In a world with many companies exist and the rapid growth of technology, there will be a possibility that we will face with the e-commerce risk in the future. Fraud, security breaches and customer disputes are representing some of the risks that are related when accepting a payment in your e-commerce business.
One incident that involves a breach of sensitive data could result in negative publicity, loss of trust and credibility of the company to operate. Each and every merchant must know and understand the risk that they might face as if can affect their business. Here are some of the ways to manage your e-commerce risks:
Educate and train your employees
Everyone within your organization must have an understanding of the security risks or fraud that involved in an e-commerce transaction or business. They must also have an in-depth knowledge regarding your organization risk management policies and procedures.
Your risk exposure usually will depends on the business policies,security control, fraud detection and prevention tools that your organization have implemented etc. Every employees in the management or organization should know and understand the risks that associated with online transactions. They also must be able to follow the established risk management procedures in your company.
Maintain the PCI-Compliance
What is PCI-compliance? It is the Payment Card Industry’s Data Security Standard also called as PCI-DSS. It is a set of standards and requirements applied to company of any sizes that accept credit card payments. PCI-compliance help to ensure that all online merchants and their customers are protected from data breaches and fraud.
All merchants or e-commerce organizations are required to have PCI-compliant system and adhere the rules outlines by the Payment Card Industry Security Standards Council. Failing to maintain the compliance could lead to hefty fines hence loss of services from potential e-commerce vendors.
Find the right payment processor
Having an effective risk management support can help you to know and understand more about the exact e-commerce fraud risk and its liability when choosing the right payment processor. Customer data protection capability is also something that you need to consider before choosing a payment processor.
You can make a small research or review regarding the processor that you want. Take time to get to know more about the payment processor by doing some comparisons or make a few call to ask question.
Managing online business is not as easy as we know in the surface. There are many risks that you may not realize when you first start to sell your products online. There is no need to worry. Once you are prepared to face the risk, it will not affect your business operations in a tremendous way.To find out more about payment gateway for your business, contact MOLPay. We are very happy to assist you.