Secure payment systems should be a key priority for every business owner offering cashless payments. Keep reading for our guide to PCI compliance in Australia and secure payment options.
The Payment Card Industry Data Security Standards (PCI DSS) are standards designed to protect business data and your client's financial details. This is to help prevent phishing, breaches, and theft. For your business to be PCI compliant, it needs to fulfill the following standards:
- A maintained and secure network with a firewall and secure passwords
- Encryption to shield cardholder data
- Regular software updates and antivirus programs to combat vulnerabilities
- Access control standards (incl. unique logins for employees)
- Tracking procedures and regular security tests to monitor networks
- Information security policy
Methods for secure online payments
Online banking solutions: There are online payment platforms available for those clients that can't make credit or debit card payments and do not have eg PayPal accounts. BPAY is an online platform in Australia that can be linked to a client's checking account or savings account.
Credit and debit cards: Credit card companies will have all the latest security features as well as fraud monitoring and encryption available which makes credit card transactions a safe way of payment processing.
Payment apps: Apps or digital wallets such as Apple Pay or Paypal offer security features like fingerprint recognition and multi-factor authentication. Some apps also allow users to store their credit card data and use their cards for purchases.
Enabling secure payment
To enable more secure payment, it is advisable to use a secure website (with ‘https’ at the beginning rather than ‘http’). Stick to well-known payment providers like those listed above, do not ask for bank details in eg an email, and avoid accessing a payment provider platform through public WiFi. Another crucial step in improving payment security is to always keep an eye on your account to identify any potential fraudulent activity as early as possible.