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What Are The Safe Payment Methods When Selling Online

What Are The Safe Payment Methods When Selling Online

Convenient, accessible online payment methods shifted global shopping trends. Statistics show that the number of digital buyers worldwide has nearly doubled in the past five years. Unfortunately, online payments also come with several risks. Reports indicate that 30% of all identity theft complaints in 2020 stemmed from compromised credit card information.

As an online merchant, you can protect your shop from cyberattacks by choosing secure, reliable payment methods, including credit cards, ACH payments, and payment apps. All these options enforce stringent security methods. Merchants and shoppers can ask their respective providers to oversee sensitive cases involving stolen information, fraud, or chargebacks.

Choosing Between Online Payment Methods

Check out the brief comparison review below to get an idea of the security that online payment methods have:

  • Credit Cards: Credit cards rank among the most secure online payment methods. They utilize fraud monitoring systems, personally identifiable information (PII) encryption technology, and even liability coverages for end-to-end security.
  • ACH Payments: An Automated Clearing House (ACH) serves as the most secure way to transfer funds from one bank account to another.
  • Payment Apps: Applications like Venmo, PayPal, Google Pay, and Apple Pay feature extensive security measures. Users typically have the choice to set up multi-factor authentication procedures.
  • Debit Cards: While debit cards are convenient, they offer minimal security. Banking institutions do not protect debit card transactions from fraud, and cardholders can only claim up to $50 worth of losses.

Prevention is better than cure. While well-funded companies and businesses can bounce back from a cyberattack, you would do well to avoid these cases in the first place. 

Never skimp on cybersecurity. Ensure that your payment methods stay secure throughout the checkout process. Reputable institutions typically charge more for payment processing services, but these extra fees don’t compare to the hundreds of thousands of dollars you might lose from a data breach.

Do you have doubts about the security of mobile transactions? Let Processing Card shed light on the issue! Check out our brief piece on mitigating the risks involved with digital payments.

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