Is Your Business Secure While Accepting Online Payments?

Payment processing has many complex technological layers and is prone to data security violation. Protect your cardholder's data against online fraud and theft by counting on Payment Asia’s fully integrated solutions.

1. Encrypt the Data You Receive

Make sure your data is encrypted, as unencrypted data is nothing but an invitation to hackers to steal your customer’s payment information. Partner with a reputed payment processor to encrypt your process and payment system on receipt, thus protecting your information from illegal access wherever it is. 

2. Use Address Verification System Protections

Frauds have become an increasing phenomenon in online payments as you cannot see the person whose payment details you are receiving. Address verification system (AVS) data is a defensive solution against data thefts that verifies if the address connected to a payment card matches the billing address of a purchaser.

3. Track and Understand Suspicious Activity

Suspicious activity report will help you identify unusual customer location or any unusual purchasing pattern from a particular customer. Invest in Payment Asia to receive suspicious activity reports to get an early warning regarding any fraud activities. Make sure you review it before you complete the transaction. While there may be good reasons for the activity, there is no harm in following up to prevent any payment fraud.

4. Maintain PCI Compliance

As confirmed by Payment Asia’s Kenneth, PCI compliance guidelines are to be satisfied by payment card industries before merchants can process card payments. Make sure you understand the guidelines and conduct regular tests to ensure you comply with the expectations. Falling out of compliance can risk your payment transactions and also suggest that your security measures are not good enough to protect your customer’s payment details. Stay updated for any patches to keep up with the expectations for your payment processing.

5. Work with a Strong Processing Partner

Investing in the right payment processing partner can help you keep up with the constantly changing rules and newly emerging security threats. It will also give you peace of mind and spare you some time which you can use to do something productive. Your processing partner should be able to meet your requirements with up-front security and be quick to respond to any potential issue.

Payment security is crucial for any eCommerce business. Partner with a payment processing company like Payment Asia that is both efficient and secure and offers high standard payment technology to reduce risks and chargebacks and simplify PCI compliance.

What to Look for in an Online Payment Provider?

Online payment providers play a pivotal role in enabling transactions on your website. Thus, as a business owner, you need to make an informed decision while choosing your payment provider. As mentioned by Payment Asia’s Kenneth, the company offers clients one-stop solutions for a seamless online transaction process while keeping an accurate track of all your business transactions. It’s a secure and adaptable process that can help build trust amongst your customers and increase your sales in the process. Read on to know about the factors that you should look for in an ideal payment provider.

Look for the ideal payment flow

Before you associate with a payment provider for your website, it is essential to consider their mode of the payment flow. Payment Asia offers a two-fold payment solution that includes an integrated form of payment along with redirection for the transactions. Its integrated form of payment allows information to be passed through a secure API mode. The integration process usually requires additional programming in order to secure the channels transmitting the information. The redirection solution redirects the customer to a secure page for payment or entering information. However, some gateways also enable customers to add information in an iFrame as well in order to ensure safety.

Look for safety and compliance

If your payment gateway is not secured then you’re likely to lose several trusted customers. Thus, Payment Asia offers payment solutions that are certified to follow security standards like PCI-DSS. This security standard is mandated by card brands however, the standard is mandated by Payment Card Industry Security Standards Councils. This payment gateway uses digital signatures in order to ensure premium security. The information collected through these transactions is saved with the gateway and can be accessed by them alone. The code keys used to secure data renders the information inaccessible to third parties.

Look out for exceptional features

While some features are common for every payment provider, Payment Asia offers a number of features that don’t just secure your business but also help it grow. It allows multiple payment solutions including credit and debit card payments and allows transactions through a variety of currencies including cryptocurrency. Thus, it enables your business to explore and grow in the global market without worrying about the hassle of accepting different currencies. It also offers an easy integration process that does not botch up your business website and cause any glitches in transactions.

Ways to Secure Your Business from Online Payment Fraud

While online businesses are mushrooming day by day, it also is a fact that a lot of them fall prey to online payment fraud, hacking, and phishing. A very secure payment portal that protects the confidential data of the merchant and the customer is therefore essential for the success of your business. Most customers are wary of payment portals that redirect you elsewhere or take time.  They would rather deal with a website where payment is instant. Payment Asia has a team of experts whose mission it is to improve and integrate the different payment solutions almost on a daily basis.

Common Fraudulent Attempts

The most common type of online fraud is account takeover wherein customer accounts with ecommerce stores are hacked into by fraudulently getting usernames and passwords or by using bots. Sometimes hackers get into databases and steal personal information and uses it to make purchases.  It is to prevent such types of fraud that payment solutions providers have to be Payment Card Industry –Data Security Standard Level 1 compliant. This is not an option and has to be strictly adhered to. Payment Asia will help you to comply with this for the protection of your customers.

Look For Red Flags

Through its innovative transaction and reporting, Payment Asia ensures that you are able to monitor transactions and reconcile bank accounts easily. You can thus look for red flags such as a different physical location of your client or inconsistent billing and shipping information. You can also track customer IP addresses and alert them if they are found to be operating from countries known for fraudster activity. Setting limits to the amount of purchases per day can also ensure minimum losses in the event of a hacking episode.

