How to Make Payment Gateway Secure for Financial Tech Companies?

We are in an era where users prefer online transactions. Our fast-paced lifestyle is creating new opportunities for Fintech development services to improve payment gateway solutions. It is important to know, prevention is better than cure, every vendor should be aware of all the security protocols. Being a financial institution, it is important to offer the highest level of security for online transactions to secure your customers against any kind of fraud.

The first priority for financial institutions is to focus on the highest level of security. This security enhancement should include complete encryption and different layers of anti-fraud tools. Hence your payment software should be secured and trustworthy enough to carry out effective transactions and block fake activities. Let us walk through the prominent security measures for Digital Payment Solutions to provide customers the best security every time.

How to make your Online Payments more Secure and Reliable?

Hackers always look for vulnerable points where they can attack. Thus to ensure that your payment processing is safe, the following measures can be implemented:

1.SSL

The protection of a customer’s financial information is always on priority. SSL encrypts the customer card details and other information while moving the data between the server and the browser. It turns the data in a random manner and thus stopping any sort of data skimming.

In addition, SSL certificates are crucial if you want to secure your website from Google warnings. Google considers a website insecure without an SSL certificate. Having a certificate makes the website HTTPS and saves it from the Google warnings. Phishing attacks are also stopped which makes a clone of the website.

2. PCI DSS Compliance

PCI DSS is necessary to support the data security of cardholders from all sorts of credit card frauds and breaches. The following are the major benefits Financial Tech Companies can leverage with the integration of PCI DSS compliance:

• It offers an adequate level of security controls to secure and resist your cardholders from any sort of data breaches.

• Customers avoid businesses that lack security practices or have a history of a data breach. If your business has implemented PCI DSS compliance, they will consider you as a security company to protect their data.

• If you are a trusted vendor offering PCI DSS compliance, then your customer loyalty will grow thus increasing profit. Loyal customers share their experiences with others and, hence, you get an additional customer base.

3. Tokenization

Tokenization is a popular security method to protect the customer’s credit card information. Customers look for a safe and secure payment approach wherever they shop. With so many cases of fraud reported, winning customers’ trust and loyalty for financial tech companies is a huge challenge. Tokenization gives the opportunity to build customer trust by assuring that the transactions being carried out are secure and their payments aren’t into the wrong hands.

When a card is swiped, a token ID is created and is sent to the merchant by the payment processor instead of the customer's personal account numbers. This makes it tough for hackers to access the financial data of the customer. Hence tokenization plays a vital role in demonstrating how secures user data is. In short, tokenization has provided consumers with a safe & personalized user-experience by making online payments, through mobile or in-app.

Wrapping Up

The vulnerabilities of online transactions are on the rise. A modern business needs secure & trustworthy digital payment solutions. To address this situation, it is important that your payment gateways integrate the highest security standards. As a vendor, to make your business sustainable, the optimizing the payment process is quite important. If not it will cost you severe loss in the revenue that in turn, will impact the brand image.