What is a secure payment?
Differentiating a secure payment from a non-secure one can sometimes be complicated, but doing so will avoid many future problems and possible online fraud. For this reason, you should start by knowing that a secure payment is one that protects users' purchase data and guarantees transparency and clarity throughout the payment process, both in terms of the payment methods it accepts and the use it makes of the customer's bank details. One of the quickest ways to detect if an ecommerce guarantees secure payment on its platform is with the official seals displayed on its checkout and website. Having trust seals means that they follow good practice protocols that guarantee the protection of sensitive data, and communicate at all times to users that the place where they are making their purchase is verified.
In this sense, it is easy to recognize if a website is reliable thanks to the different elements that we can find. One of the most significant signs is found in the url of the website. It is essential to find at the beginning of the URL the HTTPS security protocol, which establishes a secure connection between the server and the user, thus ensuring that the payment data entered in the online purchase will be treated in a secure environment and in encrypted form. In addition to this, certificates such as PCI DSS show the security protocols to which the company has submitted for online transactions.
What is the process of a secure online payment?
The process of a secure online payment does not start when entering the payment data, but it is done much earlier. At the moment of entering the website and choosing the product or service to be purchased is when users must check whether the place where the payment will be made will be a secure payment or not.
We have already mentioned some of the most important features to check, such as the presence of trust seals, but there are also many other components that will make a website a safe place to make purchases on the Internet. The easiest to locate are the visibility of the company's contact details, as well as the availability of a support service that offers the necessary help for any setback during the process and, finally, the variety of payment methods offered. It is also very useful to include real reviews about your products and services or other customers' shopping experience.
On the other hand, consulting the company's terms and conditions documents helps to ensure the validity of the online store because it is mandatory to have them updated and public.
Once it has been verified that the website complies with the privacy and consumer protection requirements and with the regulations in force to ensure security in e-commerce transactions, the payment process begins, involving two main actions. The bank that issues the payment and the payment gateway that verifies this information. When both receive a positive response, the payment is made through the Internet payment systems.
Why is it important to guarantee a secure payment?
Large online stores already have the trust of customers, but a smaller, new or lesser-known business needs to provide extra guarantees on the website to demonstrate to the user that it is a legitimate business that cares about consumer safety.
Given that online fraud is now the norm, it is common knowledge that online purchases must seem trustworthy so that consumers feel safe when making payments. For this reason, if there are trust seals of different entities and payment methods that certify that the business data is real it means that it is effectively registered as a company.
The process of a secure online payment does not start when entering the payment data, but it is done much earlier.
Secure payment methods
Nowadays in the market we can find a great variety of payment methods that guarantee the security of buyers, but keep in mind that some Internet payment systems have higher levels of security. These are some of them ordered from highest to lowest.
Credit or debit card
This is a secure option as long as it is used on a certified payment platform. As it requires personal and sensitive payment data, it exposes the information more than other methods, but if it is used in websites where online security is a priority, the payment will be completely secure.
Virtual cards or e-wallet
Virtual or prepaid cards allow secure online purchases as they do not need to be assigned to any bank account. This makes them one of the safest forms of payment for online shopping and also one of the most convenient for the user, since they are stored on their phone.
Cash on delivery
Using this payment method guarantees that until the purchase is received, the user will not pay for it which keeps your money safe. If the purchase does not go as planned, the money can be refunded quickly. The most known and used payment method for this method is PayPal.
This is the most traditional payment method and is increasingly losing weight in online payments, but it continues to be one of the options available to offer secure online transactions. Its reliability is assured because it depends on banking entities.
Ensuring secure payments
Payment platforms as an intermediary service between payment gateways and buyers are the safest way to protect data and prevent fraud. For this reason, unifying different online payment methods, in addition to increasing user confidence, is also a way to effectively increase security in an ecommerce store. The payment platform is responsible for managing the transactions between the different actors involved from the moment the transaction is initiated by the customer until it is authorized by the bank.