Any online business without a secured payment system nowadays is at risk. It can lose customers, which in turn, affects revenues. There are several stories out there about the disheartening experiences, no thanks to the current high tides of ingenious cybercrimes. Therefore, we have decided to educate online business owners and prospective customers about the importance of using secure payment systems.
1.Immunity against Credit Card Frauds
Most online payment transactions are “card not present” (CPN) transactions, hence, they are very susceptible to all forms of interference and fraud. The acquiring bank which hosts the business owner’s account pays for any atrocity committed by stolen credit cards. This makes the banks charge business owners who frequently perform CNP transactions exorbitant fees. The fees cover any possible fraud subsequently discovered.
According to an article we published here at MrTechi, there are six important cybersecurity trends to watch out for in 2022. Including mobile hacking, and insider threats amongst others. Many trends have taken card transaction fraud to a different level of seriousness and threat.
However, you can avoid all these mind bugging issues just with a secured payment system. With it, users’ information is verified through this fraud scrubbing technology before transactions are concluded and approved. So, you are well protected against all forms of credit card fraud.
2. Eradicates Chargebacks
Chargebacks eat into the profit and capital of an online business and may even cause a loss of confidence in the company. The type that is most applicable to online businesses is the consumer chargeback which mostly stems from fraudulent card transactions. This occurs when an online business accepts a credit card payment from a customer who stole the card or if the buyer didn’t receive the goods purchased. In these instances, the bank that issued the credit card will ensure their customer is duly refunded. Apart from that, customers may have to pay high processing rates and fees. A secured payment system prevents such occurrences.
Secured payment systems are always on guard to ensure no fraudulent transaction escapes their high detective skills. Therefore, they drastically reduce the possibility of such transactions occurring and ultimately lessen or eradicate chargebacks from your records.
3. Boost Customers’ Trust
We all want a safe space to transact, thus, we consider anything that may upset such safety as a red flag. Have you ever asked why customers continue to patronize big online stores while avoiding unknown brands? The difference is quite simple. The thriving stores have ensured their payment systems are well secured in order to win the trust of their customers.
Obtaining an SSL certificate for instance shows your customers that your online business space and payment services are safe to transact with. Consequently, without this certification and security, you could just be putting your business on the verge of a comatose. Having a secured payment system is the best way to protect your customers and show them that your services are safe to use.
In the gambling world, you can find top-tier operators like Spin casino within comparison sites that offer some of the best and most secure payment methods. This is delivered via 128-bit SSL encryption technology. In addition, casinos provided within the site offer instant transactions. Players who register new accounts are also awarded bonus offers and promotions. And for the convenience of the players, the site provides a comprehensive overview of the casino.
4. Ensure Regulatory Compliance
Having a secured payment system is the number one requirement of some online business regulatory bodies. For instance, the Payment Card Industry Data Security Standard (PCI DSS) demands that online businesses operate a secured payment system. They also have to obtain encryption technology certificates like SSL or TLS before they can be recognized.
Any business owner seeking to be recognized and registered with relevant regulatory authorities should adopt a secured payment system.
It is possible to have the best business plan and strategies but one lacking a safe payment system is a waste of time. Regardless of how successful your business may have been, cybertheft would be detrimental to it. As such, it could run your business into debt and lead to customers distrusting it.
The importance of secured payment systems cannot be overemphasized. It is recommended that you do what is necessary to guarantee your customers’ trustworthiness.