Businesses process billions of dollars in credit card payments each year. And as consumers grow increasingly comfortable with using their credit cards online, annual sales volume is expected to continue growing. But, there is a potential dark specter looming over the industry: credit card fraud. It can manifest in different ways and be financially devastating for its victims. The problem has prompted the credit card industry to aggressively pursue and adopt stringent security protocols.
In this article, we ll take a closer look at credit card fraud. Then, I ll explain a few ways in which you can help secure your customers data. In doing so, you can boost their confidence and your sales in the process.
The Rise Of Credit Card Fraud
Fraudulent activity associated with processing credit card transactions isn t new. It was a growing problem before the internet was widely accessible. The mail order industry was already battling fraud. Today, processing payments online has simultaneously increased consumers exposure to fraud while allowing for the implementation of more robust security measures. Because most online credit card fraud is due to lackluster security on the part of businesses and consumers, there s plenty you can do to help.
Many small business owners fail to protect their customers data properly. It can happen in a number of ways. For example, when they process online credit card payments, they may do so without the use of an SSL (Secure Socket Layer) certificate. Or, they may process payments without using an AVS (address verification system). On the other hand, consumers can become the victims of identity theft if they fail to review their credit card accounts periodically. That said, business owners can reduce the chances of this happening.
Making Online Transactions Secure
If you re processing payments online, the first step is to use an SSL certificate. Besides encrypting your customers credit card information, the certificate will also provide your customer with third party verification that their sensitive data is being sent to the right place. This gives your customers the confidence they need to allow you to process their credit cards without worrying that their information will be compromised.
The second step is openly communicating the security measures you ve implemented. That includes using the https that is associated with secure online transactions. It also includes placing the widely recognizable Verisign padlock on your website. These things may seem like a small matter, but they help increase your customers confidence in your ability to secure their data.
Boosting Consumer Confidence
Don t underestimate the power of boosting your customers confidence. As more people become aware of the potential dangers of credit card fraud, some have begun to limit use of their cards. As a business owner, this can have an impact on your sales. Having the ability to process payments online is only as valuable as your customers willingness to allow you to do so. The more confident they are that purchasing from your website won t compromise their credit card information, the more likely they are to buy.
There are a number of companies that can provide an SSL certificate for online payment processing. Verisign is the largest and has the most recognizable brand. Many of the most reputable companies in the world use them, as do several major banks. As a result, millions of people are familiar with the security associated with the Verisign padlock symbol. It increases their confidence. And that can make the difference between a floundering online business and a formidable success.
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This article is brought to you by PaySimple, a leading provider of merchant account and ACH processing services. Check us out online at http://www.PaySimple.com
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