41 Opinions From Diverse Industry : Safe Online Transaction Challenges & Tips
Due to advancements in digital payments technology and the evolving cyber-security landscape, online transactions and Trends in the Payment Industry for 2022 are more popular and secure than ever.
The dominance of emerging digital payment technologies and threats associated with them in a digital landscape has made it critical to put payment processing security measures in place.
Businesses in the fintech industry need to act fast to mitigate the risks of online transaction vulnerabilities and breaches if they are to sustain in the competitive environment and succeed in expanding their assets and capabilities.
Digital Payments in The Unites States
- Total transaction value in the Digital Payments segment is projected to reach US$1,511,684m in 2022.
- Total transaction value is expected to show an annual growth rate (CAGR 2022–2025) of 12.14% resulting in a projected total amount of US$2,131,918m by 2025.
- The market’s largest segment is Digital Commerce with a projected total transaction value of US$908,072m in 2022.
- From a global comparison perspective it is shown that the highest cumulated transaction value is reached in China (US$3,272,729m in 2022).
- In the year 2021 a share of 50.2% of users is female.
- In the year 2021 a share of 35.1% of users is in the high income group.
- In the year 2021 a share of 24.5% of users is 25–34 years old. Insight: (Source)
In this post, we have added opinions and suggestions from experts on challenges and tips for safe online transactions. Let’s explore their viewpoints.
1. Adam Crossling
According to Adam, Best practices for secure online payment processing are;
- Request the CVV: (CVV) is a security code that can be used to confirm card-not-present transactions conducted over the phone or online. If credit card numbers have been stolen, businesses can confirm the payment by requesting information that is only available on the card.
- Implement 3D Secure: 3D Secure is an authentication system that is intended to prevent unauthorized card use and safeguard e-commerce merchants against chargebacks in the event of a fraudulent transaction. To authenticate transactions, merchants, card networks, and financial institutions communicate information.
2. Shad Elia
Shad shared, Payment processor security measures that include;
- Tokenization: Tokenization is an additional layer of security that safeguards the payment information of customers. Tokenization, which is offered by some payment processors, is the process by which a program turns payment data into a random string of numbers.
If a hacker obtains access to this tokenized data, it becomes entirely useless and meaningless. That is why tokenization is a desirable security feature for online payments.
- Address verification service: Address verification services (AVS) are one of the most often used ways of online payment security. Almost every processor makes use of it due to its simplicity of implementation. While this is not a flawless technique of preventing fraud, it considerably decreases the likelihood of a fraudulent charge being processed.
3. Aviad Faruz
According to Aviad, “NEVER USE EASILY IDENTIFIABLE PASSWORDS. Using your birthday combination, name, or dictionary words to your passwords is an indicator of weak protection to your account.
Cyber criminals are provoked to easily access user accounts because of this common mistake. On the other hand, a secured online Payment Processing for Nonprofits must also contain a “forget password” sign in case a user forgets their password and will need to reset.
4. Amber Bagwell
According to Amber, “It is sad but true. Despite the progressiveness of legal requirements set by the Web Content Accessibility Guidelines (WCAG) — 98% of websites fail to meet accessibility standards.
Businesses are still lagging in providing accessible, inclusive content for their current and future client base and many are feeling the pinch.
Accessibility should now be top of mind for businesses that want to succeed in the ‘new norm’ the pandemic has created and avoid legal repercussions. Keeping customers is already hard enough. Without accessible, digital content, huge amounts of money are being left on the table.
Over 60% of people prefer to buy from brands that stand up for reasons that mattered regularly and 75% of internet users with disabilities or who require accommodations would rather pay more for a product from an accessible website.
All of that aside, providing accessibility is the right thing to do. It promotes social inclusion. It shows that businesses care about the large community of people with disabilities.
Bottom line? Accessibility should be more than a box-ticking exercise, it should be at the top of corporate agendas. After all, if you can’t understand HOW to make a payment, you can’t buy. Bottom line.
5. Ahmed Mir
Information security tips for payment processors shared by Ahmed Mir,
Choosing from the scanning vendors recommended by PCI is very important.
He further added, Knowing a vulnerability scan and what it involves is a rule of thumb in this business, thus choosing one which is recommended or vouched for by the expert will make you more comfortable and confident about your decision.
Vulnerability scanning isn’t that complicated, considering that some vendors or providers can do such without the risks of viruses due to computer installation and the like. Choosing a scanning vendor or working with agencies which are accredited and recommended is a safety net for you as a business individual too.
6. Ted Mosby
According to Ted, when supervising very critical applications and services, it’s important to consider supervising all transactions that come into your infrastructure. When all transactions are monitored and keenly reviewed, it can ensure faster performance and easier troubleshooting of bottlenecks in your system.
