If you are the business owner with an online store, then you might know all the nitty-gritty details about how to generate payment links. If not, then here in this blog, we will brief you on what to consider regarding payment links.
Everyone uses payment links. Whether it is a business owner or a consumer, everyone loves the convenience offered by the payment links. And more than anything, now business owners are learning how to generate payment links.
But there is no denying that the advancement of technology has created the scope of fraudulent activities too. Cyber attackers are scheming up their way to cheat merchants. This is why it has become essential for businesses to provide high-level security to their clients and stores.
Here in this blog, we will learn how to generate payment links and security measures while generating payment links.
Payment links are the fastest way to collect payment from the consumer.
Why Safety Is Important While Accepting Payment Via Links?
Fraudsters attack both businesses and consumers. According to the report, in 2014, In September of 2014, the United States accounted for 52 percent of all cyber attacks. The use of mobile payments, extraordinary expansion of e-commerce, massive increases in global money flows, data leaks, and the surge of Cards Not Present crime are the key drivers driving the staggering rates of digital payment fraud.
When such things are going on, it becomes essential for business owners and customers to have a full-fledged system accepting the payment. Payment links are a convenient way of making payment, but customers will not make payment when they find it is not secure. This is why it is a must to go with safe and secure payment gateways.
How To Generate Payment Links?
To generate payment links, you need to login into your payment gateways then there you need to look for an option from where you can easily make or generate payment links. Then all you need to do is share the links with your customers.
When the customer clicks on the link, it will take them to the secure page. The page has multiple payment modes; customers can pay according to their needs. After the payment is made, the merchant will get a notification about the successful payment.
This is how one can generate payment links. But do you know that most customers drop the payment process in between if they find the link suspicious? Or the redirected page doesn’t have a padlock sign and all.
Yes, this is all true. That is why it is essential to go with a secure payment gateway.
Things to Consider While Generating Payment Links
When we talk about generating payment links securely, it all comes down to the payment gateway. So here we are going to discuss the features that all reliable payment gateways offer to provide top-notch security to their users.
1. Secure Socket Layer
SSL is used by payment gateways to safeguard client information. This industry-standard security protocol creates a safe route for the secure transmission of private information over public networks, such as between an internet server and a browser. This protocol is used by most payment gateways to enable data transfers among users more safely.
2. PCI DSS Compliance
Compliance with the Payment Card Industry Data Security Standard aids businesses and financial firms to provide secure payment options. PCI compliance is not a concern for companies who utilize a payment gateway because a protected payment system will provide PCI level 1 protection. The payment gateway’s adherence to these safety criteria can be relied upon by the business. As a result, payment gateways serve as third-party services that provide merchants with the most up-to-date and secure security protocols available.
Many payment gateways also make use of tokenization. It is a process to replace credit card details with a sequence of characters created randomly. This reduces payment fraud activities.
4. Data encryption
Payment gateways primarily utilize data encryption to protect transactions. Buyers’ card information is encrypted using a key pair. It can only be decoded using the payment gateway’s secret key. . This decreases the risk of unauthorized parties gaining access to client information through transfer from gateways to the acquiring bank.
5. Secure Electronic Transaction
SET is a Visa and Mastercard-developed security mechanism for online card payments. All eCommerce payments are executed using SET. Secure electronic transactions or SET prevents third-party attackers, unauthorized individuals, and even retailers from disclosing confidential consumer information by entirely blocking credit card details. SET collects the user’s credit card details via electronic signature, which is subsequently only available by the payment gateway.
To sum up! This is all the relevant information regarding payment gateways and how every transaction is secure, even if you use payment links. It is very important for a business owner to choose a reliable payment gateway that offers all the above-mentioned features as safety is everybody’s concern.