Efficient Support System

As mentioned by Payment Asia’s Kenneth, merchants who use their services also enjoy the support of a 24x7 customer service hotline. The customer service support also helps with fraud monitoring.  They help with AVS or Address Verification System wherein the numeric parts of the billing address on the credit card is compared to the address on file in the credit card company. Customers are also encouraged to use an eight-character alphanumeric password that should also contain one capital letter and one special character to make it difficult for sophisticated hackers to crack it. Payment Asia has a comprehensive technical set-up that ensures they are constantly updating their software with security patches and business-grade anti-malware and anti-spyware software. This ensures you are protected from attacks and are not vulnerable due to outdated software.

Transactions Made Easy Through Mobile Payment Solutions

Technological advancements in the field of finance have resulted in a deluge of digital apps that seek to make financial transactions easier and seamless. With customers looking for easier modes to make financial transactions, digital payment solutions have become the preferred mode of payment for many. Mobile payments are the latest form of digital payments. Companies like Payment Asia are joining in on the action and launching mobile payment apps that enable such transactions.

What Are Mobile Payment Solutions?

Mobile payment solutions have caught on in a big way over the last few years. This payment method is extremely popular as it brings together mobile devices, which almost everyone has, and the need for easy, quick, and secure financial transactions. Simply put, mobile payments are fund transfers or payments made using digital applications on mobile devices like smartphones or tablets. This payment can be used to transfer funds to friends and family, as well as to make payments for purchases online and offline. Payment Asia enables this through its dedicated mobile payment solutions app - PA Pay App.

How Does It Work?

To enable mobile payments, users must download the mobile payment digital app on their smartphone and link their bank accounts to the app. By linking the bank account to the app, the user is effectively authorizing the bank to allow payments made through the mobile payment app. Payments can be made by scanning a QR Code on the app or by entering the phone number of the merchant. The QR Code may be scanned digitally or physically in-store. Many mobile payment service providers use NFC technology to allow the user to simply tap their phone against a payment terminal and complete the transaction.

Most mobile payment service providers like Payment Asia provide digital wallet services to the user. The user may preload an amount of money into the wallet and make payments from the wallet. Alternatively, the transaction can be made from the credit or debit card linked to the app.

Contactless Transactions

Mobile devices are no longer used only for communication but have turned into personal digital assistants designed to assist humans with a whole lot of functions. Mobile devices have become so universal that almost everyone carries one. Mobile payment solutions eliminate the need to carry either a physical wallet or debit or credit cards by using a mobile device to make the transaction. They are completely contactless in nature.

Safer& Secure Payment Solution

As mentioned by Payment Asia’s Kenneth, mobile payment apps offer an additional layer of security and privacy to users as compared to credit or debit card payments. Since payment information is encrypted during the transaction, so mobile payments are considered a safer alternative to payments made with debit or credit cards. These apps use Touch ID in the form of fingerprints or PIN to verify the identity of the user and counter any chances of fraud. Merchants need not verify the identity of the person making the transaction as the mobile payment solution service provider does it for them. Further, individual security codes are generated for each transaction.

Additional Benefits

Mobile payment solution service providers such as Payment Asia offer additional benefits like support for multiple mobile payment apps. Mobile payment solutions offer a lot of privacy as the user does not need to open a wallet which can accidentally display the contents to people standing nearby. Thus, mobile payments offer an additional level of personal privacy.

For more details on how you can integrate mobile solutions into your e-commerce business, contact Payment Asia.

Things to Look Out for in a Payment Gateway

Setting up your e-commerce business can be quite a difficult task. It is very important for you to choose the right payment gateway for this task. A gateway partner is one who would be able to help you enable the entire payment process. There are a lot of payment gateway solutions that you could choose from such as Payment Asia and many more. Here are the most important factors to look for in a payment gateway before you make that leap.

Payment Integration Capabilities and Compatibility

Technology is evolving and new payment methods may come up in the future. Choose a payment gateway solution provider that is flexible and able to adapt to any changes that may arise. Customers love to be able to choose and a good payment gateway solution provider such as Payment Asia and its peers provide multiple options of payments to the customer. Providing a personal checkout experience to the chances increases the conversion rates at checkout. A payment gateway should be compatible with other technologies which in turn help maximize their user bases.

Security Features

One of the most important features that any payment method should have is security. It is very common to have fraudulent activities especially when customers make an online payment. Most payment gateways solutions like Payment Asia are able to identify suspicious activity before it gets into the payment process. A secure payment gateway usually features a P2PE (point-to-point encryption) that protects the data across a secure environment during each step of the transaction and thwart any threats or breaches in the system.

Reporting Features

Once your business is set up and fully running, you might want to review the transactions, chargebacks, or analyze any extra charges that may have been incurred while using the gateway. Hence it is important to find a gateway that provides you with thorough reporting features. Each gateway has its own style and format for reporting and hence it is best to try them out before settling for a particular gateway.

