ago
5 ways startups can accept online payments
Mohab Growth Hacks 0

5 ways startups can accept online payments

The world is becoming more digitized with every passing moment. Just as brick and mortar stores are no longer important to run a business, similarly, cash is no longer necessary to purchase goods and services. Online or digital transactions are the latest in the business world. In keeping with the times and their convenience, businesses and consumers alike are finding online payments more acceptable.

For startups, it is crucial to choose a suitable mode of online payment. This is because they need to ensure hassle-free payment solutions and at the same time, they are not in a position to incur hefty expenses related to online payments.

Keeping these factors in consideration, we have identified five best ways through which startups can accept online payments. Read on to know more.

Accepting debit/credit cards online

Accepting payments through cards on an online portal or website is the simplest way of conducting online transactions. MasterCard, Visa, and American Express are known to be the most widely accepted credit/debit cards online. More and more people now prefer to pay through credit or debit cards. It is quick, convenient and safe up to quite a degree. And saving time and effort is what makes a business profitable, isn’t it?

Payments through eChecks

An electronic check, often referred to as an eCheck, is another way of conducting online transactions. The information mentioned on the paper check (account number, name, authorization, routing, etc.) must be filled into an online payment form to process payment electronically. The advantage of paying through eChecks, apart from the fact that it is safer, is incurring a lower processing fee.

Mobile transactions

People are glued to their phones all the time, cracking deals and conducting business on the go! Technology has given us the ability to buy and sell online quite easily. Taking payments online through a mobile device has made conducting business rather easy. Use digital wallets and NFC-enabled apps for mobile payments. You are now able to manage complex accounting tasks such as managing customer accounts, sending invoices etc. through your mobile device, anywhere and anytime.

Payment gateways

Businesses can add a payment gateway on to their website. Through its aid, buyers can now easily make a direct payment to the company from their website. The intuitive interface allows hassle-free payments. Moreover, the payment processor saves customer information for quick and secure payments when the customer comes back for the next purchase.

Additionally, online payment gateways provide a myriad of options to add to the convenience that they already provide. For instance, recurring payments related to subscriptions can be paid automatically at periodic intervals as directed.

Businesses can also hire a service provider to manage their payment gateway, ensuring security and privacy of customer information. These service providers take care of hosting online payment forms, processing of payments and securing accounts of the customers.

Payments through email

Some businesses choose to send the customer’s invoice to their email with a click-to-pay option. This method ensures a speedy transaction. With just a few clicks, the customer is able to make a payment, making it easier for both the customers and the business entity. Additionally, as people become more aware of the environmental consequences of paper transactions, digital transactions are getting a much-awaited boost.

Give wings to your startup

With the advent of technology and the ease with which business is now being conducted, competition is intense. It is necessary for a business to ensure that its clients receive the best experience. By providing multiple online payment options, conducting business becomes simpler and more satisfying on both ends. The business is able to manage its accounts better and in a more automated way, while the ease of online transactions ensures better customer satisfaction.

5 years ago
5 Common Myths about Merchant Accounts Processing That Can Lead You Astray
Mohab Growth Hacks 0

5 Common Myths about Merchant Accounts Processing That Can Lead You Astray

When the matter is about monetary transactions on your e-store, suspicion is always there. After all, you are bestowing someone else with the responsibility of handling your customers’ money. Then there are concerns whether transactions are secured against fraudulent attempts or not?

Various myths regarding merchant accounts processing have been circulating in the merchant community. If you are planning to open a merchant account with a payment solutions company, you should know about the common myths that may negatively influence your decision. Let us take a look at them.

All Payment Processing Operators Are Scammers

There are many credible service providers who provide quality services. Their terms of service will be crystal clear. Moreover, they will not have long-term contracts that will unnecessarily bind the merchant for a long tenure. They will let you know about all type of charges beforehand.

The Biggest Is the Most Trustable

You must have heard about the established online payment platforms that are visible everywhere – in search engine ads, on social media, and in renowned blogs. Even some of your merchant friends must have told you about them. But guess what, the biggest is not always the best. There are other service providers who may offer better services at affordable prices.

The lesser-known merchant account processors are more committed to providing personalized solutions to the merchants. They may have a secure procedure for processing payments, may provide services at the best rates, may have better enterprise-level hardware and software, and may take less time to initialize the setup. So yes, you should be willing to consider payment service providers who haven’t made it big yet.

Processing Charges Are Too High

Most of the times, merchants are not aware of the processing charges. Moreover, they assume them to be very high, based on rumors. But this is not true. Depending on the business turnover, you can decide to opt for payment processing services. If you have a massive turnover, it is advisable to opt for a merchant account with a unique merchant number. If you are a small business merchant, opt for a payment service provider that enrolls you in a shared merchant account setup.

Yes, there are charges associated with merchant account service providers such as termination fees, interchange-plus or flat rates, retail rates, monthly charges, and so on. But if you consider your transaction volume, the charges may not be that much. However, discuss with the service provider before finalizing the contract.

