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Are eCommerce Payment Gateways Really Secure

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Are eCommerce Payment Gateways Really Secure

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  1. Are eCommerce Payment Gateways Really Secure?

  2. The widespread use of computers and other electronic devices has transformed modern life into a “digital era.” It’s more difficult and time-consuming than ever to run a business. E-commerce is booming all over the world. Every e-commerce site needs an effective enterprise payment gateway system to enhance customer loyalty and, ultimately, sales and profits by offering customers a comfortable and secure platform, smooth transactions, and delivery right to their doorstep. According to data compiled by Baymard.com, the average online shopping cart abandonment rate is around 69.8%, with 28% of those consumers citing issues with the payment gateway as the reason for their inability to complete the transaction. As a result, a reliable payment gateway can either cut this figure or increase revenues for your company. The Payment Gateway: How Does It Operate? Let’s get the customer’s perspective first before diving in deeper. Customers often visit the site, select the desired item, and then proceed to the checkout section. After entering their necessary information, which may include their credit card numbers, consumers may relax while the system takes care of the rest. Within a few seconds, the money will be sent from their account to the merchant’s. There are a number of processes going on in the background. Initial order processing involves the system collecting and submitting highly encrypted order details to the retailer. After that, the information is transmitted to the merchants’ processor.

  3. The card can be validated by your processor after the second step is completed. Every card’s internal fees are being verified, and the transactions themselves are being validated. This is where the validity of the money and its use-by date are checked. See also The Growth and Needs of Veterinary Reference Laboratory Industry The fourth and last stage involves confirming the authorization of the transaction after all the preceding procedures have been completed. If the authorization process goes well, the user’s transaction will be approved and the browser will be redirected to the merchant’s website. The funds will be deposited into our account as soon as the transaction has been authorized. How Secure Is The Payment Gateway? The payment gateway provider must adhere to specific standards. It is also your responsibility as a business owner to verify whether or not all of these standards are in place. It is your responsibility to keep the payment gateway secure at all costs if any of the necessary protocols are absent. A TLS Encryption When a customer visits any page on an online store, that’s the first point of contact with the site’s database. The TLS certificate assures your precious customers that the information they transfer between your server and their browser is protected.

  4. Customers can also quickly and easily determine whether or not a certain website is secured with Transport Layer Security (TLS). The TLS is indicated by the usage of “https” in the URL. The “S” in HTPP stands for “security,” and by default, the protocol is set to the “non-secure” configuration. PCI-DSS Compliance In 2006, the world’s leading credit card companies formed a committee to establish universal standards for Internet safety. Some of the policies have been standardized, and all payment processors should adhere to these. When making a purchase, a company must not save any of the sensitive cardholder data on the server. They should encrypt the card information on their computer or behind a network firewall. There are a lot of new regulations. See also Top 3 NFL Broadcasters Who Died From Heart Attack In addition, PCI has several compliance levels, with Level 1 being the highest. Since sensitive financial information belonging to customers is at risk, achieving PCI compliance is a complex and challenging procedure. Make sure your payment processor has a high PCI Compliance Level before using it. Tokenization It’s widely used since it gives the impression of being both effective and safe. Tokenization is the process of encrypting information, such as a 16-digit credit card number, into a token. The database on the website is a safe place to keep this information.

  5. It’s impossible to reverse-engineer this token without first knowing the rationale behind the encryption of the card number, which is impossible if the system’s security has been breached. That reasoning is not widely shared, making it more secure than it initially appears. Multi-factor Authentication It’s always nice to walk away with a little something more. In this case, the same thing applies to the realm of safety. When you do this, your online shop will have an extra layer of protection. Although two-factor authentication has been around for a while, it has recently gained widespread attention after Google stated it will be implementing the method as a means of bolstering the safety of its online payment services in 2011. The user’s action of “Authorization” occurs here. The OPT, CVV, and PIN are examples of such information that can only be known by the actual user. The CVV/PIN/OTP is being re-confirmed by the bank and the payment gateway to ensure that the payment was started by the correct person.

  6. Source URL: https://magzinenow.com/are-ecommerce- payment-gateways-really-secure/

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