Category: CLear Charge Solutions

Online transactions have become an integral part of our daily lives. While the convenience of online payments is undeniable, it’s essential to prioritize security to protect your business. By following effective online payment security tips, you can minimize the risks. And — BONUS — save more of what you make without handing it over to the processors!

Cybersecurity hazards are a reality in today’s digital world. Small businesses and their employees must act cautiously to keep their customers’ private data safe and protect their brand’s reputation. Seemingly innocuous actions like clicking a link in an email can expose your customers’ personal information to hackers and leave your company vulnerable to legal action, lost business and brand distrust.

The stakes are even higher when a small business accepts online payments via credit cards or other payment options. Securing your online payment process is crucial for business survival. We’ll share 11 online payment security tips to protect your business and customers and highlight the most secure payment methods to enact.

Online payment security tips

Small businesses often have a false sense of security, assuming cybercriminals have bigger fish to fry. In reality, according to Verizon’s 2022 data breach investigations report, small businesses are as appealing to cybercriminals as larger organizations ― and small companies are more likely to be put out of business due to a security incident.

Consider the following online payment security best practices to protect your customers and business.

1. Use two-factor authentication.

Two-factor authentication (2FA) is an essential part of any business’ cybersecurity plan. 2FA ― also called multifactor authentication (MFA) ― is essential when dealing with vendors, social media, financial institutions or any other platform where your business has an account. If a cybercriminal gets access to your accounts, your customers’ sensitive information is at stake, along with your business’ private data. If you deal with a vendor that doesn’t offer 2FA or MFA, request it or find a more secure vendor.

With 2FA, you know immediately if someone is trying to access your account and can take steps to secure it by changing the password.

2. Verify every transaction.

E-commerce financial transactions are, by definition, card-not-present transactions, which are inherently less secure. Online businesses can improve security by verifying the transaction by the following means:

1. Require customers to enter the credit card’s security code
2. Have customers enter the card’s billing address and match it with address verification
3. Get a phone number so you can call if there’s a discrepancy
4. Validate the provided email address

3. Choose a secure e-commerce platform and payment provider.

One of the best ways to protect your online store is to base it on a secure e-commerce platform. The best e-commerce platforms are established companies with excellent reputations that implement innovative security measures.

Platforms with excellent security are rarely the cheapest, but this cost is a crucial part of your cybersecurity budget. Secure e-commerce platforms can save you money in the end by protecting your reputation and your customers.

4. Buy cyber liability insurance.

Even when you do your best to secure your operations, you may still be vulnerable to savvy hackers or dishonest employees. Cyber insurance will help cover your bases. Cyber liability insurance typically covers costs associated with a data breach, such as loss of income, costs associated with notifying customers, the cost of recovering compromised data and repair costs for damaged computer systems.

5. Use a personal verification system.

Requiring customers to set up an account with you before purchasing lets you verify them with their login credentials. Alternatively, you can ask customers to verify their identity by providing a photo of their driver’s license or other government-issued identification for big-ticket items.

6. Don’t store customer payment data.

It’s best not to store any customer payment data so it’s not a target for cybercriminals. Don’t store electronic data or paper files, such as when you take credit card payments over the phone. However, if you must store payment data to enable easy repeat purchases, use a third-party company that uses encryption to protect the data.

7. Get an SSL certificate for your site.

A secure sockets layer (SSL) certificate provides security by encrypting communication between the customer and your business. In addition to this very real benefit, an SSL certificate also makes customers feel more confident doing business with you because they see the certificate displayed in the browser. For extra security, install a firewall around your company data and implement an intrusion detection and prevention system.

8. Ensure PCI compliance.

Anyone accepting credit cards is required to comply with Payment Card Industry Data Security Standards (PCI DSS). These standards cover proactive steps businesses must take to do the following:

• Build and maintain secure networks and systems
• Protect account data
• Scan for and protect against malicious software
• Control access to sensitive data
• Test networks to spot intrusions
• Respond quickly and appropriately in the event of an attack

9. Accept secure forms of payment.

In addition to credit cards ― which you can verify with additional information ― consider accepting payment forms with built-in security. This includes electronic checks verified through the automated clearing house (ACH) network and digital wallets like Apple Pay, Google Pay and Samsung Pay, which are secured through blockchain technology (more on secure payment forms below).

