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Ways to Protect Your Business during Online Payment Transactions

August 3, 2021

As a business owner, you should already be aware that taking your business online can definitely create more opportunities for you, not merely on a domestic level but rather on a global scale. But with the opportunities, it always comes with some risk as well. This risk for your business and customers is in the form of data theft and online fraud that has been on the rise in the recent past. If you are using an online payment provider in Vietnam, there are certain steps you can take to protect your business when accepting online payments from your customers. Below are some tips that you can implement into your business.

1. Security compliance certificate: If your business is PCI compliance certified, this guarantees a minimum set of security measures required by major banks to accept debit and credit card payments. Therefore, this first step is a very important step to have in place before you set up your online payment gateway in the Philippines, Vietnam, or elsewhere in South East Asia. It can help your business meet the security expectations of the online business industry.

2. Encrypting data during transmission: Data theft typically occurs when data is in transit from one server to another as this is the most vulnerable point. The payment gateway you use should encrypt data while you receive it and also before you transmit any data to maintain the highest levels of security. This adds an extra layer of protection to your e-commerce platform.

3. Strong passwords: Hackers are experienced enough to guess simple passwords made using regular patterns. While using an online payment provider in Vietnam, insist on getting your customers to use more complex passwords, which are alpha, numerical and with special characters, while creating their account for the safety of their data.

4. Authentication at multiple levels: If all your customers need to log in to their account is a login id and password, it is quite possible to steal this information and access an account unauthorized. This is where multi-factor authentication through accessing a different device to complete the login process can protect the user and its account.

5. Storing data using the cloud: There is always a risk of liability when storing customer data at your business location. It is better for your business to use a cloud storage facility that is specialized in protecting data with maximum security features in place. In case of a breach, these cloud storage facilities are well prepared to handle the situation.

Use these pointers while setting up your online payment gateway in the Philippines and Vietnam. You can protect your business while continuing to grow and expand globally while reducing risk.