The Most Secure Payment Systems for Online Transactions
With all of the news of hackings covered in the media recently, there is a lesson to be learned; your company is only as secure as its weakest link. Cyber criminals are notorious for breaching digital infrastructure, targeting anyone with administrative permissions, from executives to employees, in order to access sensitive customer data. According to data reported by Business Insider taken from a report by PYMNTS, in 2015’s fourth quarter there were 27 fraud breaches for every 1,000 online transactions. Despite these alarming statistics, companies just like yours can keep their data protected by using only secure, payment systems for transactions online. There are dozens of payment processing systems on the market today, these are the best, and most secure.
Amazon Payments
With Amazon payments, all online transactions are secure and simple. Companies which range from large enterprises to small startups all use Amazon Payments, as it is a trusted, and familiar, payment system. An important aspect of any payment system is customer and merchant support. Luckily, Amazon Payments offers support for both businesses and consumers if something goes awry. Amazon Payments has a track record of providing proven security. With this payment system, companies can expect to find that both fraud and merchant protection are included. And, as a business owner, you keep full control of all of your customer’s data. There are no monthly fees and no set-up fees with Amazon Payments. Additionally, companies can add an extra layer of protection by implementing a monitoring and mitigation service. For example, LifeLock. The company provides protection against data breaches and identity theft from credit and ID fraud. LifeLock cites that they will spend up to $1 million on legal counsel and expert assistance in order to protect consumers from identity theft and fraud.
Stripe
Stripe is a payment system built for businesses that handles billions of dollars in transactions annually. And according to some, Stripe is simply the best software platform for Internet-based businesses, from subscription services, e-commerce, and even crowdfunding. Stripe is currently used by more than 100,000 businesses in over 100 countries around the world, which includes Pinterest, Slack, OpenTable and Lyft. In order to keep transactions secure, Stripe developers have created Radar. This new innovation allows companies to beat fraud and is powered by advanced machine learning algorithms that learn from Stripe’s existing network of businesses. Business leaders also have access to real time insights, which includes why Radar flagged or blocked payments, as well as how much fraud is happening. Additionally, Radar learns your business and provides feedback about certain payments, plus it can be used to automate workflows, by building automated fraud processes for your company.
WePay
Offering bank-level security, this payment system offers support and tools for PCI compliance as well as tokenization. WePay, which is only currently available for consumers in the United States, uses state-of-the-art cryptographic algorithms during all data transmissions throughout the entire databases. All WePay servers are kept in certified data centers that are consistently monitored, 24/7. This advanced payment system evolves as data security changes, which means that your business will always be ahead of the curve. Experts from WePay also investigate all instances of breaches, which means business owners can rest assured that consumer data will be protected and monitored.
PayPal
There is no need to limit your business to just one single payment portal. Many consumers are comfortable with PayPal, as the platform does not require customers to input any sensitive data from their credit cards. Not only is this payment system a solid alternative for online payments, it can be a necessary backup, just in case there are any problems with your merchant account or gateway. PayPal offers secure technology which includes encryption, keeping online transactions protected from start-to-finish. The payment system also features 24/7 monitoring, fraud prevention, dispute resolution as well as global buyer protection, which makes sending and receiving money from around the globe, simple, and of course, secure.
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