Ted also said, “It’s also easier to identify security threats from within your organization and even on the outskirts of it. Also apart from tracking logs, it’s best if you keep these secure as well. Make sure that all devices and firewalls are impenetrable as this will heighten the security measure of your records.
7. Jeff Mains
Jeff explains the Best practices for Secure Online Payment Processing
Configure address verification system (AVS)
When it comes to reducing fraud, the address verification system is a critical instrument (AVS). This method compares the billing address to the cardholder’s information obtained from the issuing bank.
AVS prevents unauthorized access since the criminal frequently does not have reference to the billing address of the actual cardholder, which makes it more difficult for him to commit fraud.
AVS systems are typically combined with CVV2 verification, the 3- or 4-digit number on the shoppers’ physical cards. Needing both CVV2 and AVS at checkout may effectively defend against fraudulent purchases.
Obtain cyber liability insurance.
In tandem with the exponential increase in the amount of personal information gathered and kept via online transactions, the danger to companies that collect private data and payment information online is also increasing dramatically.
With cyber liability insurance coverage and proactive security precautions, businesses may reduce the financial effect of a data breach and the legal expenses that result from it.
8. Jan Chapman
According to Jan, The best practices for secure online payment processing are to use a payment gateway that is PCI-DSS certified, use strong passwords and two-factor authentication, and encrypt your data.
The payment processors should ensure they have protection against malware, hackers, and cybercriminals. They should also use strong passwords and two-factor authentication. To protect the data being processed by the payment processors, it is important to encrypt the data or use a secure connection with SSL encryption.
Some of the challenges of payment gateway integration are that there is a need for a PCI-DSS certified payment gateway, which might require payment to the certification agency. In addition, it is not as easy as one would think to find someone with the right experience and knowledge. In some cases, these people will be hard to find because they have relocated or retired from this field.
There are several solutions to the challenges of payment gateways. One solution is to find an experienced and knowledgeable consultant that will help with the process and training. Another solution would be to use the services of a payment gateway that has already been PCI-DSS certified or find a vendor that has this certification. This may also require paying the certification agency for their services.
9. Ann Martin
According to Ann, Any online payment processing solution worth considering needs to put security first and foremost. This means not only offering excellent encryption, but also additional fraud protection if there is a breach. Other factors are also important to consider, but if a payment processor doesn’t get this one right, they’re not even worth talking about.
You should assume that hackers will target you. By some estimates, upwards of 90% of login attempts for some payment processors are hacking attempts rather than legitimate logins.
Different payment gateways offer different methods of integration; some will take a consumer to a different site to complete the transaction, some operate within a window on the retailer’s website, and others are more seamlessly integrated. This can make it difficult to accommodate multiple payment gateways, which retailers should be doing; more payment options mean more sales.
This is a broad question. Unless we get to a future where there is a common universal protocol for online payments, we will always be dealing with a patchwork of options and the issues that arise from such a setup.
10. Jake Hill
“Data encryption is incredibly vital for protecting personal information. It is also a good idea to match the IP and billing address information to verify legitimacy.
Have vulnerability scanning. This will help identify weak links in your security so that you can fix them before any issues occur. It will also ensure that you are staying compliant ”says Jake Hill
11. Mo Mulla
There are multiple best practices for secure payment processing. First, set up your business to accept credit cards and other methods of payment. Next, the merchant account provider should be well-established and experienced in all areas of e-commerce and security. Then, offer customer service that is available 24/7 and make sure you have a dependable SSL certificate. Lastly, make sure your site is encrypted and stays up-to-date with security updates as they become available.
Here are some tips to improve security with your payment processing system:
✅Set up a firewall following the instructions of your network administrator.
✅Install anti-virus software on all operating systems and servers.
✅Install patches when available.
✅Vary passwords.
✅Change passwords at least every 90 days.
The integration of payment gateways has been a challenge because it requires the integration of different systems. The lack of interoperability among the different financial organizations is not able to make transactions with one another.
The lack of standardization across the industry is also a challenge. Security is an issue because there are concerns that private information can be compromised or stolen if there are breaches in security measures.
First, it can be hard to integrate them because different systems need to work together. Second, there is no standardization in the industry so not everybody can use one system or another for their types of business. Third, security is a big concern since sometimes people think that if somebody hacks into your system then they may be able to get private information from you says Mo Mulla
12 Carter Seuthe
When it comes to security, the two big factors are encryption and fraud protection services. The former keeps your financial data safe, and the latter helps you to fix the problem if there is a data breach.
You need to be starting from the assumption that a data breach will happen, and have policies in place to mitigate damage and recover when it does. Hackers know that this is literally where the money is, and make regular attempts to breach payment processors by multiple means.
