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A Guide To Secure Payment Services

With cybercrime an ever-present issue, it’s more important than ever to only use secure payment services whether you’re buying or selling. For sellers, this means processing customer card details according to PCI data security standards. For buyers, this means taking care to only use secure online payment platforms. Learn more about what this means in our guide below.

PCI compliance for online payments

Business owners in Australia are required to apply the Payment Card Industry Data Security Standards (PCI DSS) when processing customer credit cards. These standards help protect your business data, as well as your customers’ financial details, from phishing, breaches, and theft. For consumers, purchasing goods from PCI-compliant businesses encourages trust with card information. Here’s a quick rundown of the six goals that must be met:

  1. Build and maintain a secure network, including a firewall and secure passwords.

  2. Protect cardholder data using encryption.

  3. Manage vulnerabilities in the network using regular software updates and antivirus technology.

  4. Build and maintain access control standards including unique logins for employees.

  5. Test and monitor networks with tracking procedures and regular security tests.

  6. Create an information security policy addressing all the issues above.

You can learn more and find out if your business is PCI compliant by looking at the PCI Security Standards Council website.

Secure online payment methods

There are numerous online payment methods to choose from, whether you prefer taking credit card details or using a dedicated app.

Credit cards

When it comes to secure payment methods, credit cards are hard to beat. Credit card companies use all the latest online security features including fraud monitoring and encryption to keep customer details safe. American Express, Visa, and Mastercard are global companies enabling online purchases in multiple currencies.

Payment apps

Another option is to use one of the wealth of payment apps out there like Google Pay, Apple Pay, and PayPal to enable secure online payments. These offer security features including facial or fingerprint recognition and multi-factor authentication. Google Pay and Apple Pay both allow shoppers to use stored credit and debit cards for in-app, online, and in-store purchases. With Apple Pay, security is built into the system with Face ID and fingerprint recognition.

Online banking solutions

What if you want to sell to customers who don’t have a PayPal account or credit card? There are additional platforms to service this market. For example, BPAY is an online payment platform developed for the Australian market. It’s linked to the customer’s debit card, checking account, or savings account.

Pay OnLine or POLi works the same way by linking bank accounts to an online payment system. For the convenience of a credit card with the immediacy of an app, ZIP is a popular ‘shop now and pay later’ method gaining traction in Australia. It allows you to make a purchase and pay later without interest.

Tips for secure payments

Here are a few additional tips to keep in mind for secure payments whether you’re a buyer or seller.

  • Make sure you’re using a secure website with ‘https’ at the beginning rather than ‘http’.

  • Use reputable online payment methods like those mentioned above, ensuring they have a dispute resolution process.

  • Don’t ask for or submit banking details via email. Always use secure online payment platforms.

  • When using PayPal, be sure to tick the ‘payment for goods/services’ option rather than ‘friends and family’ to trigger buyer protections.

  • Avoid accessing online payment platforms using public Wi-Fi.

  • Look over your business and personal bank statements to catch unusual financial transactions.

By using secure payment services, you’ll foster a sense of trust between your business and its clients. You’ll also protect your brand’s reputation from the damage caused by a data breach.

We can help

GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.

GoCardless makes it easy to collect recurring payments

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GoCardless Ltd., 10-20 Gwynne St, Cremorne, VIC 3121, Australia

GoCardless (company registration number 07495895) is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, registration number 597190, for the provision of payment services.