Secure Payment Processing: Checklist of 6 Key Attributes
The technology for accepting payments from customers has become far more advanced in the last decade. Unfortunately, cyber criminals have kept pace with the changes, modifying their tactics as the devices and processes used by merchants have evolved. Secure payment processing and the protection of customer payment card industry data is, consequently, as challenging as ever. To keep up with fast-changing security needs, merchants must understand the key attributes of data protection.
How to Know Your Payments are Secure
Ensuring that customer credit card payment information is secure is a challenging task, However, it really breaks down into a few key areas. If your payments process has all the attributes listed below, you can be confident that the most advanced security features are in place.
Transport Layer Security (TLS)
TLS is the standard security technology for web-based interactions. It establishes an encrypted data transmission link between a web server and a browser. Credit card data shared using that type of link remains private and cannot be viewed by hackers. Millions of websites use this technology to protect the online transactions of their customers. You know a site is using TLS if it has the padlock icon, the word “Secure,” and a web address that begins with “https:” Not only does TLS technology protect customers’ data during transactions, it gives them the confidence to make the purchase without fear that their information will be compromised, which can help increase your sales.
End-to-End Data Encryption
Protecting customer data at its point of origin and destination is, of course, critically important. However, so is ensuring its safe from cyber criminals while it is in motion. End-to-end encryption (E2EE), like that provided by our CypherPay℠ solution, removes all cardholder data from your environment. CypherPay encrypts cardholder data and banking data at the point of entry, producing a unique public key for each transaction. In this way, we can ensure that your software and technology is never exposed to any unencrypted data.
PCI compliance is critical for software applications that will be used within the payments ecosystem. In fact, the card networks require that merchants be PCI compliant, which means they must use PCI-certified software. Undergoing a PCI audit on your software tends to be a costly experience both in terms of capital and time. Going through an audit for the first time is especially costly. We have developed a composite PCI audit for partners whose offerings are integrated to our data encryption products. As you undergo the audit, we provide actionable insights on how to achieve certification in the actual audit at a fraction of the cost of doing it alone.
Remote key management
Secure encryption of data is relatively easy with the technology available today. All you have to do is generate a key and you can use it to encrypt/decrypt sensitive data. Of course, hackers understand this and do their best to obtain these keys. So now the challenge is safely storing and protecting your keys to prevent unauthorized access. Our CypherCrypt℠ solution helps you meet your unique data encryption needs and satisfy PCI compliance requirements without having to purchase hardware to protect your encryption keys.
Tokenization is a process in which sensitive credit card data is replaced with randomly generated characters, thereby reducing the ability of cyber criminals to use stolen data. Our CypherStore℠ tokenization system uses industry-grade encryption to safely store your customers’ payment credentials. Using our Merchant Portal and Prebuilt SDKs, you can quickly add both credit card data and bank account data to our HSM-backed tokenization platform. We then enable your software to make future payments using a unique value/token.
There are a number of tools that can help protect merchants from fraudulent transactions. For example, in the card-present environment, the use of encrypted, chip-based terminals makes it more difficult for someone to use a card loaded with a stolen credit card number. Products like 3DSecure and SecureCode can add an extra layer of security that makes it nearly impossible for a consumer to chargeback an ecommerce transaction.
You Don’t Have to be a Security Expert to Offer Secure Payments
The important thing to keep in mind about data privacy and payment security is that if it’s an area where you don’t have expertise, there are companies like Base Commerce that do. If your payment process has all the attributes listed above, you are in great shape. If it doesn’t, you can trust the experts to help you make changes. Contact us today to learn more about our offerings and to tell us about your needs.