Understanding A Secure Payment System!
Updated: Nov 13
Online payment services are now a cornerstone for a successful business. However, since you are not physically inside the shop to pay in person, and the need for secure payment processing is a critical aspect of payment service networks because of this reason. A secure payment system or SPS is a type of payment processing and information service that offers users online security.
Its a payment processing service that protects the user’s financial and personal data from fraud and unauthorized access. Data security is the essential factor for this type of payment processing, as billions of dollars go through secure payment systems every year.
As more and more people use a credit card, debit card, or online and mobile apps over cash, its importance will only rise.
We here at the Zed Network work with FX firms, Fintech, and MTOs and provide them with a comprehensive payment orchestration platform that not only ensures secure payment processing but a complete payment service network with all the payment gateway integrations required. Due to our specialty, we have in-depth insight into secure payment processing systems, and we thought we should let you know about them to helo you understand how they can help you. So without further delay, let’s begin!
How To Know If A Payment Is Secured?
Payment gateways ensure the user information is secured by using encryption technology. You can find out more about the technology used in the payment gateway integration by right-clicking on the site’s payment page and selecting “properties” and then “details.” You will then see a list of the type of encryption security the site has. SSL is widely considered to be the best, so if you see that, then you are in good hands. More on SSLs in the following passages.
What’s The Most Secured Payment Method?
If you are looking for the best security options, then you will find them for financial institutes dealing with billions of dollars daily. However, for the general public, the market leader in payment gateways, PayPal leads in secure payment processing. It’s a highly dependable platform with safe checkout capabilities from millions of websites where your card information and account details are never stored.
Difference Between Payment Gateway and Payment Processing
Payment processing is the way transactions are carried out. It includes things like card readers and point of sale systems that communicate the financial information between a merchant and the customer’s bank account. Every business owner needs to know how to accept credit card payments for successful card processing if they want to operate. On the other hand, payment gateways are services and tools used to communicate the transaction’s status. For example, it helps track whether or not payment has been approved.
Difference Between TLS & SSL
TLS and SSL are cryptographic protocols that ensure a payment gateway is secured. These are there to ensure that information passing between two systems is fully protected from outside threats and security breaches. According to Zed Founder and entrepreneur Alan Safahi, digital communication is vital for secure payment systems, and TLS and SSL both offer that. So let’s talk about the two methods a little bit more.
In the modern world, SSL has become the standard for online security. For secured payment systems, it’s the critical aspect and is considered standard technology for safeguarding online information. SSL stands for Secure Socket Layer, and it works as a layer of encryption that guarantees the security of information passing between two systems.
If you want something that offers more than SSL, then TLS is what you need. Known as the Transport Layer Security, and in many instances, you find companies are referring to SSL when they actually mean to refer to TLS technology.
Benefits Of Having A Secured Payment System
For any payment processing service or payment gateway to ensure security having SSL and TLS encryption is a must. They’ve set the gold standard in protecting sensitive user data like personal information and bank details. Simply by having an SSL certificate, your customers will start to trust you as it assures uses that your online site and payment services are safe to interact with.
So if you want to protect your customers and show them that your services are safe to use, then make sure you get your SSL or TLS certificate. Online shoppers are savvy enough to know what an SSL certificate means, and they don’t usually buy from businesses that don’t have it. So you could be losing business and putting your entire operation in jeopardy.
According to Safahi, the PCI is a security council that helps training and certification and ensures your enterprises keep up to date with secure payment services and data security. Independent Agency certificates cannot be falsified, and councils like this are great places to use and understand SSL encryptions. One of the most important factors when it comes to secured payment systems every business must meet the Payment Card Industry Data Security Standard (PCI DSS) compliance. It has security guidelines your business must follow to ensure the protected coverage of your customers’ financial information while being processed, stored, and transmitted.
Work With Payment Processors That Ensure Security
So there you go. These are some of the things that you needed to know about secure payment systems within payment gateway networks. Whenever you choose your online payment orchestration and processing service, check for secure payment processing. Now, if you want the highest grade security for your payment integration, then contact us. We here at Zed specialize in creating custom payment orchestration layers with a guaranteed secure payment system. If you have any more questions regarding payment processing or secured payment systems, then please contact us. You can drop the questions in the comments below or hit us up on our socials, and we will answer your questions. And with that being said, that’s about all we have for you today. We will come back with something new for you soon. Until then, see ya!