From January 2018 through the end of 2022, there were thousands of data breaches, impacting over 153.3 million records, according to Comparitech. The leading victim of these violations? Personal financial data.
People’s bank details, Social Security numbers, credentials and passwords and tax identification numbers are all at risk when protective measures are compromised. With more personal information stored online and used in payment processes than ever before, it’s vital that companies keep their payment integration protected.
If you’re curious about doing this successfully, you’ve come to the right place. We’re going over important definitions, how-tos and benefits covering the topic of data security.
What Is a Secure Payment System?
Whether making online purchases or buying items in person, a payment system has to facilitate those transactions. A secure payment system ensures that all sensitive personal information is safe from leaks, fraud and unauthorized access.
A secure payment processor should be able to protect financial information from leaking, no matter what type of card or method used. Tap to pay and mobile wallets are built with NFC technology to keep personal data usage to a minimum. These cards and mobile payments are designed to be safer. On the other hand, traditional cards that must be inserted manually aren’t built with the same security in mind, but a secure payment system should still protect customers’ details.
The Importance of Data Security
Data security is critically important in payment integration. Without it, it’s challenging to ensure your customers’ information is safe. Your users are the lifeline of your business — the only way you can remain successful is through them purchasing your products and services.
For them to continue choosing your brand over the competition, you must gain and maintain trust. Customers are far more likely to do business with companies that prioritize their data security. Ensuring secure payment integration demonstrates a commitment to protecting customer information, building trust and encouraging repeat purchases.
On the company side of data security is the long-term cost savings that robust data security measures achieve. While it may require an initial investment, the potential price of data breaches and security incidents far outweigh these expenses.
Ultimately, putting money into further protection toward safe payment integration can save your organization from financial losses and the disappearance of customer trust.
How Do You Know If a Payment System Is Secure?
For businesses looking to maximize security, but are unsure whether you have the proper system in place, look for the following attributes. These components are indicators of a protective processor:
- Encryption: Personal information like credit card numbers, PINs and other sensitive information should be encrypted during transmission so unauthorized individuals can’t gain access.
- Authentication: Verify your users’ identity before allowing access to payment accounts or initiating transactions with robust authentication methods. Two-factor authentication or biometric verification are popular choices for corroborating people’s users.
- Tokenization: With tokenization, payment card data is replaced with a unique index during transactions. This reduces the risk of exposing sensitive card information in the event of a data breach by removing data and using, instead, a single-use token.
- Fraud detection and prevention: A sign of a strong payment processor is specific measures put in place to monitor protocols. Advanced algorithms and artificial intelligence (AI) are utilized to watch for transaction patterns and detect unusual or suspicious activities, allowing for a timely intervention before a problem arises.
- Compliance with standards: All secure payment systems adhere to regulations such as the Payment Card Industry Data Security Standard (PCI DSS) to maintain a high level of security. Being compliant with rules protects both your business and your consumers.
- Regular security audits and updates: A one-time security check isn’t enough to keep people safe. You must make sure your processing partner routinely checks your system to ensure nothing is awry. By completing weekly or monthly examinations, you can always be up to date on potential updates necessary to keep protective measures on track.
Basys: A Safe Payment Solution
A payment solution that prioritizes safety and efficiency isn’t always easy to find. Lucky for you, Basys delivers both to our partners with ease. The Basys team works tirelessly to make certain that businesses have the protection they need from data breaches and fraudulent activity, all while providing superior customer service to boot.
We know how important data security is for payment integration, and we take protective measures seriously. Your customers are as important to us as they are to you, and we’ll treat them with the same care and attention that your organization does. We accomplish this by offering equipment, products and programs to manage payments seamlessly.
No matter what services you’re looking for, we’ll ensure you get the safest solution. Contact us today to learn more about Basys payment integration.
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