Safest Online Payment Methods for eCommerce Merchants

eCommerce merchants are continually faced with keeping their customers and their transactions safe online. One way to do that is to utilize the safest payment options available that offer a unique mix of ease and safety features. These features include encryption, fraud safeguards, and two-step verification.

Payment methods that balance the simplicity of shopping online while protecting customers and businesses are the top picks among merchants. In addition to these payment methods, eCommerce merchants can layer in hidden encryption, tokenization, being PCI compliant, and regular safety checks to enhance the health of the business.

Safest Online Payment Methods

Digital wallets, like Apple Pay and Google Pay, are a preferred method among Americans today. One reason that wallets are so safe is that they utilize tokenization. Tokenization offers improved security by essentially taking all the sensitive card information and replacing it with a one-time use “token” which is what is provided during the transaction. Even if a fraudster tries to intercept this payment, they will not be able to as it doesn’t contain personal information and the token expires quickly.

Credit and debit cards are extremely popular tools that consumers use to pay for goods. Credit cards offer features like encryption and fraud protection to help keep personal information secure and credit cards are protected by federal law and can only be liable for up to $50 on fraudulent charges. In addition, many credit card issuers are allowing shoppers to request randomly generated virtual cards that are merchant-specific, and consumers can lock, unlock, or delete as they wish.

ACH, aka Automated Clearing House, is a federally regulated electronic network that facilitates money transfers from one bank to another. All U.S. banks can use ACH, and all that is needed to transfer payment this way is a bank account and routing number. ACH payments are secure because they go through clearinghouses that enforce strict regulations, and ACH typically offers lower fees because it’s all digital and eliminates many of the processing fees associated with cards or checks.

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