Why is secure payment processing important for online transactions?

To stay in business, your company has to meet its obligations to customers, financial regulators, and stakeholders.

That means there are a range of risks to mitigate through careful payment management. Many of the processes related to responsibly managing online payments can be automated according to the business owner’s specific needs and desires using payment orchestration.

Protect sensitive data

Online transactions are very susceptible to data breaches, where hackers attempt to access and steal customer information from vulnerable systems.

It’s vital to protect this sensitive data, which fraudsters could use to commit crimes against businesses and individuals.

Meet your compliance requirements

Payment industry requirements, such as PCI DSS, require you to meet rigorous security standards, which keep customer card data safe from fraud during online transactions.

Likewise, if you operate in the EU, you have to comply with PSD2 Strong Customer Authentication (SCA), which enhances the security of online payments by requiring the implementation of multi-factor authentication.

Failure to comply with these requirements could put you at risk of hefty fines and legal repercussions Reduce chargebacks

Chargebacks occur when customers dispute a transaction and request a refund from their bank or credit card company, and are a particular risk of online transactions.

Secure payment processing can help reduce fraudulent chargebacks by verifying the identity of the cardholder, saving you from financial losses and chargeback fees.

Confident global growth

E commerce payment processing allows you to reach a global customer base, but different regions may have varying security standards and regulations. Implementing secure payment processing ensures that businesses can cater to customers worldwide without compromising on security.
Protect your reputation

Data breaches can severely damage your business’ reputation and discourage consumers from shopping with you.

News of a security breach can spread quickly, leading to customer distrust and negative publicity. Secure payment processing helps you to protect your brand image and maintains trust with consumers.