Why Encrypted Payments Are a Must for E-Commerce

E-commerce has become the new marketplace of choice for many consumers. From groceries to housewares to electronics and office supplies, online is becoming a central place of retail and a highly profitable platform for merchants. However, with opportunity comes a level of responsibility. Retailers are expected to keep customer data safe and secure, especially when it comes to payments.  According to research conducted by Thales, nearly 9 out of 10 participants said that they would stop using a digital payment platform if they were affected as a result of a data breach.  At the same time, consumers do not wish to be burdened with the time of taking extra security precautions at checkout. A solution was crafted that meets both of these requirements: delivering secure payments without hindering the consumer experience. The Association for Financial Professionals’ Survey found that 74 percent of businesses experienced a data breach last year. It is clear that businesses should not have access to actual payment information so that in the event of a data breach their customers remain secure.  But how can companies be expected to process payments without access to consumers’ credit card information?

Field encryption is a feature that some payment providers offer to allow clients to ensure that clients’ credit card information is submitted securely. It “encrypts” the credit card data in real-time before the information is sent to be processed, then the credit card processor decrypts the data and runs the transaction.  Practically, it means that credit card information is not sent into cyberspace, but an unintelligible data set that only the credit card processor can understand. If a data breach were to occur, customers’ payment information is safe because the merchant never had access to it.  When customers enter their credit card information on an online form, the fields are encrypted in the background to create a seamless yet secure checkout experience.

Aside from security and ease-of-use, encrypted fields provide another benefit to merchants which is reduced PCI compliance. Since merchants do not have access to the credit card information, their level of PCI compliance requirements is significantly reduced.

In summary, by encrypting your payment fields you stand to gain consumer trust, benefit from increased security and face reduced PCI compliance efforts.  It is very simple to encrypt your website’s payment fields. Contact Fidelity today to learn how we can make your online payment forms more secure.