Each payment gateway has its method of connecting to retailer sites, and often has different methods on different platforms, meaning that it’s a particular challenge from a web design angle.
Better encryption would be a huge step in this area, but digital security is always going to be an arms race, and hackers are always going to find a way to breach the next thing says Carter Seuthe
13 Scott Steward
According to Scott Over the years, there has been the advancement of payment systems due to technological advancement. The economy has turned to a cashless economy, therefore, coming up with payments getaways from payment services providers who have made it easier for online purchases.
Payment processing requires secure online payment processing like avoiding the use of public WIFI networks. It’s easier for a hacker to have access to your device since they can see and record everything that you do. However, make sure you have a strong password and an authenticator to encrypt your data from being accessible to a third party.
When using payment processors make sure you have firewalls to secure your applications and also monitor all transactions and in case of any payments.
You should be able to receive notifications so that you can do an approval on them, with that it’s easier to secure your accounts.
Moreover, some challenges might be as a result of using gateway channels such as data security where a sensitive company or personal data might be leaked leading to poor data security where confidential data is lost to a hacker.
This can be mitigated through securing customers’ data in the e-commerce sites through encryption from the servers to the customer’s browser which should be encoded privately. Additionally, authentication requests should come in handy to give a progression of a payment.
14 Oliver Andrews
Oliver explains to use a payment gateway that has policies in place to protect merchants from fraud.
Some platforms have a complete set of seller protection policies that can help protect business owners from fraud. They can keep an eye on your account for anything suspicious, assist you in resolving payment disputes, and encrypt your and your customer’s financial information. Please take notice that, in addition to stealing a valid customer’s credit card information, some hackers use system and policy flaws to perpetuate their fraud schemes.
Finally, ensure that your complete payment system complies with the PCI DSS or Payment Card Industry Data Security Standard. This will assist you in safeguarding your clients’ credit card information, ensuring your business’s integrity and long-term viability.
SL certificate is not enough
Some people believe that adopting SSL certificates will make them secure online. However, this is not the case. If you’re using software that runs on SSL 3.0 or earlier, you’ll need to change to anything that employs Transport Layer Security (TLS). Websites, e-mails in transit, files, remote network logins, and remote databases are secured with SSL and TLS.
Once you’ve converted from SSL to HTTPS, you’ll want to double-check that your new setup is secure. To ensure no new vulnerabilities are present, you may need to conduct a new penetration test and vulnerability scans.
Recurring payments not figured yet.
Our economy is undergoing a massive transformation from a pay-per-product to a subscription-based one. While recurring income allows businesses to have more consistent cash flow, it also forces them to better manage a direct, complicated, responsive, multi-channel connection with their customers. Customers are crucial in this connection. Rather than focusing on the “product” or the “transaction,” subscription economy businesses thrive or perish based on their ability to monetize long-term relationships rather than sending items.
15. Desislava Tsoneva
According to Desislava, best practices for secure online payment processing revolve around three core pillars: fraud prevention, compliance, and ensuring security. Here are some of these best practices for an online store:
- Data encryption: ensuring that sites have Secure Sockets Layer (SSL) and Transport Layer Security (TLS) certificates.
- Payment tokenization: tokenization refers to the “conversion” of sensitive cardholder data into “tokens’ ‘ so that when this data is transmitted online, it is not easily identified by the bad guys.
- 3D secure implementation: 3D secure is the implementation of an additional page on the payment page which a financial provider will ask the cardholder to complete if it suspects that the transaction is suspicious.
- Strong passwords: weak passwords are a cyber criminal’s joy as they’re easy to acquire and use. Making use of strong passwords adds one extra layer of security to an online transaction.
- Be PCI-DSS compliant: this includes, among other things, using and maintaining firewalls, ensuring proper password protection, protecting cardholder data, encrypting transmitted data, using and maintaining anti-virus software, using properly maintained software, restricting data access, using proper IDs for data access, scanning, and testing for vulnerabilities and more.
- Request a customer’s CVV: a cardholder’s card verification value (CVV) on the back of their credit card adds an extra layer of security to online transactions as this is information which a cybercriminal will have difficulties obtaining as this information is only known to the cardholder.
- Use SCA: Strong Customer Authentication (SCA) is another tool that is used to reduce fraud and improve the security of online payments. In the authentication process, two more elements are added to the mix to make the transaction harder for a cybercriminal to intercept.
- Information security tips for payment processors.
