These 9 payment platforms will protect your customer information from security breaches.
With data breaches at an all-time high, there is an ever-increasing need for payment security and fraud protection. The security of your online payment system should be paramount because when customer credit card information is compromised, it directly impacts your bottom line.
When evaluating the most secure payment platforms on the market, look for key features that show that fraud protection is a priority. Authorize.net offers an "Advanced Fraud Detection Suite" that filters out fraudulent transactions, while Apple and Android payment platforms use encryption during transmission and storage for added security. Even Venmo, a payment app, is getting in on the action by offering a secure and fun way to make transactions.
To find the best online payment tools, we asked 9 entrepreneurs from YEC to share the tried-and-true platforms they use to keep their customer data secure.
Authorize.net has been in business since 1996, handles billions of transactions every year and is currently the most widely-used payment platform in the marketplace. We've never had any security issues using it in our businesses and have been customers for over 10 years. It also offers the "Advanced Fraud Detection Suite" which does a great job of filtering out fraudulent transactions. - Alex Miller, Upgraded Points
Stripe is the best payment tool hands down. It's easy to implement and the ability to tokenize sensitive information directly on the client side lets you bypass the rigorous requirements of PCI compliance. Its documentation and support are top notch for complex scenarios. One other benefit of using Stripe is the ecosystem it has built around its API that provides very good analytics tools. - Turgay Birand, EditionGuard
PayPal has been around the longest and it has the most robust fraud detection tools available on the market. Its payment processing (for both PayPal and credit cards) is immediate and does not require the merchant to wait unnecessarily for a payment to clear. Working with the largest player in the field benefits small merchants by leveraging the economy of scale. - Diego Orjuela, Cables & Sensors
4. Apple and Android Pay
The new payment platforms for Apple and Android smartphones are a great way to manage your payment methods safely and securely. Look for payment methods that use encryption during transmission and during storage for a more secure way to pay. Also the new chip cards have dual-factor verification for payment purposes, which reduces the risk of someone stealing your card and being able to use it. - Nicole Munoz, Start Ranking Now
Venmo is sort of like the payment app for social media lovers. It's quick, secure and easy to use, and you can see the activity of your friends through the app. You can't see how much people are paying each other, but most people provide funny emojis or descriptions with their payments which are fun to scroll through. - John Hall, Influence & Co.
Most recently Stripe introduced Radar, a next generation fraud prevention tool that integrates directly into standard online transactions to beat fraud. Stripe Radar uses advanced machine learning algorithms that automatically learn from Stripe’s global network of businesses to help identify and prevent fraud. The game changer is that Radar continues to get smarter and smarter with time and scale. - Kristopher Jones, LSEO.com
We now live in a subscription economy and, with the rise of subscription businesses, the need for non-traditional billing systems is necessary. As a SaaS company, our entire business relies on Recurly for our billing management. I can rest easy knowing it has every mechanism in place to make sure we're not losing any potential revenue. - Ian Blair, BuildFire
8. Verisign Pro
In our B2B business, it's important for us to have fraud protection and safe payment processing, as any fraud can really impact our bottom line. We use Verisign Pro because it has been around a long time and offers good protection along with other tools. - Zev Herman, Superior Lighting
I have researched hundreds of payment tools. I was looking for affordable, dependable and versatile. The best one was Chargify and the API integration was seamless. We use this on several platforms and it has worked flawlessly. - Tommy Mello, A1 Garage Door Repair
Image from gpointstudio/Shutterstock.