10. Educate employees about security protocols.

Human error leads to many data breaches. Train employees on identifying and dealing with suspicious emails or calls that might be phishing for login credentials. Warn them against clicking on unexpected email attachments that might contain malware or sharing sensitive information with unauthorized people. Ensure they log out of their workstation when leaving their desks and never leave work-related USB drives or devices unattended.

11. Watch for customer purchase patterns.

Monitor customer purchase patterns. When you see something out of the ordinary, like an unusually large order from an existing customer, call them to verify its legitimacy.

The most secure online payment methods

Protect your customers and business by accepting secure payment forms. Some of the most secure include the following:

• Credit cards: Credit cards are an exceptionally secure payment option. The best credit card processors comply fully with the PCI DSS and help you attain PCI compliance. Credit card purchases also benefit your customers because they don’t immediately withdraw money from their bank accounts. Instead, the money initially comes from the credit card company.
• Debit cards: Small business owners benefit from accepting debit card payments because they’re also governed by PCI compliance. Debit card purchases are among customers’ most secure online payments; in some cases, debit card use from an unfamiliar internet protocol address can trigger identity verification measures. Additionally, Visa and Mastercard don’t hold debit and credit card customers accountable for unauthorized purchases.
• Wire transfers: Wire transfers are usually a secure online payment form when your company’s and customer’s banks are reputable institutions. Banks with solid reputations presumably lack an extensive history of data breaches and other security gaps, likely because they have active safeguards against fraud and other security concerns.
• Mobile wallets: Digital wallets like Apple Pay and Amazon Pay are widely seen as among the most secure online payment methods available. Customers benefit because they mask credit and debit card numbers and your company benefits because customers must use a fingerprint or PIN to verify their purchase. Mobile wallets must be linked to a genuine debit account, eliminating the possibility of accepting a fake credit card.
• Electronic checks: Accepting electronic checks protects you and the customer because the processing ACH system verifies every transaction. The system keeps account numbers confidential so they can’t be stolen. If there is any fraud, you are protected by federal law. This is also an excellent payment method for online business-to-business transactions.

Protect your business and your customers with our cutting-edge payment solutions. Your peace of mind is just a call away. Experience our credit card payment solutions. Call today at (877) 847-4478. Check our IG for more information.

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Reference: [https://www.business.com/articles/online-payment-security-tips/]

Recurring billing is a streamlined payment method where customers authorize automatic charges for goods or services on a regular schedule. This convenient system eliminates the need for manual payments, ensuring uninterrupted access to products or subscriptions. Read more about recurring billing benefits.

What Is Recurring Billing?

Recurring billing happens when a merchant automatically charges a customer for goods or services on a prearranged schedule. Recurring billing requires the merchant to get the customer’s information and permission. The vendor will then automatically make recurring charges to the customer’s account with no further permissions needed.

Any good or service that a customer subscribes to with regularly scheduled payments might be a good candidate for recurring billing. Examples include cable bills, cell phone bills, gym membership fees, utility bills, and magazine subscriptions. Recurring billing may also be referred to as automatic bill payment.

Understanding Recurring Billing

Recurring billing offers the benefit of convenience. Instead of having to provide billing information for a routine charge repeatedly, the customer can authorize the merchant to keep payment details on file. Then, the merchant can charge the designated account each month that service is in effect or each time that the agreed-upon goods or services are delivered. It is typically up to the business provider to decide on the options for payment. Some providers require that checking or saving accounts be used while others allow for checking, savings, and credit card accounts.

Example of Recurring Billing

Consider the example of a customer and a pet store. The customer sets up an order with an online pet store to have three bags of dog food delivered every three months. Authorizing recurring billing would let this purchase happen automatically on a regular three-month schedule with a charge to a designated credit card. Other examples where recurring billing is often used include electric bills, phone bills, and Internet services. Many companies offer a small monthly discount to customers when they sign up for recurring billing. This helps to lower some of the risks of any missed payments.

Types of Recurring Billing

Fixed Recurring Billing

In fixed (or regular) recurring billing, the same amount is collected from the customer in every payment cycle. Companies that provide services for a fixed price typically use fixed recurring billing. For example, a gym membership is an example of fixed recurring billing. If you subscribe to The New York Times or any other newspaper, you are billed using fixed recurring billing.

Variable Recurring Billing

In variable (or irregular) recurring billing, the amount collected from the customer might change in every payment cycle. Depending on the customer’s usage of the product, a new, dynamic bill is created for each cycle.

Usage-based billing is a type of variable recurring billing where a customer is recurrently charged based on their usage of the service. Utility bills are a common example of usage-based billing.

