Online tuition payment software is suddenly in the spotlight due to office closures and social distancing measures. Schools can take advantage of many benefits. However, there is always the concern about the safety and security of personal payment data. As a whole, online payments are generally very safe. Furthermore, secure, online payments have none of the risks of carrying and storing checks and large amounts of cash.
Protect Data with SSL
An SSL certificate is shown in the browser as https:// rather than http:// and often displays a padlock icon. SSL ensures that all data exchanged on the site is encrypted. This is one of the safest measures for protecting customer data such as credit card information and passwords.
Encryption and Tokenization
Use of encryption and tokenization further prevent hackers from gaining meaningful data. Encryption protects private data by turning the data into a coded message from the sender to the receiver. Without an encryption key to decode it, third parties cannot understand the data should they get their hands on it. Tokenization takes stored data such as a credit card number and assigns it a random sequence of characters. Although it references the original data, this tokenized number is meaningless to a hacker who might access it from a data breach.
PCI-DSS stands for The Payment Card Industry Data Security Standard. PCI compliance is required for all companies that store and process credit card transactions. The official standards set by PCI are designed to protect payment transactions and reduce fraud, identity theft, and cyber attacks.
An additional security feature sends a single-use pin number to customers to verify their identity. The unique, one-time code is delivered to the phone number or email on file for that customer. Once the customer receives the code, he must enter it to continue with the transaction.
Updated Operating System
Companies must be aware that operating systems that are not kept up to date are more vulnerable to cyber thieves. As hackers evolve their methods, it is important to always keep your operating system updated to the latest version for full protection.
Now that we’ve covered the basics of five ways to ensure online security, it’s easy to see that there are huge advantages over cash and checks. Does your online payment platform check all the boxes?