Showing posts with label payment. Show all posts
Showing posts with label payment. Show all posts

secure online transactions . there is some tips for you and you should follow them well

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secure online transactions . there is some tips for you and you should follow them well

Every now and then, there comes a new report regarding a fresh online security hack being unveiled and while the online world is trying to  move towards complete digitization, the fact that when it comes to optimum online security, there is a long way ahead of us is also true. Moreover, online transactions is one area on which mostly all cyber attacks are focused and while, we as consumers, have made online transactions popular as they make our lives much easier with the diversified options it offers, it is also true that everything in life comes with a risk and with online transactions, it’s bigger than we think.

 The online economy is nothing but billions of dollars being exchanged almost every single day, moreover, online transactions/shopping has resulted in lower prices, unmatched ease of buying as well as incredibly diverse choices for consumers. Being confident due to the millions of transactions taking place, many of us regularly shop and bank online with any second thought. From ordering pizzas to literally buying a house and from transferring money to booking tickets online, these online transactions are the need of the hour which is also looking to practically eliminate the worry of standing in a queue or waiting, to say the least.

 However, as unfortunate as it might sound, online fraud and identity theft sort of come complimentary with the popularity and ease of online transactions, thanks to clever cyber thieves as well as sloppy consumers with precarious Internet shopping habits.

 When it comes to ‘how to secure your online transactions’, while there is no guarantee that you will always be safe from a cyber threat including viruses, hackers, malware and other scams, it’s more of a habitual change that you need. On that note, here we are listing six tips that you can follow to secure your online transactions.

Tips for you and you should follow them well

 1. Choose your password wisely: While choosing a password, strictly follow the given instructions by banks, mutual funds, etc for choosing the same while making an online transaction (keep it complex and change it regularly). Also using anniversaries or names and a date of birth, of people who are close to you is strictly discouraged since all this could easily be guessed. Moreover, neither share a password with an outsider nor communicate it via social media.

 2. Avoid phishing emails: Always Be careful about emails asking about your personal/confidential financial information. The government, SEBI, RBI or even any other regulated entities never ask for password or card numbers.

 3. Beware of public Wi-Fi: Never ever resort to making an online transaction from a cyber cafe or through a public Wi-Fi or a shared system. Always prefer your home computer and also install adequate firewalls and anti-virus software. It’s also a good habit to keep your computers/laptops updated with new security patches and operating systems, always.

 4. Secure Socket Layer (SSL): Always check for Secure Socket Layer (SSL) or https security on the login page of any particular bank’s website. Here, the ‘s’ after the ‘http’ indicates that a particular site is secure. Similarly, look for identity verified-signs as well as SSL security of an online shopping portal in order to protect your debit/credit card number along with your personal information. Also, check for the padlock icon in the browser window.

 5. Autocomplete: Always disable Autocomplete/Password storage in your browser since they have a tendency to keep caches of sites you visit, and on prompting, could offer to save passwords for you. However, if you opt for this, you will have to enter all the passwords and URLs every time to come online, but the inconvenience is worth it as your data will be safe in case of a data theft attempt or if your system gets stolen.

 6. Web browser privacy mode: This is said to be the best tool in order to keep your online transactions safe, moreover, every new browser comes with this feature. This option sets up a separate browser window that deletes all the data on the moment a particular browser window is closed while clearing caches as well as keeping your private data out of public domain.
Stay vigilant, stay safe!!
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Online Payment And How To Accept Payments Online

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Online Payment And How To Accept Payments Online

Online payment refers to money that is exchanged electronically. Typically, this involves use of computer networks, the internet and digital stored value systems. When you collect a payment over the internet, you are accepting an online payment. Online payment usually is the transaction that results in transfer of monetary funds from the customer bank or credit card account to your bank account. The online payment can be done from a credit card, checking account or other clearing house like paypal for example.

Merchants accepting online payments need to comply with a list of security requirements. The online payment specific security is designed to decrease the chance of the billing and personal information being stolen. The transfer needs to occur over secure encrypted connection. In the cases of recurring billing where customer data is stored, the merchant needs to enforce a longer list of security features and protocols that are usually referred to as PCI compliance requirements. Recurring billing systems that employ online payment procedures need to be periodically scanned for security vulnerabilities.

To accept an online payment the merchant needs to have access to an Online Payment Gateway. The online payment gateway is a service provider that is integrated with the credit card and transfers the online payment information between the merchant and the payment processor.

The typical online payment process has the following stages:

  1. Customer submits the payment information to the merchant. For example customer completes the payment form on the merchant website and submits the information.
  2. The merchant submits the payment information to the online payment gateway.
  3. The online payment gateway submits the payment to the payment processor.
  4. The payment processor authorizes the payment and responds to the payment gateway
  5. The payment gateway responds back to the merchant
  6. The merchant responds back to the customer showing if the online payment was successful or not and taking the appropriate action.