✅SSL certificates on their own are insufficient to keep you safe
✅Undertake vulnerability scanning regularly
✅Monitor all transactions
✅Use an address verification system (compare the IP address and the billing address given when payment is made)
✅Encourage your customers to use strong passwords
✅Request a customer’s CVV
✅Use firewalls
✅Implement tokenization of cardholder data
Challenges of payment gateway integration
✅They can be costly
✅Look out for hidden fee structures
✅It may be hard to integrate for mobile versions of an online store
✅They may not provide an option for recurring payments
✅Some providers may not be of assistance in helping you dispute chargebacks
Solutions to all major challenges of payment gateways
- Look for providers that offer transparent pricing and fee structure
- Choose a provider that will offer you the option to have access to your funds immediately
- Your payment gateway provider should be able to help you optimize regularly your online store for mobile
- Your payment gateway provider should also be able to help you in disputing chargebacks
16 David Lukic
David says although it is nearly impossible to eliminate fraud, there are numerous methods for securing your data and preventing it from being stolen. Read on to learn what to look for to ensure that payment processing on your website is secure, as well as what to think about when selecting a payment gateway for your online business in terms of security.
- SSL ensures secure connections: The SSL protocol should be used to secure all transactions. Using SSL helps to encrypt the information, protecting card details and other sensitive data.
- PCI certificate: PCI compliance is required when accepting payments on your website. The Payment Card Industry Data Security Standards (PCI DSS) provide merchants with guidelines outlining what they must do to secure sensitive data in payment processing.
- Tokenization: Tokenization replaces sensitive data with a randomly generated string of characters, thereby lowering the risk of a data breach. Using a token that represents a real credit card number is one of the best methods of protection. When a transaction is approved, the data is sent to a centralized server and securely stored.
- 3D Secure authentication: Three Domain Secure (3D Secure) is a messaging protocol that involves three domains: the bank, the technology that processes the transaction, and the issuing bank. It is an additional security layer that aids in the prevention of fraud during card-not-present transactions.
Integration Challenges in Payments Processing:
Technicalities: Accepting online payments requires the incorporation of technology that enables a merchant to accept online payments. However, the ‘integration’ part is more complicated. Not all merchants have the programming knowledge required for the integration process, and not all business platforms interact seamlessly with new platforms.
The integration should be simple enough that a merchant does not need to be a programmer. Many payment solution providers offer a payment solution integration that can be customized. You must select a payment solution provider based on your business infrastructure and requirements.
Chargebacks and frauds: Chargebacks can decrease customer trust and result in massive losses for the business. Online fraud is on the rise in the digital payment space, not only causing losses but also harming a company’s reputation.
Businesses are on high alert due to the fraudulent use of online payments and data breaches. When it comes to online payments, payment service providers use integration with new and advanced technologies such as tokenization, fraud management filters, and encryptions to reduce fraud rates.
Fundamental practices for limiting chargebacks:
✅Refunds and return policies are clearly stated.
✅Tracking of shipments
✅Make use of detailed transaction reports.
✅Employees in a competent service center
Compliances: This certification is required for every business that deals with online payment processing.
- Create and keep a secure network and systems.
- Keep cardholder information secure.
- Keep a vulnerability management program in place.
- Networks should be monitored and tested regularly.
- Maintain a policy for information security.
The challenge is to select a payment solution provider who will provide PCI-compliant solutions while also meeting the government’s regulatory requirements.
17 Christian Velitchkov
According to Christian a good practice while making online payments is to check the details during the transaction. Before approving the transaction, if you are the recipient, you can check for the IP address of the buyer to the billing address to check whether the person making the transaction is the real cardholder or not.
Another important step to secure online payments is to set strong passwords and pins for your online payment approvals. This offers a stronger line of defense against potential threats.
Information Security Tips for Payment Processors
If you are the vendor and store crucial information about the payment methods such as card details and other such information about the customer, you should always implement a third-party system conducting a vulnerability scan for your business continuously.
This ensures that your system has no possible gaps, and in case it does, you can always plug them in at the right time, preventing any fraudulent activities.
Challenges of payment gateway integration
One of the common challenges in the payment gateway integration is the multi-currency and regional challenges. Often merchants need to compete in the international market, which calls for customers from other countries to make the payments.
This is where they can take the help of methods like mobile payments, e-wallets, credit/debit cards, and more which can compensate for the cross-border and multi-currency challenge.
Solutions to All Major Challenges of Payment Gateways
The three best solutions that cover most of the payment gateway hurdles are to secure sensitive data, integrate multiple payment methods, and store detailed transaction records in your system.
18 Brian Danzig
Brian says with so many transactions happening with payment cards (credit and debit cards), small businesses need to be more vigilant than ever on how they accept payments.
Below are 8 tips suggested by MaxPCI, one of the leaders in the PCI Compliance World.
TIP #1: Reduce where payment card data can be found. The best way to protect against data breaches is not to store card data at all. Many small merchants are offering curbside pickup now and are accepting telephone payments instead of former face-to-face transactions. Avoid writing payment card details down and instead enter them directly into your secure terminal.
