Are businesses responsible for secure payments?

The rise of E-commerce has resulted in a wave of online hacking attacks. Theft and fraud that can have a devastating impact on the continuity of small businesses is the result. All enterprises are responsible for offering a secure payment system for customers but many SMEs still fail to recognize the cyber security risks involved and other important factors such as compliance, rules and setting up gateways.

Invoice templates

There are various digital tools available that can help enterprises to make secure payments using online invoice templates. Software firms such as Invoice Home have passed the latest PCI compliance data security that ensures that all data communication is encrypted. This encryption is important in the digital age as it adds a security layer and means client and customer data is not in danger of being exposed. These vendors also offer authorized payment gateways such as Stripe, and PayPal, which is yet another step in protecting the end user. It is easy to see the value invoicing services offer in a high-risk digital landscape.

Every business from SMEs to large corporations is in danger of being attacked and the risk is rising due to the emergence of smartphone culture at work. This is enabling employees to access important information at any time on any device. There are a few safeguards firms can take to mitigate these risks, such as changing default account names and passwords when installing new computer hardware and software. It is also important to update computer operating systems regularly and use encryption software to protect paying customers during transactions. Outsourcing payment processing to a company can help to ensure compliance.

PCI security standards

Cyber attacks targeting small businesses are increasing, so establishing a data security strategy is important, especially for any payments. Breaches often occur when employees do not adhere to security protocols when they download files online, view sensitive information or complete financial transactions. Every enterprise that stores, transmits and processes payment information must now comply with PCI DSS (Payment Card Industry Security Standards) in order to protect the consumer and reduce the risks of online fraud. For this reason, it is important to establish a cost effective PCI compliant solution.

If a company decides to self-manage any part of the payment process, they must ensure their staff are all PCI DSS trained and that any device, such as computers, servers, mobile devices and the cloud that comes into contact with a consumer’s personal info and card details also comply with PCI regulations. It is also recommended that quarterly vulnerability scans are completed as part of a proactive cyber security strategy and software is installed to guard against attacks. In addition, enterprises must not write down any credit card details on paper and store them or collect any other sensitive authentication data and numbers relating to credit and debit cards.

Payment fraud must be taken seriously by all enterprises, a recent study by OnePoll showed that 86% of consumers would boycott a business if they suffered a security breach involving financial details so taking the appropriate precautions and establishing a robust payment system is vital.


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