Payment Gateway Service Provider
The eCommerce industry is evolving to enhance the customer experience through technological advancement. Subsequently, all age groups of people are going crazy day by day in making online purchases. In this business model, the payment transaction plays a vital role that ultimately meets the expectation of merchants to continue their business online. Also, it ensures customers make online payments safe and secure.
The payment gateway service provider takes care of payment transactions through a strong and secured connection. It ensures the payment verification, acceptance, and rejection on behalf of a merchant and completes the transactions successfully. In addition, it protects merchants from closed accounts, insufficient funds, expired cards, etc. The merchant need not worry about the payment process as the payment gateway takes care of fraud or credit risk whenever a purchase occurs. This gives space for the merchants to focus on their business expansion.
How Does a Payment Gateway Ensure Security?
The best payment gateways in India always adopt the best security methods to ensure safe and secure online transactions. Following are some of the techniques used by the different payment gateways to ensure the security of transactions:
- Data Encryption Technology
Payment gateways have a strong data encryption process in place to safeguard a transaction. This process encodes the sensitive information, which converts original data into a new form of text that is recognized only by the authorized parties. The card details entered by the customers are encrypted through a public key, and the same information is decrypted only by the payment gateway’s private key.
In this way, customers’ sensitive data cannot be accessed by unauthorized parties such as third-party hackers during the payment transmission from the gateway to the acquiring bank.
- Secure Socket Layer (SSL)
The best payment gateways in India follow safety regulations as it believes that safety is crucial for its business. It uses the SSL certificate to authenticate its business identity for digital transactions. This is to ensure that the service provider protects customers’ sensitive information.
The SSL security layer has a private and a public key that works in tandem to establish an encrypted connection between the server and the web browser. This allows the safe transfer of private data over public channels. This protocol ensures the transfer of data and money between different parties is safe and secure.
- Secure Electronic Transaction (SET) Protocol
The payment gateways such as Zaakpay use SET security protocol. This protocol is developed for Visa and Mastercard payments done online. It ensures the safety and security of online payments without any issues.
It uses digital signatures to collect customers’ credit card details, which are accessible by the payment gateways only. The protocol uses public-key certificates and trusted digital signatures to ensure the highest level of security that helps for the real-time payment process.
It secures the transmission of customers’ card details but masks the card information, which prevents merchants from accessing a customer’s sensitive information.
Tokenization is the process of concealing sensitive information. The token is a unique code combination of card, token requestor, and identified device.
As per the RBI rule that is effective after December 31, 2021, a payment gateway can offer checkouts via saved cards only if they tokenize their users’ card details. This helps the online businesses that rely on saved card features for faster checkouts.
This process is secured as the actual card details are not shared with the merchant during the transaction process. As sensitive card data cannot be saved on merchant networks, it protects the merchants. In case of a data breach, hackers cannot foul play with this code. Hence, the risks of payment fraud are reduced to a great extent.
The best payment gateway in India helps their customers tokenize their cards for faster and safer online payment.
- PCI DSS Compliance
PCI DSS in the expanded form is Payment Card Industry Data Security Standard, which is laid out by the PCI Security Standards Council. The payment gateways that adhere to this standard can protect customer payment data and merchant businesses from data breaches. The technical and operational requirements to protect the cardholder data includes:
|PCI – DSS Requirements
|Maintaining and Building a Secure System and Network
|● Installing and maintaining a firewall configuration to protect the data of the cardholder.
● Not using vendor-supplied defaults for passwords and several other security parameters.
|Protecting Cardholder Data
|● Protecting the stored cardholder data.
● Encrypting transmission of the cardholder’s data across open and public networks.
|Maintaining a Vulnerability Management Program
|● Developing and maintaining safe and secure systems and applications.
● Regularly updating antivirus programs to protect all systems against cyber threats.
|Implementing Strong Access Control Measures
|● Restricting access to the cardholder’s data.
● Identifying and authenticating access to the components of a system.
● Restricting physical access to the cardholder’s data.
|Regularly Monitoring and Testing Networks
|● Regularly testing security systems and processes.
● Monitoring and tracking all access to cardholder’s data and network resources.
|Maintaining an Information Security Policy
|● Maintaining an information security policy relevant to all personnel.
Zaakpay is one of the best payment gateways that adopts all the above security methods to ensure a safe online transaction. The payment gateways enhance the online experiences and effortless customer journey by leveraging secured payment solutions.
In conclusion, merchants can rely on a payment gateway to initiate eCommerce with secured online payment options. The customers can purchase products and transfer the payment through the trusted gateway. Moreover, financial institutions (acquiring banks and issuing banks) can process the transactions securely through a reliable payment gateway.