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In a world full of digital possibilities, online payment processors act as the ecosystem that facilitates the smooth functioning of a business. COVID-19 has been the hot-pot for all e-commerce to bloom like never before. While the entire digital payment landscape was getting refined, the world also witnessed a rise in fraudulent activities on these payment sites that hampered people's trust in taking their day-to-day payment practices on the online platform. But as we say, there’s a solution to every problem! As technology advances, so do the tactics employed by cybercriminals to defraud merchants and customers. To counter these threats, payment gateways implemented robust security measures to protect sensitive data and ensure compliance with industry standards. In this blog, we will explore the top seven security measures that every payment gateway should have to safeguard transactions and maintain the trust of its users. Essential Payment Security Measures PCI DSS Compliance
In today's digital age, the ease of online transactions is pivotal for businesses to thrive. Selecting the right payment gateway can significantly impact a company's success, influencing customer satisfaction, security, and the overall efficiency of financial transactions. Understanding Payment Gateways Online Payment gateways are the virtual bridges that securely process transactions between customers and merchants. They encrypt sensitive information, such as credit card details, ensuring safe passage between the buyer and the seller. Factors to Consider When Choosing a Payment Gateway Security: The foremost concern is data security. A reliable gateway employs robust encryption protocols to protect sensitive information. Integration and User Experience: The gateway gateway integration should be seamlessly integrate with your website or app, offering a smooth and intuitive payment process for customers. Accepted Payment Methods: Consider the range of payment methods the gate
The phrase “chargeback” has spread widely in today’s digital economy, where transactions take place on international borders and via online payment gateway . A chargeback is a procedure that enables customers to contest a transaction and ask their bank or credit card company for a return. Both businesses and customers may find this procedure to be confusing and frustrating. To properly prepare you, we’ll walk you through each stage of the chargeback process in this blog. Step 1: The Dispute Initiation When a customer discovers an unusual or unauthorised payment on their credit card statement, the chargeback procedure typically gets started. They might not have received the item, had subpar service, or been the victim of fraud. In these situations, the customer files a complaint with their bank or credit card company. The issuer then looks into the claim to see if it is true. Step 2: Issuer Investigation The issuing bank launches its investigation as soon as a dispute is filed. They
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