An e-commerce online payment system facilitates the acceptance of electronic payment for online transactions. Also known as a sample of Electronic Data Interchange (EDI), e-commerce online payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.

A payment service provider (PSP) offers merchants online services for accepting electronic online payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking. Some PSPs provide services to process other   methods   including cash payments, wallets such as PayPal, prepaid cards or vouchers, and even paper or e-check processing.

An Internet Merchant Account (IMA) allows merchants to accept debit/credit card payments directly to their business bank account, online. Due to the stringent criteria required for an Internet Merchant Account (IMA), many smaller businesses opt for a payment processing company instead.

Using a Payment Gateway, provided by a Payment Service Provider (PSP) offers an alternative for businesses whose card-based-turnover is too low or who fail to meet the criteria for an Internet Merchant Account  (IMA).
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What is a Payment Gateway?

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What is a Payment Gateway?
When processing a credit card transaction, information needs to be sent somewhere to see if the cardholder has sufficient funds to pay for the sale. In a traditional brick and mortar transaction it’s actually the POS (point of sale) machine which takes the cardholder data, formats it and sends it to Visa or MasterCard to see if the customer has sufficient funds. 

In an ecommerce transaction the service takes place online via a payment gateway. The payment gateway receives transaction requests (that are sent online by software like Shopify) and then connects to Visa or MasterCard, and ultimately down the line to the customers card issuing bank to see if they have sufficient funds. If they have enough cash, the transaction is authorized and the funds are transferred from the cardholder into the merchant account. Often, a merchant account and payment gateway are set up in one process through the same company.


What is a Payment Processor? 
When discussing payments, the phrase “payment processor” tends to be used arbitrarily and mostly incorrectly. It's most often used by business owners interchangeably in reference to the merchant account provider, the gateway, or both (especially because the merchant account and gateway are often provided together). In technical terms, this is an incorrect usage of the term. However, it’s used this way so commonly and freely that there is in fact a street/layperson definition and a technical industry definition which is quite different.  


In industry terms, the payment processor is the services that a payment gateway sends transaction requests to. The payment processor then handles the transaction request and sends the authorization and settlement files from Visa and MasterCard and distributes them across the network to the various payment gateways and merchant account providers. The payment processor also handles other aspects of the transaction such as the handling of charge back requests and settlement. In short: Payment processor is a generalized term to refer to a company that processes Visa and MasterCard payments.

 What is the Difference Between a Payment Gateway and Processor? 
As we can see above, the terms are used interchangeably, and for a layperson most often mean the same thing. Example: a processor is a company that facilitates the processing of payments on behalf of a merchant.

 Why do I Need to Apply to get a Merchant Account?
Broken down to it’s most basic core, the reason you must apply and be approved in order to get a merchant account is because they have the potential to lose money every time they process a credit card transaction on behalf of your business.

Visa and MasterCard have a very clear policy that is enforced when a cardholder pays for a good or a service: 
The cardholder is entitled to receive the promised good or service. If such good or service is not delivered then the cardholder is entitled to getting their money back. 
This is one of the basic consumer protection principles that apply to credit card transactions. 
In order to mitigate this risk the credit card processor has a screening / application process. Note that most processors charge an application fee, and only some will refund the application fee in case of a decline. If you're concerned about being declined, ask if your setup fee is refundable. It’s not an unreasonable request and if your chosen processor won’t agree you can find another that will.

 Watch Out for Unrealistic Promises  
When you speak to your prospective processor ask what type of documentation will be required and how long it will take to get approval. There should be concrete answers to this question. In particular, if they are making blanket promises or statements that seem unbelievable like “we approve any type of account”, (especially if you know your product or service is higher risk), you should be highly skeptical.  
This is also a point at which you should make sure you get a copy of your merchant agreement before signing the contract. If it’s seeming entirely too rosy, with no explanation of the process and little mention of supporting paperwork then consider yourself fairly warned: you may not receive what was promised.

How to Get Approved for a Merchant Account

1. Gather Your Financial Statements

Financial statements are the single best tool you can bring to the table in order to leverage the best terms of approval possible.

