Introduction To E-commerce Payment Systems
E-commerce payment systems offer different ways on which you can pay for goods and services, without using cash or checks when making online transactions. This is also known as an e-payment system which is short for an electronic payment system.
In the world of e-commerce, there are three things that you need to have so you can take payments from customers and transfer it to your bank account:
1. A merchant account aka MID or merchant ID - this is a type of bank account that allows merchants to accept debit or credit card payments online.
2. A payment processor - provides all the payment processing services needed by a merchant. It connects both the merchant account and payment gateway. A good example of a payment processor is PayPal.
3. A payment gateway - Just like a physical POS or point of sales terminal at your store or business, a payment gateway allows you to take card payments directly from your website. Think of this as an interface between your customer’s data and the banks.
Now the big question is “Are your e-commerce payment systems secured?” SecureBox has all the answers that you need. This article will educate you first about the different types of electronic payment systems or e-commerce payment systems. You’ll then know about the threats or security risks when using these types of payment systems. Finally, you’ll understand why SecureBox is the best solution in securing e-commerce payment systems.
Types Of E-commerce Payment Systems
A lot of internet users are afraid to make an online purchase because of security issues. They are worried that their credit card information would be stolen. Using SecureBox will remove those fears. Here are the various types of e-commerce payment systems:
1. Credit cards - This is the most common form of payment for your online transactions. Using this type of electronic payment system is easy. Just enter your credit card number, expiry date, and CVN or card verification number on the web form.
This is one of the most targeted e-commerce payment systems by cybercriminals. Attacks like phishing, cross-site scripting or XSS, and SQL injection, among others are the usual threats associated with credit card transactions.
The best solution for this is to use SecureBox because it pro-actively counters all these threats. Peace of mind is achieved when you use SecureBox.
2. Digital Wallets - These are electronic versions of physical wallets. A digital wallet is one of the least secured e-commerce payment systems. You enter your personal information on the software installed on your device, then connect it to your bank account. This wallet will fill up automatically all the necessary information needed when checking out from an e-commerce website.
The risk here involves the attacker getting your personal and banking details during the transmission of your data. An attack like network sniffing is a good example of this scenario.
The best solution here is to prevent the cybercriminal from monitoring your activities by using SecureBox. It acts as a WAF or web application firewall that actively scans web traffic for any unusual or suspicious activity. Rest assured you’re in good hands with SecureBox.
3. E-cash - This is one of the best types of e-commerce payment systems because it allows the exchange of money electronically only. Some popular examples include PayPal and Google Pay.
The risk here is when someone uses a man-in-the-middle attack. This type of attack helps the cybercriminal in eavesdropping for sensitive data exchanged during a transaction.
The solution here is to use SecureBox because of its application containerization feature. Communication between applications is properly protected. You’ll have more confidence in doing online transactions with SecureBox.
4. Mobile payment - This is one of the newest types of e-commerce payment systems where someone uses their smartphone to conduct online transactions.
The risk here involves the attacker using a memory-scraping malware. This is a kind of malicious software that actively looks for or “scrapes” your device’s memory for sensitive data such as usernames and passwords.
The best solution here is to use an anti-scraping program such as SecureBox. Not only does SecureBox gets rid of this malicious software, but also it detects, removes, and prevents other malware from infecting your applications. SecureBox is definitely the best security solution for e-commerce payment systems.
E-commerce Payment Systems: Conclusion
You’ve been briefly introduced to the world of e-commerce payment systems. You now know what an electronic payment is, how it gets payment from your clients, and how it transfers these payments to your merchant account. Finally, you’ve learned about the different types of e-commerce payment systems, the threats associated with each one, and the best solutions that SecureBox has to offer for each scenario.