Pricing and the Provider Fees

Another important thing to look out for the payment providers is the pricing structure, especially if your business has a strict budget. Sometimes, the more you pay the better features you get. While some may have zero setup costs, they may have a higher fee on the chargebacks. Some others may offer a flat monthly fee. Although you may see attractive looking discounts and offers advertised by some payment gateway, there is almost always a catch to it. Be it Payment Asia or any other payment gateway provider you choose, the key is to look for one that offers a transparent fee structure so that you are not in for a shock afterward.

Invoicing Capabilities

A payment gateway with built-in invoicing capabilities would help you streamline your payment process and also reduce your dependence on other platforms. This makes it a lot easier for you to raise instant invoices for your customers.

As mentioned by Payment Asia’s Kenneth, the company helps merchants stay compliant with demanding standards and is also able to integrate new payment methods to meet customer demands. It is an important and central part of e-commerce and hence it is important that you choose only the best for your business.   

Topnotch Technical Support Given by Payment Asia

Payment Asia strives to ensure that merchants receive the best payment solution that caters to their needs and their budgetary limitations. The experts at Payment Asia work hard towards ensuring that customers have the best payment experience when they use the merchant’s payment portals. Some of the key features of the technical support offered by Payment Asia include single integration, rich API, reporting systems, customized solutions, and PCI DSS Level 1 compliance.

What is a single integration?

 Single integration, in simple terms, refers to ensuring that the various payment channels offered have one point of control. All of the various modes of payment offered are integrated into one system so that control is easy and transactions can be made without any hassle. This also means that merchants may add payment channels and not have to make changes in the code.

What is API?

An API or an Application Programming Interface can be understood to be a platform where different software interacts. The experts at Payment Asia offer a rich API so that merchants have to do the least amount of work to see the transaction through. The interface is so designed as to bring about an effective interaction between the various intermediaries involved in a payment transaction. This helps automate the transaction and avoid human interference making it secure and transparent.

A reporting system like no other

Payment Asia reviews speak highly of the invoicing system in the payment solutions offered. This ensures that every transaction is recorded and accounted for. The transaction history can be analyzed in order to prepare reports on sales and consumption. The experts at Payment Asia have gone a step further and provided for accessing the transaction history in Excel in order to facilitate easy reporting and analysis.

Customized solutions for every merchant

Merchants have heaped praises in Payment Asia reviews for the manner in which the experts at Payment Asia provide solutions that are tailor-cut to suit their specific needs. Each payment solution depends upon numerous factors like the customer base, the vision for the business, the budget available, the cost of implementation, etc. All of this is given due consideration by Payment Asia experts when designing payment solutions for merchants.

PCI DSS Level 1 Compliance

As the name suggests, this refers to a set of standards that must be complied with in order to ensure that the sensitive information entered by the customers are secure as they are stored, transmitted and processed. This level of compliance is the highest standard there is when it comes to credit card transactions. At Payment Asia, no stone is left unturned in ensuring the safety of the customer and merchant data.

How to Understand Payment Flow

Payment flow refers to all of the steps involved in the execution of a monetary transaction. The key players in a payment flow are the customers, merchants, the payment service providers, and the banks. A payment flow can be broken down into 4 simple steps namely initiation of a transaction, acquiring of information, verification of information entered, and completion of a transaction.

In the first step, the key players are the customer and the merchant. The key players in the second step include the merchant website and the payment service provider. The payment service provider and the banks involved are the key players in the third step and the transaction is completed right where it began, between the customer and the merchant. Payment Asia reviews record the help merchants receive from Payment Asia in securing payment flow.

Initiation of transaction

Every transaction is initiated by the customer upon choosing the “pay” option on the merchant’s website. This sets in motion the payment flow. As in an offline purchase, the first step is to go through all of the products offered by the merchant and to arrive upon the desired product. The product(s) are loaded onto the shopping cart and taken to the cashier to make payments.

Similarly, every product that the customer desires to purchase from the merchant’s website is added to a cart following which the customer proceeds to check out, thereby kick-starting the second step of the payment flow.

Acquiring information

Once the customer proceeds to check out of the merchant’s e-store with the desired products, the merchant collects information relevant to the payment and conveys them to the payment service providers. Conversely, some merchants opt for payment channels wherein right after check out, the customer is redirected to the payment service provider who collects the information and conveys it directly to the banks.

The experts at Payment Asia help merchants choose the payment channel that best suits their needs and requirements and budgetary limits. This is often mentioned in Payment Asia reviews.

Verification of information

This is the decisive step in every payment flow. It determines the outcome of the transaction. The information regarding the cost of the entire purchase is conveyed to the bank whose details are acquired from the customer.

The bank verifies if such a transaction can be made and relays the information to the payment service provider who in turn informs the customer via the merchant’s website. The information from the bank post-verification of the details acquired from the customer kick-starts the final step in a payment flow.

Completion of transaction

The Payment flow is completed when the information conveyed by the bank post-verification reaches the customers. If the bank responds in the affirmative, the amount due is deducted from the customer’s account and deposited in the merchant’s account and this information is conveyed to the customer indicating a successful transaction. If the bank responds in the negative, the transaction fails and the customer is informed of the same. This could be due to insufficient funds or entering incorrect details.