From time to time I work with clients that do not want to provide financial statements. It’s usually because they are a mid-sized company that is privately owned and they value that privacy. Company financials are sensitive business information. However, from a payment processing perspective this is a significant mistake. More than anything else, most underwriters will want to see financial stability demonstrated so that they know the company will continue successfully operating well into the future. 
On the flip side of this coin I work with startups that don’t have solid a financial history. Being a startup is tough and being in that situation (especially if you have a risky product) makes it hard to get approval. The underwriter knows that if a pile of chargebacks come in the merchant may have difficulty returning the funds to the cardholders. Merchants in a startup position would give anything to have a strong balance sheet because it would make a huge difference in their approval. If a business has worked hard to earn success, it's a poor decision not to leverage this successful history to get the best possible terms of approval. Use your financial statements or be prepared to put up a security reserve. You will want to provide the most recent balance sheet, profit and loss statement, and any notes from the accountant. 
A note on startups:  if you have not yet completed a year end don't fret. If trading volumes are smaller, then approval should be relatively easy to achieve (less money trading through the account means less potential risk). If you operate a startup business that is likely to do strong trading volume out of the gate you will have to leverage the other tips found below to achieve approval. It may also be helpful to work with a processor or agent that specializes in consulting with startups to help through the approval process. Some processors are more startup friendly than others.


2. Consider Your Processing History

Having a strong processing history is another extremely important tool to leverage your application. The more money you trade, and the fewer chargebacks, the stronger case you build. The logic is simple: if you've processed credit cards previously and been successful then why would that change? It wouldn’t. Always supply at least 3 months processing statements whenever available. 6 months is going the extra distance. If you trade high volumes or have a high risk product or service dig up an entire years worth of statements. It may be a bit of extra work but it will be well worth the effort if it reduces or eliminates the need for a security reserve.

Processing statements should always show the following broken down by month:
  • Number of transactions
  • Total transaction volume
  • Number of refunds
  • Total refund volume
  • Number of chargebacks
  • Total chargeback volume
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For Small Business Owners.

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For Small Business Owners.

For Small Business Owners
All small business owners rely on getting paid by their customers on time and in full in order to keep up with the cost of operating the business. When payments come in late on a regular basis, the business can face a financial struggle, which is something no business owner wants to deal with. 

Studies have shown that there is a destructive trickle down effect that takes places, especially in small businesses, when payments are consistently late.
The small business owner can no longer pay themselves a salary.
The business is unable to hire new employees, which adds pressure to existing staff.
Some businesses are unable to invest in the necessary equipment.
Many small businesses stop marketing activities, hurting their ability to attract new customers.
The good news it that there are some actions you can take to help your clients pay you more efficiently. One of those actions is making it easy for clients to submit payment by using an online payment service. Here are seven online payment services that can take the stress out of the payment process in your small business.






Amazon Payments is a small business-friendly option for getting paid online. The service easily integrates into your existing website, and allows customers to pay instantly for a variety of digital goods and services.

It's a streamlined solution from the customer's perspective as well because they can pay you directly simply by using the payment information stored in their Amazon.com accounts.



Apple Pay is an excellent choice for small businesses who use their Apple devices as a POS machine, and those who want to receive instant payment via their device. Transactions through Apple Pay are faster and more secure, since the app uses touch ID confirmation. It's also quicker and easier for customers who are already accustomed to using their iPhone or Apple Watch to make purchases.



Authorize.net is a payment gateway service provider that works with your existing merchant account to accept credit cards and electronic checks through your website.

The service allows you to provide your clients with a professional payment option that doesn't require exiting to a third-party site, lending credibility to your business.


This service streamlines your invoicing and gets you paid faster by integrating directly with QuickBooks. When you sign up for a merchant account, the service allows you to get paid online via credit card from any invoice you generate, whether it is mailed, emailed, faxed or printed.

Your customers can also access their own 24/7 online Customer Account Center, which is a personalized and password-protected Web page where they can view their billing history and pay their invoices.


PayPal is a very popular online payment option that allows small business owners to accept online payments without having a traditional merchant account.

Through PayPal business services, you can accept credit cards online or by phone. You can also generate and track invoices through your PayPal account so you get paid faster.


WePay is a payment processor that provides users with complete control over the experience. This payments system can be fully integrated into the look and feel of your business website, truly making it an extension of your brand. Customization options include checkout forms, confirmation emails, customer support emails, credit card statements and mobile transactions.

WePay also provides on-the-go payment capability with a mobile chip card reader, mobile SDKs and fulfillment service, letting users embed payments into a mobile app for a more complete user experience. 




Google Pay is an online payment service that allows users to send safe, simple, and speedy money transfers from their browser, smartphone, or Gmail account. You can store credit cards, debit cards, loyalty cards, and even gift cards to your account.

When your customers pay your business in a store situation, Google Pay won't share their actual card number, so your customer data stays secure. Google Pay protects all payment info with multiple layers of security, using one of the world’s most advanced security infrastructures to help keep your customers' accounts safe.
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