Securing payment gateways has always been a crucial task. Handling sensitive data, security, and compliance are essential aspects to consider while strategizing protection for a payment gateway. Technology is a double-edged sword; it has revolutionized global commerce and helped cybercriminals defraud merchants. Payment gateways should ensure the security of merchants and customers using advanced protective measures. This post will uncover payment gateway security protocols you should consider to ensure a safe business environment for everyone. Merchants should always carefully explore a few points before choosing a payment gateway. Keep scrolling to learn more about the topic!
Payment Gateway Security Protocols:
A payment gateway will always spring into action when a customer taps Buy on a webshop. The gateway will read the purchaser’s financial information and transfer the funds to the merchant’s wallet. It might sound easy, but what goes behind the scenes will blow your mind. A payment gateway must always be protected and highly encrypted, as cybercriminals monitor it. We have compiled a few payment gateway protection protocols businesses should follow to ensure better security. Let us roll through the given points!
1. Data Encryption:
Payment gateways always have sensitive customer information and financial data on their plates. Data encryption makes more sense for these gateways to protect sensitive information from being stolen. Once the customer enters the card details at the checkout, the payment gateway must encrypt the information quickly. Encryption will turn the information into a code or another form that only authorized personnel can access and decode.
With a private key in the locker, a payment gateway decrypts the transaction information when received safely. Doing so will decrease the chances of data stealing, leaving the bad actors and cybercriminals shocked.
2. Secure Socket Layer (SSL):
A secure socket layer or SSL certificate is a safe passage between the customer and the business. Data communication from one browser to another via SSL is always encrypted, and cyber-attackers will never receive or decode sensitive transaction information. All web browsers can use an SSL certificate to ensure high-end security.
Any website that processes payments directly should use an SSL certificate. However, if the visitor is redirected to a secure checkout page, then SSL is not a requirement. Do you want to secure your website with this security layer? You should contact HostingMENA and purchase a secure hosting plan with their SSL certificate!
3. Secure Electronic Transaction (SET):
A secure electronic transaction is an encryption system that protects credit card information during the transaction. Major card schemes like VISA and Master card jointly develop the system. SET can conceal all the personal details on a credit card, which prevents bad actors from accessing sensitive information.
A secure electronic transaction SET is protective enough not to allow the merchants to see the information. Being a customer, your financial and card information is always protected, thanks to the SET. Modern-day payment gateways are incomplete and insecure without implementing the SET.
4. Tokenization:
Have you ever heard about the conversion of user information into tokens? Tokenization is converting credit cards or other sensitive information into a security token. The process involved hashing, encryption, and secret keys only authorized personnel can access and read. Having a payment gateway that uses tokenization could be a better pick for your company, and you should never ignore this protocol.
The card scheme will prevent merchants from saving credit card information unless they comply with the set standards. Tokenization can add more security to the payment gateway since the credit card information is sent only once over the internet. Once the token is generated, it is used as a payment source for future transactions.
Also Read: How to Choose The Best and Most Cost-Effective Tax Accounting Software?
5. A Secure Host:
Another security measure you must never ignore is a secure host. Your online store might be vulnerable to numerous cyber threats; nothing but a secure web host can protect it. Moreover, the payment gateway will receive fair treatment like SSL certificates and other protective measures to protect the data. Large-scale websites and online stores always opt for a secure web host to ensure user information is protected from cyber-attacks.
The best you can do is to contact web hosting Dubai companies and purchase a viable yet secure plan for your online store. Besides an SSL certificate, a secure web host always adds new security patches and firewalls to your website and online store to keep the hackers away.
Enhance Your Website Security with a Web Hosting Platform!
Different web hosting platforms have security features that can cater to your needs. Choosing the right option will always test your nerves since you must evaluate your site and budget needs. The best web hosting platform can provide your website with the latest security updates and patches to prevent your payment gateway – in the case of an online store. Contact reliable web hosting companies in your town and purchase a secure hosting platform for your website!
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