Online payment security is a notable challenge for small business owners, particularly because they frequently lack the necessary competencies and knowledge to ensure the safety of transactions. In the current case, the owner’s concerns are understandable since fraud and privacy breach are common obstacles. However, it is possible to allay these fears by adhering to contemporary safety standards and payment card industry (PCI) compliance. The former means the integration of essential technologies, such as encryption, secure socket layer (SSL), secure hypertext transfer protocol (S-HTTP), and secure electronic transaction (SET) (Hu, 2022). These instruments provide a set of safety measures by concealing data about online transactions and installing security protocols on the website (Hu, 2022). While it might sound intimidating and complex to a new business owner, a competent specialist can ensure the safety of these processes and establish a protected payment framework.
The second step to allay fears of cyberattacks and breaches is to adhere to contemporary PCI compliance standards. These regulations are formulated by the most relevant brands in the industry, such as MasterCard and Visa, to ensure the safety of online transactions (“PCI compliance,” 2022). There are four primary levels of compliance, depending on the number of annual payments, and business owners can select the appropriate protocol (“PCI compliance,” 2022). As a result, a collaboration with PCI can help entrepreneurs mitigate cyber challenges and avoid any legal problems since PCI compliance is required for most businesses (“PCI compliance,” 2022). In turn, if the company ensures PCI compliance, it will prevent most risks to the safety of online transactions. Following these two general guidelines, business owners can guarantee the security of payments and attract new customers.
References
Hu, J. (2022). How to ensure online payment security – For small business teams. Privacy. Web.
PCI compliance guide for small businesses: A quick guide. (2022). SecureFrame. Web.