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11 Ways to Help Protect Your Company (and Customers) When Taking Payments Online Scott Gerber | business.com | January 29, 2021 A security incident could cost you time and damage your reputation. Here’s how to protect your customers and your brand when accepting online payments. In today’s digital world, there are many hazards
that you and your company members must work together to prevent. After all, problems can develop as quickly as clicking a link in an email. So, how can you defend against online breaches in security when threats are so pervasive? What are the best ways to improve online security? To find out how you can better protect your business, we asked 11 entrepreneurs from YEC to weigh in on their best ways to improve online security, especially regarding payments. Here’s what they advise. Editor’s note: Looking for a secure credit card processing service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs. Which online payments are the most secure? Among the most secure online payments are:
Credit Cards: For small business owners, credit cards are especially secure since payment compliance standards (also known as payment card industry compliance or PCI compliance) regulate their use. Your customers will also benefit from credit cards since purchases made on a credit card do not immediately withdraw money from the customer’s bank account. Instead, the money initially comes from the credit card company, not the customer. Debit Cards: Small business owners also benefit from accepting debit card payments since they too are governed by PCI compliance. Debit card purchases are additionally among the most secure online payments for customers since, in some cases, debit card use from an unfamiliar IP
address can trigger identity verification measures with the customer. Additionally, neither Visa nor Mastercard debit and credit cards hold customers accountable for unauthorized payments. Wire Transfers: In cases when both your company’s bank and the customer’s bank are reputable institutions, wire transfers are usually secure online payments. That’s because a bank with a strong reputation presumably lacks an extensive history of data breaches and other security gaps, thus suggesting this bank has active safeguards in place against fraud and other security concerns.
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The Business Review | March 2021
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