Which Safety Features Make a Payment Gateway Secure?

The globalization of various business ventures through internet connectivity has caused a consequential in-surge of payment gateway providers in the online marketplace to streamline web-based transactions between customers and gateways as well as between payment gateways and merchants. Like all online transactions, payment gateways are constantly plagued by unrelenting cyber criminals, necessitating the establishment and enactment of foolproof security measures to safeguard online payments.

In a bid to combat online fraud, dependable payment gateways feature a host of security service inclusions. In this article we’ll outline 7 of the most commonplace but trustworthy transaction security packages for payment gateway companies.

1. PCI-DSS Compliance

Payment Card Industry Data Security Standard (PCI-DSS) certification features a set of comprehensive provisions to enhance data integrity in online payment transactions. Irrefutably dependable payment gateways adopt PCI-DSS integration to safeguard sensitive payment specifics from illegal access. In addition, PCI-DSS’s stringent requirements regarding private payment data’s storage, processing and transmission enables payment gateways to guarantee the authenticity and integrity of web-based payment data.

1. Comprehensive Data Encryption

Reliable data encryption enables payment gateways, merchants and customers to transact payments in secure sessions. When carefully encrypted, private transaction details can be safely sent via online public channels without fear of unauthorized interpretation. The most reliable payment gateways use TLS or Secure Sockets Layer (SSL), secure network protocols that provide server authentication, message integrity and data encryption for web-based transactions. This integration requires a digital certificate, further assuring users of the payment gateway’s validity and reliability.

In addition, reputable payment gateways like PayUmoney incorporate VeriSign’s 128-bit data encryption, one of the most secure data encryption services for financial entities. Furthermore, data field encryption, an end-to-end encryption protocol enables a payment gateway to maintain payment data integrity during transmission between the acquiring banks and payment gateways.

1. VeriSign Secured

Dependable payment gateways have VeriSign certification, one of the leading global net banking authorization agencies. This certification ensures that the payment gateway services ranging from online search to sign-in and browse-to-buy are exceptionally shielded from unauthorized access.

1. Requirement for Strong User Passwords

To complement online merchants’ and retailers’ responsibility to safeguard personal payment transaction data, secure payment gateways require all players (merchants and customers) to set strong personal authorization codes for their payment gateway services’ access. This requirement provides for setting up of a minimum number and combination of characters and symbols, therefore goes a long way protecting sensitive transaction details from unauthorized access.

1. Card and Address Verification

To minimize online fraud, payment gateway companies integrate Address Verification Systems (AVS) and Card Verification Value (CVV) requirements for debit and credit card payments. This measure allows payment gateways, merchants and customers to verify the validity of each trade partner, thus fosters a more personalized, secure and trustworthy web-based payment transaction channel.

1. Purging Overdue Payment Transaction Data

Sensitive transaction data like credit card details, Card Verification Value (CVV) code specifics and expiry dates should be safely discarded after successful settlement of payment transactions. The longer you keep them, the higher the risk of illegal access. It’s therefore safer to delete such details as soon as a transaction is completed.

Besides, PCI standards expressly preclude overdue storage of personal transaction data to minimize chances of illegal viewing. The only instance demanding extrapolated storage of sensitive payment transaction data is possibility of refunds or chargebacks in a transaction.

1. Updated Payment Gateway System Patches

Web designers and app developers provide frequent solutions to identified security and operation loopholes through bug fixes, updates and patches. Similarly, reliable payment gateway providers adopt and integrate the latest software updates and bug fixes to grant their customers continued convenience and safety in online payments.

The list of security measures discussed in this post is far from exhaustive. However, this post has hopefully steered you in the right direction toward the most effective online payment security improvement approaches employed by payment gateway companies across the globe.

Akash Sharma is a online business adviser with an experience of more than 6 years. He has worked for topmost online business organisation in India and has been a visiting faculty at many reputed organisations of India.