With the pivot to the new normal, the demand for digital payments continues to skyrocket. More than four in five Americans use some form of digital payment, and the global online payment market size is expected to balloon to $17.6 billion by 2027. 

Even as brick-and-mortar stores reopen, it's clear that consumers find the convenience of digital payments "irresistible.” Businesses that fail to adapt to changing customer behavior and expectations risk losing income or becoming obsolete.

Online payment methods, however, have been shrouded with a lot of security and payment issues. According to a 2018 Thales Data Security Report, 75% of US merchants have had at least one cybersecurity failure with their online transactions. 

Some of the most common online payment security risks that plague businesses that use online payment options include friendly fraud, cashback, identity theft, and triangulate fraud. As more people turn to online payments, these security threats have been a growing concern. 

How to Secure Online Payments for You and Your Customers

So, how can you protect your business from digital security breaches when risks are so widely spread? What are the most effective methods for enhancing online security?

Choose a Safe Platform

If you're starting a new business, choosing the right platform can help guarantee the highest level of security. Platforms designed for businesses offering digital payments must have all the necessary security features. 

Selecting the right platform while considering all of your business demands and security concerns might be difficult. Consult experts who can help you select the best platform to support your specific needs.

Apply for SSL Certification

The validation element of an SSL certificate confirms that you are the rightful owner of the website and that you run a reputable business. Once you've received an SSL certificate, a green lock appears to the left of your website's URL, informing visitors that your site is legitimate and that they can proceed with SSL secure payments.

Besides the technical advantages of obtaining an SSL certificate, it also helps to boost customer trust and brand reputation. The green lock to the left of your website's URL assures your customers that their information is safe on your site. Additionally, your website's URL will be altered. The URL of your website will begin with HTTPS rather than HTTP. The 'S' stands for secure, and it adds to your website's security.

Provide Authentication Layers

Your customers need the guarantee that their private information is in good hands. You can provide this assurance by demanding multiple layers of authentication before restoring login information. Incorporating the pillars of Zero Trust security into your authentication strategy can further enhance the protection of customer data. If a customer forgets his or her password, for example, your website should ask a series of security questions before sending an email to a predetermined address.

MFA (Multi-factor Authentication) is the simplest and most effective way to add an extra layer of security to your login credentials. The customer checks the system with another independent factor after entering their login credentials, whether via email, phone number, username, or social profile. This prevents any malicious effort to access the system or service, even if the customer’s password is compromised.

Use a Trusted and Secure Payment Gateway

Third-party payment gateways allow you to accept a variety of payments from your customers without the need to store their credit card or payment information. This protects shoppers by limiting where their data is stored on the Internet, and it protects you by reducing the chances of external attacks.

Transactions are routed through a verified payment partner, who handles all encryption and payment verification. You can do it yourself, but it will take a significant amount of time and resources to save, handle, and encrypt payment information. You’ll also have to meet stringent compliance regulations, which vary depending on where you and your users are based.

Keep Your Payment Transactions Safe

Providing safe online payment alternatives will not only boost your online reputation but also improve the customer experience. With the GoSite Payments tool, you’ll enable your customers to pay you online, from their smartphones, or through text messaging. 

Plus, GoSite’s payment partner is Stripe — one of the world’s most trusted payment gateway providers. Stripe showcases superb online payment processing and solutions for businesses of all sizes. 

GoSite can help your business grow in so many ways, all in one friendly dashboard. Ready to dive in? Start a free trial. Prefer a conversation? Book a demo.