TIP #2: Use strong passwords. The use of weak and default passwords is one of the leading causes of payment data breaches for businesses. To be effective, passwords must be strong and updated regularly. Weak and vendor default passwords are a frequent source of small merchant breaches.
TIP #3: Keep software patched and up to date. Criminals look for outdated software to exploit flaws in unpatched systems. Timely installation of security patches is crucial to minimize the risk of being breached. One way to keep up with all the necessary changes is by ensuring vulnerability scans are performed regularly to identify security issues.
PCI Approved Scanning Vendors (ASVs) can help you identify vulnerabilities and misconfigurations in your Internet-facing payment systems, e-commerce website, and other systems, providing a report of your vulnerabilities and how to address them — for example, what patches to apply. Be sure to act upon the results of ASV vulnerability scans and keep your software up to date.
TIP #4: Use strong encryption. Encryption makes payment card data unreadable to people without a specific key and can be used to protect stored data and data transmitted over a network.
Ask your vendor whether your payment terminal encryption is done via a Point-to-Point Encryption solution and is on the PCI SSC’s List of PCI P2PE Validated Solutions. If you are setting up a new website, confirm the shopping cart provider is using proper encryption, such as TLS v1.2, to protect your customers’ data.
TIP #5: Use secure remote access. To minimize the risk of being breached, you must take part in managing how and when your vendors can access your systems. Criminals can gain access to your systems that store, process, or transmit payment data through weak remote access controls. You should limit the regular use of remote access and disable it when not needed.
If you must allow remote access, ask your vendors to use multi-factor authentication and strong remote access credentials that are unique to your business and not the same as those used for other customers.
TIP #6: Properly configure firewalls. A firewall is a device or software that sits between your network and the Internet. It acts as a barrier to keep traffic out of your network and systems that you don’t want and didn’t authorize.
Firewall rules can seem complex, but configuring them properly is vital to security. If you require additional assistance to properly configure your firewall, seek help from a network professional.
TIP #7: Think before you click. Hackers use phishing and other social engineering methods to target organizations with legitimate-looking emails and social media messages that trick users into providing confidential data, such as payment card numbers, merchant account numbers, or passwords. Small merchants should be extra vigilant and be on the lookout for common phishing and social engineering hacks.
TIP #8: Choose trusted partners. You must know who your service providers are and what security questions to ask them. Is your service provider adhering to PCI DSS requirements?
For e-commerce merchants (and those of you that recently started accepting e-commerce payments instead of face-to-face payments), your payment service providers must be PCI DSS compliant, including the service provider that manages your payment process (your “payment service provider” or PSP).
19 Samantha Odo
Samantha says the use of Strong Customer Authentication to reduce fraud during online payments. Request for CVV and check the buyer’s IP address before facilitating the transaction. Businesses face several challenges of payment gateway integration such as slow and inefficient cross-border payments. Higher charges for multiple payment gateways.
20 Sara Cemin
According to Sara, companies are concentrating their efforts on creating a checkout experience that is straightforward, safe, and protects all payment methods.
Unauthorized card use and fraudulent transactions are prevented via tokenization, 3D Secure, and Strong Customer Authentication (SCA). Companies are also focusing on providing their employees with the knowledge and skills they need to recognize and respond to any problems that develop in the gateway.
To safeguard transactions, the finest information security techniques, in my opinion, are strict CVV compliance, an address verification system, and a firewall. It is mandatory to maintain “data security” in terms of account details, card details, and the personal details of stakeholders. It’s also critical to have a connection between the bank and the payment gateway.
A large number of Security Standards Certifications are available, and speedier fee payment processing provides a smooth and secure money transfer. As a result, these are a must for a payment processor!.
21 Harriet Chan
According to Harriet Chan end-to-end encryption is the best way to secure your online payment gateways. Implementing this security protocol helps to ensure that unauthorized access to customer data can be prevented.
Moreover, shifting to cloud services is also a method of adding extra security to the online payment gateways that can be easily accessible by users while also allowing for an efficient system and protocol monitoring to identify and mitigate risks.
Going into the future, decentralization will be vital in securing online payment channels and offering variety regarding what option to use for transactions. Decentralization and cryptography will also help in easy integration with websites.
22 Jonathan Tian
According to Jonathan some of the significant challenges of payment gateway integration are:
✅They are too expensive to afford in the first place
✅They like to keep everything hidden regarding the fees structure & transections
✅They haven’t figured out mobile yet
✅They mistreat merchants at every point & there are only merchants who lose in every worst-case scenario of payment gateways
✅They haven’t figured out recur & secure way of a method
To deal with all the significant challenges of payment gateway, you need to concentrate on every transaction with your eyes open. And continuously need to check to get aware of any breach from the hacker or scammer.
