Best practices to follow when setting up Ecommerce payments

It is crucial to choose the right payment system for your ecommerce shop. This is an important step in making sure your online business is secure. Navigating the payment processing world can be difficult for people who don’t have a working knowledge of the industry. We’ll be discussing some key strategies that you should keep in mind when setting up a payment system for your ecommerce shop.

When possible, use a platform-hosted merchant bank account

The payment solution built into or provided by an ecommerce platform is the best and easiest way to accept credit cards and debit cards. The integration was designed to be used in conjunction with your ecommerce store and is supported by the same company. This means that updates and maintenance will be given priority.

You can also use your ecommerce platform as a single point of contact for all your questions and issues. This eliminates the need to triage between your payment support team and your ecommerce support staff. Ecommerce platforms can often match or beat competitors’ prices because they value your business.

Accept multiple payment methods with one solution

Accepting credit and debit card payments is a good idea. It’s also a growing trend in online shopping to offer flexible payment options. Although it is becoming more popular to pay online with wallet payments, Pay Later options and mobile payment apps, it can be costly to keep so many accounts.

All-in-one payment options are becoming more popular. You can make your life easier by using a payment provider that integrates a variety payment methods. This will also reduce the amount of integrations that could expose your storefront to hackers.

Make sure your storefront complies with compliance standards

PCI Data Security Standard is a set standards created to protect global payments. Compliance with PCI standards involves many factors, such as protecting stored cardholder information, monitoring system access, and much more.

Most merchant service providers now include PCI compliance as an integral part of their services. This means that business owners are not required to follow the associated rules. When you are researching credit and debit card processing options, ensure that they include PCI compliance.

A 3D-Secure solution is recommended if your territory requires it

3D Secure is a set of security standards that adds additional verification on customers’ ends. It has become mandatory in increasing numbers of countries. Although this may cause friction during checkout, it provides additional protection for businesses by shifting the chargeback liability from the business towards the issuing bank. Visa transactions are exempted from chargebacks.

If you live in a country where 3D-Secure has become or will be required, ensure that your payment gateway is compliant with this requirement. Many of the bigger gateways, such as Stripe and PayPal, have 3D-Secure already.

You can add an SSL certificate to your storefront

SSL Certificates (Secure Socket Level) Certificates are designed to encrypt all data between your online store, and customers’ devices. This adds another level of security. Ever wonder what the difference between a URL starting with http:// and one that begins with https ://?? An SSL certificate is required to be present.

SSL Certificates are a great way to protect your customers’ information and keep them safe from hackers. SSL certificates are usually included with online storefront services. However, if yours does not, you should make sure to purchase one from a trusted source before accepting payment.

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