They Are All the Same

No, they are not. There are three types of payment processing companies – merchant account providers, payment service providers, and payment gateway providers. The merchant account provider is basically concerned with providing a merchant account and it may also provide payment processing service with the assistance of a third-party processor. The payment service provider does not offer a dedicated merchant account. Instead, it clubs your business with other businesses on a single merchant account.

The last one, payment gateway providers may either provide both merchant account and payment processing or provide only payment processing service. As you can see, they are not at all the same.

Not Better Than Local Banks

Banks do not offer reliable merchant account services, which are necessary to operate a business seamlessly. They will not provide you with the freedom to collect payments via various means, the hardware and software may not match the industry standards, and there is no reliability when it comes to backend support. Processing charges might be low but services are not always up to the mark.

Conclusion

You should not be guided by myths and rumors. Get hold of the facts before making your decision. This was our attempt to clarify some doubts so that merchants like you can make decisions that are beneficial for their business.

5 years ago
Why Do Refunds Take So Long?
Mohab Growth Hacks 0

Why Do Refunds Take So Long?

Online transactions have made life quite easy. We transfer funds, buy things and pay for them, receive payments, and all of this with the simple click of a button. Cash is rarely required anywhere. Online or cashless payments have become quite ordinary. The only time that online transactions frustrate us is when our money gets stuck! But like most out of the ordinary things, we must regard it as an exception.

Most online portals have simple refund policies. The process of raising a refund request is quite convenient; however, there are instances when the process is delayed due to some reason. In order to better understand this process, let us look at detailed insights.

When does the need for a refund arise?

  • When you make an online purchase and pay through your card but later decide to cancel or return the ordered item
  • When you are in the middle of making an online payment and you lose network connectivity

Why do payments fail?

  • Failure in communication – At some point in the payment making process, if there is a failure in communication after the customer has been charged, the customer can ask for a refund. This usually occurs in most cases due to network or connectivity issues and is a rather common occurrence.
  • Failure in a status update – Another reason for the failure of payments is the status of payment not getting updated. In such a case, even though the payment has been deducted, one or more of the banks involved fail to update the status. Since the payment gateway has no information, no information is available to the buyer or seller.

Why getting refunds takes time?

Firstly, the merchant usually needs a certain amount of time to determine whether the request for refund is legitimate or not. In cases where goods are returned, the merchant would like to make sure that the goods have not been damaged by the other party.

Secondly, the banks have a vested interest in keeping your money with them for as long as it is legally possible as they make interest off of that money. That is part of the reason why the bank charges your account immediately while delaying the refund to your account. In these cases, the merchant is able to provide the customer with an authorization code that can be used to hasten the refund process with the bank.

Thirdly, refunds take time because there are multiple online payment platforms involved. The process of authorization can be quite cumbersome. A slight delay at any stage further delays the entire process. To explain the refund process further, let’s take an example.

A customer raises the request for a refund. This request will be made to the payment gateway involved. The payment gateway then sends a request to the acquiring bank with which the merchant has an account. After the necessary approvals, the acquiring bank raises a request with the customer’s issuing bank. The entire process of authorization and re-authorization, despite the fact that no actual money is transacted, is a tedious one.

The bottom line

It is important to maintain your calm and understand how the process of refunds works. The movement of money in an online transaction, while faster, is sometimes hindered due to the complexity of the process. The entire process of online payments is monitored by the online payment gateway, the issuing bank, and the acquiring bank.

It is really up to the banks to approve and reflect the balance in their respective accounts. While no money is actually moving, the coordination between the two banks and the gateway determines the amount of time that the entire transaction takes.

5 years ago
Top UX Stats of 2019
Mohab Growth Hacks 0

Whether you are looking to launch a new website, or you are simply curious as to the latest UX trends for 2019, this interesting infographic 15 Website & UX Statistics of 2019 is a must-read.

One of the standout stats that might help you to formulate design ideas is that 59% of people prefer a beautifully designed website. In other words, you can spend as much time curating useful and valuable content, develop a great navigation format, have super-fast loading but if it doesn’t look pretty, you’ve lost nearly 60% of your target audience. Lots of different factors play into what is perceived to be beautiful but it helps if you don’t dabble with unusual colours and fonts, or use poor quality images.

When it comes to UX, slow loading images are a real killer. In fact, they can cause 39% of users to abandon the website, so avoid using slow loading images at all costs. No image is in some cases much better than a slow-loading image.

Another intriguing stat shows that 2 out of 3 minutes spent online are via mobile. So it would obviously make a lot of sense if you were to ensure that your website is set up to handle mobile users well, giving them easy navigation options and easy-to-read text.

One more stat to keep in mind is that video content is 53% more likely to reach the first page in Google, so creating good quality video content for your website is a definite consideration to take into account if you are looking to drive more traffic to your website. The popularity of video content is only going to grow over the next few years, so now really is the time to get started with creating video content for your website.

Top UX Stats of 2019

Top UX Stats of 2019

About the author

Kerry is an experienced content writer, with a First Class Hons Degree in Multimedia Journalism. She currently works for UK Web Host Review, providing content on SEO, web hosting, web performance, UX, web security, web design, and much more

5 years ago