DWQA QuestionsCategory: Q&AIs your merchant Account Transaction secure?
Bankim Chandra Staff asked 7 months ago

Is your merchant Account Transaction secure?

Are you doing business? Do you have a secure merchant account?

Are you still confused about whether your business is secure from fraudulent and cyber threats
To answer these questions first discuss the importance of a reliable and secure merchant account and impact on your business if there is a data breach or all the credit card details leaked.

In today’s competitive market, every business is running on trust and credibility. What if a trusted E-commerce website leaked your credit card details? Will you ever going to believe that site again? The answer to the question is never. That’s what today’s market is.

If you are not a security-complaint, your business will be ruined and acquiring bank may shut down your merchant account due to non-compliance with security standards.

Let’s discuss how we can make payment secure?

It’s tough to say that the transaction is 100% secure because every system which is secure today may be vulnerable tomorrow. There may exist a loophole which everyone is unaware of. What we can do is try to dissipate the risk and fraud to its minimal.

Points that should be considered to minimize your transactional risk.

  1. SSL certificate Setup:
  2. SSL or Secured Socket Layer is a digital certificate that protects any website that transmits personal information or any sensitive data like credit/debit card details.
  3. SSL helps to secure our website in many ways as described:-
  4. Strongest Encryption to Secure Information
  5. Secure Payments to Experience Safe Shopping
  6. SSL Affirms Your Identity
  7. SSL Helps You Satisfy PCI/DSS Requirements
  8. SSL Improves Customer Trust
  9. Better Search Engine Ranking.
  10. SSL provides Authentication and Trust.

PCI Compliance for Electronic Transactions:

  1. PCI compliance is mandatory for companies who are dealing with credit card transactions. It helps to ensure the security of the credit card. It should be noted that a merchant does not need to be PCI compliant, the processor which is providing the payment gateway should be PCI compliant. It is better to choose a processor who is PCI compliant.
  2. PCI compliance is governed by the PCI Standards Council, an organization formed in 2006 for the purpose of auditing the security of credit cards. The standards developed by the Council are known as the Payment Card Industry Data Security Standards (PCI DSS).
  3. PCI DSS has six major objectives which are as follows:
  4. Build and maintain a secure network
  5. Protect cardholder data
  6. Maintain a vulnerability management program
  7. Implement strong access control measures
  8. Regularly monitor and test networks
  9. Maintain an information security policy

Data Encryption:

Data encryption is a crucial aspect to be considered. It is always recommended to the merchant that he should never store any sensitive information of the customer in his server or if he is doing so, it should be encrypted form. The same can be done with a protection method known as Tokenization. So always choose a processor who provides you with tokenization service, which lowers your fraud ratio.

Do not store Credit card Information:

According to the PCI Compliance Regulation, merchants are not supposed to save any credit/ debit card details of the consumers in his database, or it should be immediately deleted after successfully processing the transaction. The information can be saved on a PCI-DSS compliant gateway run by a regulated gateway provider, through a protection method called Tokenization.

Sensitive information on employee’s hand :

The most significant source of data leakage is untrusted or frustrated employees. You should have a healthy environment in your organization and a data leakage protection method known as DLP or Data Loss Prevention which detects potential data breaches/data ex-filtration transmissions and prevents it by not leaving the Organisation.

Bring Your Own Device or BYOD policy is not recommended and bring of any Pendrive, hard-disk or any other storage disk in company’s premises is strictly prohibited.

A secure channel of transaction needs a lot more efforts not only from the Processor side but also from the Merchant end. We as QuadraPay services help you find the best Processor or Payment Gateway Services which will securely transact all your processing and provide you 24×7 support assistance.

Happy And Secure Processing.