Top 5 Features To Look For In A Secure Payment Vault

When you look online for a payment vault for your e-commerce business, you get so many options, each with distinct features, that you are confused about which one to pick. Each payment vault calls itself the “best”, but are they really?

The truth is, most vaults, in an attempt to attract customers, make vague and bogus promises, and load themselves with useless features that just aren’t needed. This not only causes unnecessary confusion for you, but also allows those vaults to charge unnecessary fees in the name of those same features.

Which is why we have decided to put a stop to this. We’ll list down 5 features that you need to look for in a secure payment vault. These features are absolutely non-negotiable, so keep an eye out for them.

What is a Payment Vault?

But before we start, let’s understand what a payment vault is. Payment vaults are an important feature of modern digital security. They help businesses protect sensitive client information while also making the checkout process smoother and the entire shopping experience better, especially for online or multichannel shopping and for recurring payments.

A payment vault is like a digital safe that keeps client payment information safe. Businesses can protect client data from theft, fraud, or bad usage by keeping sensitive information in a secure, encrypted storage space, just like banks keep money in a reinforced vault.

Payment vaults not only make things safer, but they also make checkout faster and easier, allow for one-click purchases, and make it easy to set up recurring payments and chargebacks. All of this is possible without the risk and regulatory requirements of storing customer payment data directly in your merchant system.

Top 5 Features To Look For

So, what are the Top features you should look for? Well, the best way to keep your business safe from the start is to work with a payment processor that has a secure and compliant payment system, uses the most up-to-date fraud prevention methods, and lets employees report theft from within the company.

PCI-DSS Compliance

A secure payment processing company will usually employ Level 1 PCI compliance, which implies they go above and beyond what the Payment Card Industry Data Security Standards require for security. Secure payment services providers keep card data off the merchant’s system to protect them even more. This way, the payment processor is fully responsible for following PCI rules.

Local Regulatory Compliance

Countries and regions around the world have created rules to protect the privacy and safety of people who purchase and communicate online. Europe has put in place the General Data Protection Regulation, the E-Commerce Directive, and the Payment Services Directive 2. The Electronic Funds Transfer Act and a part of the Treasury Financial Manual (TFM), Part 5, Chapter 7000, called “Credit and Debit Card Collection Transactions,” are both law in the United States. Payment system providers will make sure that your firm follows all the rules in every country where it does business.

End-to-End Encryption

To keep customer data safe, every secure payment vault encrypts incoming and outgoing information so that only the people on either end can view it. If a provider has a secure sockets layer certificate (SSL certificate) or a transport layer security certificate (TLS certificate), which is the newer version of SSL, you know they use end-to-end encryption.

Tokenisation of Card Data

For even more security, secure payment vaults send a randomly generated token over the payment gateway instead of the customer’s actual card number. This replaces the customer’s card details. The gateway has a safe vault where it keeps the real numbers and card verification values for both one-time and recurring payments.

Strong Customer Authentication Measures

Payment systems use a number of elements at the checkout to verify that consumers are who they say they are and to reject or flag credit card purchases that might be fake.

• A letter, a number, a punctuation mark, and a minimum length are all required for a strong password.
• For processing credit cards, you need two-factor authentication or 3D Secure and an address verification service (AVS).
• The card verification value (CVV)
• Reverse lookups to find the customer’s IP address, billing address, email address, phone number, and other identifying information
• If any information comes back as questionable based on your pre-set standards, you can automatically ask clients to contact you to confirm their orders.

Your checkout process will be safer the more of these features you add. More security, in turn, builds customer trust and protects your bottom line.

Common Pitfalls to Avoid When Choosing a Vault

While these features give you a strong standpoint in making a choice, there’s also a risk that you will make a mistake when choosing a proper payment vault. Which is why the table below would explain some common pitfalls you make while choosing a payment vault, and how you can avoid them.

Conclusion

So there you have it, these 5 features are absolutely non-negotiable when it comes to choosing a payment vault. It is with these features that your payments stay safe and secure, and you can make payments without the fear of getting hacked or any kind of problems. In hindsight, this might not look like much, but taking this extra mile to ensure customer safety goes a long way in the market.