23 Mike Thompson
According to Mike, More and more businesses have started to offer different online payment options to their customers. And this is because accepting online payments presents them with several advantages. But online payments also come with risks.
Online payments come with security risks for both businesses and their customers. However, there are ways to ensure secure online payment processing. Here are some of them:
- SSL Protocol. Encrypting your data and securing your transactions with SSL protocols will help you ensure that sensitive payment information will only be accessible to the intended recipient.
* Payment Tokenization. Tokenization will help protect payment data by de-identifying sensitive payment information by converting it to a random string of numbers.
24 Kevin Miles
I would propose a few practices for secure online payment, including encrypted data, payment tokenization, strong passwords, 3D secure authentication, and PCI consent.
To keep the customer’s data safe, always follow the rules and monitor whole endpoints regularly.
Cross-border transactions, card data security, high consumer expectations, pricey transactions, and monthly expenses are some of the primary issues that payment gateway integration faces.
The good news is that a secure network system, effective security measures, and cardholder data protection can readily overcome them.
25 Sarah Walker
According to Sara, Best practices for Secure Online Payment Processing:
✅Remember to validate the source before you share personal information with them
✅Use strong passwords for your social media, email account, and any other online accounts
✅Create a PIN code to access your bank account and use it every time you log in.
✅Embrace SMS texts so that you can verify who’s asking for money before releasing private details.
✅Turn on two-factor authentication for extra security when accessing sensitive information or making payments.
✅Change your OTP if required by the website and always do double verification when making transactions on a new machine or site.
Information Security Tips for Payment Processors
✅Be cautious when encrypting sensitive information to avoid illegal methods of protecting it. Always choose strong passwords, don’t share passwords with people not authorized, and keep data backups on different devices so if one is stolen or lost the data can be retrieved elsewhere.
✅Decrease your attack surface by ensuring that only necessary ports are being used so outsiders will have to more aggressively attempt to get in.
✅Install updates on software periodically because they may have security patches that fix vulnerabilities in their software (new virus protection for example).
✅Remove unnecessary user accounts (and all associated permissions) from production systems which could provide an attacker with unauthorized access later.
Payment gateways make it easier to process customer payments online. One of the challenges is that each vendor has unique requirements for how they want to accept payments, which are specific to their website properties or payment processing capabilities.
This can be challenging when integrating with other modules because integration should be standardized across all vendors to avoid errors in data consistency among different sources.
Another challenge is overcoming fraud-protection measures so transactions are only processed after being verified by the vendor’s notification service, also making standardized integration necessary.
And lastly, though this shouldn’t be a problem if your modules are properly integrated, some vendors may have limits on what you can do while waiting for final approval of payment approvals.
The solution is going to depend on which challenges you’re interested in. For example, ease of integration with a store’s website could have a unique solution.
You can also take things like fraud or low transparency into account when creating solutions. However, the following are some general guidelines for creating payment gateways that consumers find equally, if not more desirable than existing ones:
Be user-friendly (but at the same time offer an easy upgrade path for those who want access to more features)
Consider using an underlying cryptocurrency (e.g., Ethereum) to increase payment speed and decrease fees; however, make sure this doesn’t affect security for both consumers and merchants.
26 David Wurst
David says best practices for Secure Online Payment Processing are
Match the IP and Billing Address Information
Verifying the information provided during the transaction can assist in flagging a possibly fraudulent transaction and protecting the business before the occurrence of fraud.
The Address Verification Service (AVS) checks the buyer’s IP address to the billing address associated with the credit card to verify that the client is the cardholder.
Use Strong Passwords
Protecting customer accounts with a strong password can provide an additional layer of safety since cybercriminals routinely attempt to access user accounts using commonly used combinations of names, birthdays, and dictionary words
27 Steven Walker
According to Steven, try to match the billing IP and address information while processing the payment. Try to use encrypted data and tokenization. Most importantly, use a strong password to make the thing safe. Try implementing a 3D secure process to ensure extra and high-level security for online payment processing.
He further added, Information Security Tips for Payment Processors
Always find ways by which you may avoid the involvement of a third party in your credit card details. This will hamper security. If possible, try to get a third-party vulnerability scanning. Know what vulnerability it involves and what vulnerability scan it is.
Don’t forget to monitor all the transactions regularly and note that. While entering the site, you will have the option to verify questions and answer every time. Please enable it for more security.
Challenges of payment gateway integration
Insecurity of sensitive data is the main issue of payment gateway integration. Proper security is needed for the payment gateway. Most of the time, it becomes difficult to collect detailed payment reports. Payment receivers may have only one payment system.
