With more business being conducted online due to the new normal, payment transactions for everyday necessities have become the new way of life. Yet there still remain many threats to our financial security like data breaches and unauthorised payments when it comes to online transactions. In 2019 alone, £824.8M was lost to fraud in the UK.
What implications does this have for both your business and your clients? You must be using payment security measures that are best practice to avoid credit card fraud, prevent losses and potentially claims against you, to protect your trustworthy reputation, and reduce the number of fraudulent activities in order for your business to not only survive in these COVID online times, but also thrive.
There are several best practices for payment security listed in this article for your business to keep in mind that minimise both fraudulent and mistaken payment, for the protection of you, your clients, and your clients’ customers.
Best Practices for Payment Security
Cardless Payment Transactions
For business owners, accountants, or professionals who manage financial transactions, it’s easy to feel overwhelmed with all the compliance standards needed to secure payments online. Before taking card payments, you’ll need to comply with TSL certificates and PCI standards in order to safeguard the data collected in your system. The former being a data encryption protocol when access to information is involved and the latter being a Payment Card Industry checklist to ensure all data privacy requirements are met.
Sheltering all sensitive information like credit card numbers or billing addresses is a major responsibility. If any fraudster or hacker were to intercept or hack into them, your business is faced with liability - financial and reputational, both of which can have far reaching consequences, not to mention the damage to your clients personally. That’s why best practice today is to utilise cardless payment transaction apps like Ordo to ease the burden of credit card compliance regulations (such as TSL/SSL and PCI DSS) to reduce the risk of intercepted card information, keeping you and your clients safe.
2-Step Authentication System
A great way to eliminate any fraudulent and mistaken payments is by ensuring the system you use includes a 2-step authentication system. You can easily monitor all payments sent or received online with the added protection and security to your finances. With Ordo, every payment transaction has frictionless 2-step authentication built into its process.
Using a system that provides convenience and security for users is a wise decision to make. Say goodbye to unauthorised bank transfers or credit fraud and hello to online security. Having the extra layer of protection right at your fingertips lessens your chances of data breaches and hacking from ever taking place, and from the chance that your client will either mistakenly input the wrong information or be duped themselves by a fraudster and sending your payment awry.
Evaluate Third-Party Providers
It’s not always easy to place your trust in third-party providers who gain access to customer information, as well as processing your transactions. While there are advantages in outsourcing the management and/or holding of payment information and even making payments to third parties – such as minimising liability – choosing a trusted service for your business is crucial to avoid third party fraud and loss.
Whether you’re an accountant who handles cash flow and invoicing, or a client looking for easier ways to send and receive payments – Ordo is an application that doesn’t involve any third party processing. You can easily securely request payments, get paid right away without delay, ensuring payments go to the right person into the right account, direct from your client’s bank account straight to your business account: no third party, no one else holding the funds, no chance the money can get lost, just an immediate, direct and secure bank transfer. After all, a big part of safe-keeping your financial information is having a clear and organised method for managing your finances and everything to do with them.
Payment security does not have to be a hassle
With everyone conducting online transactions for the foreseeable future, it’s never been more important to make sure you’re using the gold standard in payment methods. Credit card fraud and data privacy breaches are a major concern for both customers and businesses alike. With Ordo, you are undoubtedly relieved of the hassle and worry of whether or not your card details are secure online, your financial transactions are authorised and going to land up in the right place, and that your payment is secure. Choose Ordo for best practice in secure payments and finance management for both your clients and your business...to do otherwise is just not worth your reputation.
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Ordo removes hassle & headache from payments, making getting paid easy. Ordo means reduced costs, immediate money transfer, automatically reconciled payments, invoice security, and happy customers. We’re FCA authorised (FRN836070), invested in by Nationwide Building Society, the former Faster Payments leadership team & CGI partners.