Quantity-based billing is another type of variable recurring billing. With this model, customers are billed based on a quantity that was agreed upon when they purchased. Volume-based cloud storage services are one example of quantity-based billing.

Advantages and Disadvantages of Recurring Billing

Disadvantages

One drawback of recurring billing for consumers is that it can be troublesome to correct a billing error. Instead of receiving a bill, noticing a mistake, then refusing to pay the bill until the mistake is corrected, the consumer may be automatically billed for the incorrect amount, requiring additional time to obtain a refund. Thus, it is safest to agree to recurring billing for payments that are always about the same amount and occur on a predictable schedule because you’re more likely to quickly notice any billing errors.

Recurring billing can also lead to overlooked expenses for customers who forget about the charges. Some people will pay their credit card bills without reviewing each listed charge. They could be paying for a service they no longer require or didn’t even know they were getting. Recurring and automatic billing is also pointed to as the source of scamming seniors.

Moreover, in some cases, recurring billing can lead to halted services if an account is declined. When recurring billing is used it can be important to tie it to a major checking account or savings account that carries a high balance. Any interruption in service due to a declined charge can be problematic for a customer.

Advantages

Many services only allow customers to sign up if they agree to recurring billing. For example, virus software and credit monitoring service agreements often require the customer to agree to be charged for the service periodically. They require the customer to cancel the service, or it will continue, indefinitely. In this way, recurring billing can help merchants with customer retention.

Recurring billing has several other benefits for merchants. It ensures prompt payment from customers, helps with cash flow, lowers billing and collection costs, and automates a portion of accounts receivable. It can also improve customer satisfaction by making it more convenient for the customer to do business with a company.

However, recurring billing doesn’t eliminate all administrative tasks. For example, merchants will need to contact consumers about updating their payment information if a credit card expires or a credit card issuer declines an attempted recurring charge. Merchants that offer recurring billing usually make it easy for consumers to manage their billing information and preferences online.

Many merchants use sophisticated systems to help them manage all aspects of recurring billing. A well-designed system allows a merchant to automate invoicing and payment details for recordkeeping purposes. Most billing systems also allow a customer to easily check their account details, change their payment information, opt-out of service before a free trial converts to a paid subscription, or cancel an unwanted subscription.

For customers, recurring billing can save them time, too. They only need to sign up and provide their payment information one time. This can be a relief for customers because they don’t. have to make sure the bill is paid every cycle.

The Bottom Line

Recurring billing is a process in which a merchant charges a customer regularly for goods or services, based on a previously agreed-upon payment schedule. The merchant must get the permission of the customer first before setting up the charges. However, once the permission has been given and the agreement is in place, the merchant does not need to continue to seek the customer’s permission to process subsequent payments. Cable bills, cell phone bills, and streaming service bills are examples of common recurring bills.

Simplify your billing process and boost customer satisfaction. Our online payment processing services offer flexibility, security, and increased revenue. Contact us now and get a first taste! (877) 847-4478. Check our IG for more information.

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Reference:[https://www.investopedia.com/terms/r/recurring-billing.asp]

Think your business can survive without a strong online presence? Think again!  Thriving in the digital landscape is crucial for success in today’s world. A strong online presence goes hand-in-hand with secure and reliable credit card payment processing for businesses of all sizes. Here, we’ll unveil the secrets to cultivating a powerful online presence, packed with insights to help your business stand out and flourish.

In today’s digital age, it’s becoming increasingly common for individuals and businesses to conduct due diligence on each other before entering into a relationship or making a significant decision. Due diligence involves conducting research and analysis to gain a comprehensive understanding of the person or entity you’re dealing with. And with so much of our lives taking place online, it’s no surprise that a significant part of this research involves examining an individual or business’s online presence.

Your online presence encompasses all the digital footprints you leave behind, from your social media profiles to your website, online reviews and more. It can reveal a lot about your personal and professional life, your values and your behavior. With the increasing importance of online presence, it is vital for businesses to focus on digital PR to build trust, credibility and visibility.

We’re passionate about helping businesses succeed with simplified payment options. And did you know we also have a marketing department? We build about 200 websites each year — with all the bells and whistles. Our dedicated support team is just a call away. Contact us now! (877) 847-4478. Check our IG for more information.

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Reference: [https://www.forbes.com/sites/forbesbusinesscouncil/2023/06/12/online-presence-and-due-diligence-why-your-digital-footprint-matters/?sh=33efbdb8184f]