Solutions to All Major Challenges of Payment Gateways
Payment processors must find ways for better security of personal data. Institutions, where payment is received should keep several payment methods to avoid any difficulty for the payer.
28 Simonas Steponaitis
Simonas shared Information security tips for Payment Processors include adhering to all security best practices and keeping everything up to date.
As a payment processor, you are required to do everything an ordinary company would do to keep its systems secure. For instance, you need to ensure that you have the right anti-virus and anti-malware software. You also should update your software and operating systems as soon as new updates are available.
While implementing top-notch information security protocols can be complicated, there is a good shortcut: strive for compliance with different payment regulations. The Payment Card Industry Security Standards Council (PCI SSC) has the PCI Data Security Standards.
It is a list of requirements for PCI certification that can serve as your checklist in keeping personal and sensitive information secure. You are not required by law to be PCI compliant, but being certified communicates that you take information security seriously and that your customers should trust you.
You should always use private Internet connections instead of public Wi-Fi networks when dealing with payments. Also, limit the number of people who can access these details.
Moreover, you should make sure that every component of your system is secure.
Do not limit yourself to just installing antivirus and anti-malware software; you should also check every point of sale terminal, credit card reader, and every other endpoint connected to your system.
The challenges of payment gateways can be a huge problem for many startup companies. One of the major challenges for start-ups lies in preventing fraudulent activity in their international payment gateway transactions. An absence of a unified payment gateway can lead to merchants furnishing important details to unwarranted authorities and subsequently falling prey to elaborate scams in the process. Hence, one must always ensure the presence of custom fraud-monitoring tools such as validation services, purchase tracking, and customer accounts.
One of the key challenges for start-ups involves integrating their payment gateways effectively into a tech platform. The reason behind doing so lies in facilitating effective automation for all financial transactions that concern the startup. Consequently, as all startup funding activities gather momentum, the need for a unified payment platform assumes utmost priority.
While doing so, the merchants must make sure that the integration is accessible enough for businesses and one that seamlessly syncs transactions with CRM, accounting, and other software that are central to your business.
Even the best payment gateway solutions stifle their functionality by not lending support to multiple modes of payments and to currencies that are not native. For a startup to achieve a legitimate global status, its payment app must be equipped enough to handle cross-border transactions with relative ease.
29 Jonathan Svensson
According to Jonathan, there are a few best practices for secure online payment processing. One of the most important is to use a payment gateway that is PCI compliant. This will ensure that your customers’ data is safe and secure. You should also make sure that your website is encrypted so that your customers know that their information is protected.
Additionally, you should always keep your software up to date and use strong passwords to protect your account.
If you are looking for a payment gateway that is PCI compliant, I recommend using Stripe. They are a trusted payment provider and have been in business since 2010. Additionally, their software is always up to date and they use strong passwords to protect their accounts.
30 Olivia Tan
According to Olivia, one of the best practices for secure online payment processing is to match the IP and billing address information. Checking details provided during the transaction can help flag a potentially fraudulent transaction and protect the business before fraud occurs. Address Verification Service (AVS) compares the IP address of the buyer to the billing address of the credit card used to assure that the customer is the cardholder.
Challenges of payment gateway integration
One of the challenges of payment gateway integration is the security of sensitive data. Maintaining “data security” in terms of the account details, card details, and personal details of the stakeholders is mandatory. Whether you are a student, faculty, or parent, you need to look after the data security parameters. It will ensure that no details are vulnerable to a third party or anyone whenever an online fee transaction takes place
31 Teo Vanyo
Teo says, Check the IP and billing address details to secure online payment processing. Checking the information provided during the transaction can assist in identifying a possibly fraudulent transaction and safeguard the company before it happens.
The Address Verification Service (AVS) matches the buyer’s IP address to the credit card’s billing address to ensure that the client is the cardholder.”
32 Dr. Elizabeth Lombardo
Elizabeth says, Use strong passwords to secure online payment processing. Cybercriminals try to access user accounts by using commonly used names, birthdays, and dictionary phrases. Adding a layer of security to customer accounts by using a strong password can help. For example, if a customer forgets their strong password, a “forgot your password” protocol must be in place to provide them access to their account.
33 Hutch Ashoo
According to Hutch, Among the difficulties associated with payment gateway integration are the increased costs of multiple payment gateways. If your firm intends to use numerous gateways, you will need to manage different contracts, setups, and integrations.
This implies you’ll need to devote additional time to oversight and, yes, paperwork. In addition, you’ll need to keep track of different channels, monthly pay subscriptions, processing fees, and transaction charges.
Additionally, you will need to establish a merchant account with each payment gateway to accept consumer payments. Certain payment gateways will obtain merchant accounts for you, but their services are also quite costly.
