Whenever a consumer initiates an online payment transaction, the first thing to cross their mind is how to be sure of the privacy and security the platform offers. A secure payment gateway offered by a business gives its customers increased confidence to transact online. It provides both businesses and customers with an assurance that whatever information is being shared is done so in a safe and secure environment away from the prying eyes of cyber frauds who are always on the lookout for valuable information to steal.
Therefore, your business must have a secure online payments system that not only protects but actively prevents any information from being accessed by anyone not authorized to do so.
Let’s look at a few of the most prominent reasons as to why you must put a secure eCommerce payment system in place!
Safety First
You don’t want your business to have an image of a shady business vulnerable to security threats. Ideally, you should strive to build a business that inspires confidence and trust among your consumers. A secure payments system does precisely that—inspires confidence! When you have a secure system in place, people are more likely to visit and buy from your website or app. So, as we said, the safety of your customers should be your top priority.
Accept Payments with Confidence
When your customers know that they are secure, they are more likely to initiate transactions, which means more money flowing into the business. By allowing you to accept various online payment modes such as UPI, digital wallets, BHIM, credit/debit card, net banking, etc., it gives your customers a wide range of payment options that they can choose from when buying from your website or app. Plus, it empowers them with an increasingly secured payment platform to execute the transactions without any safety hiccup.
Allows you to Expand Your Business
A secure online platform attracts more customers, and you can quickly go from local to global. It expands the reach and scope of your business to a previously untapped audience, as you can sell worldwide. You can expect your business to generate more revenue and follow by inspiring more confidence in people.
Track Payments and Customer Behavior
A customer’s secure personal and financial data is exposed during an online payment transaction. This is valuable information that needs protection from the prying eyes of cyberbullies. Since online transactions allow you to track your customer’s buying and behavior patterns, it becomes even more important to protect that information from being accessed by anyone not authorised to do so.
Buying patterns and online behavior are points, if leaked, that can be wrongfully used by fraudsters to entice your customers into landing on unsolicited pages and fake eCommerce sites, where their banking information can be stolen and exposed your business to lawsuits. Therefore, having a secure eCommerce payments system has become more critical.
Encryption and Tokenisation
Encryption and tokenization are two features that a secure system must offer. It is encrypted and tokenized whenever information is exchanged, meaning it is hidden in a random string of characters that make the information unreadable unless you are authorized to do so, such as by banks and card networks.
In the absence of a secure payments system, there won’t be any encryption or tokenization taking place, leaving out data in the open to be accessed by anyone with the intention of fraud and theft.
Having a secure online payment processing system for your eCommerce site is non-negotiable if you value your business and care about your customer’s right to privacy. In doing so, not only will you increase your brand value, loyalty, following, you will also be building a relationship with your customers that would result in more leads, sales, and revenue for your business.
Remember, people are constantly sharing their experiences with their peers, and any positive or negative experience is bound to be shared by them in their respective groups. So, you need to be on the good side of the story if you want to grow your business and reach for the stars!
