1.) Make Use of Encryption

In order to protect the monetary transactions occurring on your site, you at least need to have an SSL certificate with no less than 128-bit encryption.  This security tool can be installed and managed by a third-party vendor such as VeriSign or you can choose to handle the configuration yourself.  What SSL does is scramble the data being sent over the internet in a code that is unreadable to hackers.  Thus, when sales on your website are made, the financial details of your customers is encrypted, securely transmitted and then decrypted by your payment processor.  By placing an SSL certificate seal on your website, you can calm the nerves of consumers and encourage them to shop your store in confidence.

2.) Check Your Buyers

Although you don’t want to look as if you are suspicious of everyone, the prevalence of credit card payments increases the probability of a customer using someone’s financial information without their knowledge or approval.  To minimize situations like this, you should check the identity of your customers.  This can be done by not only obtaining their name and credit card number, but also their home address, telephone numbers and the security code located on the back of the actual credit card.  By doing so, you can better assure that the financial details submitted actually belong to the individual making the purchase.  If the card comes back as stolen, you could end up playing a role in helping authorities track down the criminal.

3.) Research Your Merchant

To ensure that financial information will not be stolen following the transaction, it is imperative that you run a thorough check of the merchant account provider processing your credit card payments.  You can start by reading reviews to learn if they have a history of fraud or security issues.  Don’t hesitate to speak to the company directly about the security measures they employ and most importantly, to make sure you are completely confident in their services.  If you have any doubts about the provider, follow your instinct and move on to the next option.

Security is a hot topic in seemingly every industry these days.  If you are using the internet as a medium for your business, these certainly are not times when you can just sit back and simply hope for the best.  Hackers and their attacking mechanisms grow more advanced everyday, so it is critical that you take the appropriate actions to keep both you and your customers out of harm’s way.

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What is SSL?

Secure Sockets Layer or SSL, was introduced in 1994 and has been declared as the standard for securing E-commerce transactions.  SSL is a protocol that encrypts credit card numbers and other sensitive information by scrambling the data so it can not be accessed by eavesdroppers.  More than likely, you have visited a few sites protected with SSL encryption as it is typically indicated by a URL that starts with HTTPS opposed to HTTP and a padlock icon located on the top or bottom of the web page.  SSL works with a browser such as Firefox, encrypting the online transaction with 40-bit or 128-bit algorithms.  However, a browser can’t fully secure these transactions on its own so you must do your part as a business owner.

SSL Certificates

As the administrator of an E-commerce site, one of the most powerful security tools in your arsenal is an SSL certificate.  This mechanism lies on a secure server with the sole purpose of encrypting data and identifying you as the owner of a legitimate website.  The SSL certificate will tell potential customers who the certificate holder is along with the name of the CA (Certificate Authority) and the country it was issued in.

SSL certificates generally come with 40-bit or 128-bit encryption schemes.  Because the 40-bit variation has been proven as vulnerable, you should certainly invest all of your efforts in a 128-bit certificate.  While there are many ways to go about obtaining this level of encryption, VeriSign, a leading SSL certificate provider, reports that one needs a server-grade cryptography certificate in order to enjoy full 128-bit protection.

There are essentially two ways to get a valid SSL certificate: purchase one from a legitimate Certificate Authority or self-sign it yourself.  Though self-signing saves you the time and money of using a reputable vendor, it actually defeats the purpose of having such a mechanism in the first place.  While the data may be actually encrypted, a self-signed SSL certificate could also trigger a warning in the consumer’s browser, indicating that it isn’t recognized as legitimate.

Even though some people feel comfortable on certain sites and proceed anyway, several more click away as fast as they can.

It’s no secret that a website that establishes trust and security is more likely to profit than one that doesn’t.  Recent studies conducted by Verisign reveal that easily identifiable SSL certificates have a direct impact on increased internet sales.  The research found that fewer shopping carts are abandoned when consumers feel more comfortable with certificates that appear to be in good standings.

The internet is all about anonymity and if you can’t prove who you say you are, it will be hard to establish trust with your visitors.  With SSL encryption you can ensure integrity and the security of your online transactions.  As scams and other exploits are a common thing, SSL has become a tool you simply can’t do without.

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