I recommend opting for a bundled payment processor to alleviate these issues. Such a processor will enable you to take a variety of payment methods and will provide you with a single merchant account for them all.
34 Robert Bolder
Robert says, Increasing consumer expectations is one of the payment gateway integration challenges. While you may believe you are delivering results, your clients may have a different perspective. This activity has the potential to impact sales and conversions.
Whether we’re talking about an eCommerce firm or an online food delivery service, what matters is a positive user experience.
He further added, Customers may leave your site or application if they experience difficulty navigating, the transaction procedure is delayed, or they encounter difficulties throughout the checkout process. When striving to improve the user experience and meet their expectations, you should prioritize convenience, simplicity, and choice.
Make a point of maintaining straightforward pricing so that users are not taken aback at the checkout
35 Haris Bacic
According to Haris, Multi-currency and geographical issues are a challenge of payment gateway integration.
Merchants must compete on an international level, and to do so, they allow clients to pay in their native currencies. Merchants utilize electronic payment methods such as mobile payments, e-wallets, and credit/debit cards to do this. Merchants will need to develop a niche in each national market and cross-border and multi-currency transactions.
They will require new corporate entities and bank accounts and the ability to navigate new regulatory hurdles. All of these concerns can be addressed by selecting a payment service provider capable of providing a rapid and effective solution and maintaining a well-established infrastructure.
36 Kylie Wiser’s
Kylie says Internet Protocol (IP) addresses and billing addresses should be linked to secure online payment processing. It is essential to verify the transaction details provided during the process to prevent fraud before it occurs. This service confirms the cardholder’s identity by examining whether or not their IP address corresponds to that on their billing statement.
37 Richard Mews
According to Richard, Enforcing strong passwords is one of the most excellent ways to ensure the safety of online transactions. Cybercriminals use combinations of names, birthdays, and dictionary terms to access user accounts.
For example, a strong password might be an additional line of protection for client accounts. There must be a “forgot your password” approach in place for customers who forget their strong passwords.
38 Mike Chappell
Mike says Payment tokenization is one of the most secure ways to execute internet payments. Tokenization is the process of transforming sensitive payment information, such as credit card numbers, into a string of random digits, known as a “token.” As a token, the information may be delivered via the internet or payment networks to complete the payment without exposing it.
39 Bryan Carter
PCI compliance is one of the recommended practices for safe online payment processing.
Bryan says PCI compliance is essential for merchants handling, storing, or transmitting credit card data. For example, non-compliant businesses might face hefty fines and penalties in addition to considerable reputational harm as a result of a data breach. Merchants need to take a proactive role in understanding their duties and compliance standards, but payment processors play a vital role in helping merchants manage and maintain compliance.
40 James Stephenson
According to James, First, employees should be educated. Individuals should be equipped with the information and skills necessary to recognize and respond appropriately. When the team knows the safe payment procedure, they will be better able to spot fraudulent conduct as it occurs and prevent data security breaches.
Another, update your computer’s operating system (OS). An updated OS is a fundamental but frequently overlooked element that might influence payment transaction security. Check your PC for updates regularly. These upgrades often address security flaws in older versions.
41 Jessica Chase
Jessica shares the best security practice for secure online payment processing is to match the IP and billing address information.
Keep a lookout for details when making transactions. This is a foolproof method for avoiding fraudulent activities during payments or purchases. Use AVS to compare the IP address of the buyer with the billing address mentioned on the credit card to ensure that the said customer is the owner of the card.
Information Security Tips for Payment Processors
The best information security tip for payment processors is regularly performing vulnerability scans. Conduct a vulnerability scan every 90 days as new viruses are discovered almost every day. To avoid any damaging encounters with hackers and cybercriminals, you need to understand what tools to use and run these tests.
Challenges of payment gateway integration
Tough card data security
Slow and expensive cross-border transactions
Regional challenges along with multi-currency issues
Customer expectations are increasing day-by-day
The best solution to payment gateways is to have detailed transaction reports. These reports are proof of the money being spent correctly. E-receipts can also help tell the time of the transaction, the name, and whether the payment was successful or not.
The Journey Towards Experiencing Credit Card Processing Solutions
Consumers who want to enjoy safe online transactions can get a leg up on the prospect by arming themselves with tools that are designed to protect them and their identities.
Credit Card Processing for secure online transactions and payments are crucial for preventing fraudulent payments and data breaches.
Fraud especially can end up costing you a lot of money in chargeback fees. And data breaches can be a total PR disaster, leading to customer distrust.
The secure electronic transaction is primarily used to secure electronic credit card payments. It helps in the safe transmission of credit card information via the internet so that hackers and online thieves cannot access it without your permission. It just comes down to finding the right processor.
