Methods For Safe Business Transactions Online: You always take a risk when you shop online.
There’s a chance that thieves could steal your payment information.
And make purchases on your dime (or pay themselves fraudulently).
That risk is not exclusive to online shopping –
It can and does happen at brick-and-mortar stores as well –
But it’s especially easy to put sensitive information in the wrong hands online.
According to www.thebalance.com.
You can rely on technology to a large degree.
Your information is usually scrambled (or encrypted) into a hard-to-read format.
But even when you do everything right – even at large, reputable websites.
There’s a chance of a data breach or intercepted traffic.
It is even possible that the trouble is on your end:
Something as simple as a keystroke logger can grab your card number or password.
It is obviously important to keep your device secure and up to date.
But what about the method of payment you use when shopping online – does that matter?
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Methods For Safe Business Transactions Online
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Methods For Safe Business Transactions Online:
1. Payment method choices
You usually have a choice when it comes to paying:
Will you use a credit card, debit card, a payment service like PayPal, Or some other option?
Depending on your concerns, one of those choices might be better than another.
Let us look at the pros and cons of each payment method.
See also: 10 Tips to Keeping Your Business Secured
2. Methods For Safe Business Transactions Online: Credit cards
- The good:
A credit card is often a good choice for shopping online.
Fraud protection with credit cards is quite strong and getting charges reversed is pretty simple.
Just report the suspicious activity to your card issuer or let them know you never received what you paid for.
No money comes out of your bank account – it is the card issuer’s money that gets spent.
As long as you act quickly, your liability can be limited.
And in many cases you won’t pay anything for fraudulent charges.
- The bad:
You might think of your credit card as a tool of everyday life.
Perhaps you use it regularly for personal and business expenses.
And you might pay automatic or recurring charges with the card.
If your card number is stolen, you will need a new card (and card number).
You will have to update billing information in numerous places.
And you may have to live without your card for a while as you wait for a replacement.
See Related: Do It Yourself Home Security Systems
- Tips:
Use your credit card only when you are confident that it is safe to do so.
And when you want the strongest consumer protection available.
You can also get a one-time-use credit card number depending on your card issuer.
For online purchases, so it won’t matter if that number is stolen.
Finally, consider getting an additional credit card that you only use online.
Or at sites you are not familiar with you can keep a closer eye on that account.
And you won’t be inconvenienced if you have to ditch the card number.
Methods For Safe Business Transactions Online:
3. Payment services
- The good:
Third-party payment services are also a good option for online shopping.
These services can provide an extra layer of safety:
instead of giving your credit card number or bank account information.
To every website you shop with, you can keep that information in one central location.
If you shop at numerous sites or sites you are unfamiliar with.
You can reduce the number of places that hackers can find your information.
These services may also offer some level of “buyer protection”.
In case your goods never arrive or you get swindled.
- The bad:
When things go bad (if you have a dispute with a seller)
These accounts can get frozen while the company investigates.
If you make a habit of disputing charges (and the disputes don’t end up in your favour).
Your account might even get closed and you could be banned from using the service.
- Tips:
When you shop online, use a credit card as the funding source for purchases (if possible).
That way, if there’s a dispute and the payment service doesn’t decide in your favour.
You can dispute the charges again with your credit card company where you might have better luck.
Read more...50 Best Profitable Things to Do With Money Sitting in the Bank
4. Methods For Safe Business Transactions Online: Debit cards
- The good:
Debit cards are inexpensive payment cards that pull funds directly from your bank account.
You don’t need to apply, get approved, pay annual fees.
Or risk racking up debt like you do with a credit card.
Although it is not required by law.
Debit card issuers often offer “zero liability” protection similar to credit card protection.
- The bad:
A debit card is linked directly to your bank account.
If the card number is used without your permission.
Or if there is simply an error somewhere, money comes out of your bank account.
And you might not be able to pay bills and expenses with a drained account.
Yes, there are fraud protections in place.
But it can take 10 long days for the bank to return money to your account.
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- Tips:
Unless you are extremely vigilant and have set up alerts on your bank account.
And you have plenty of extra cash available, avoid using debit cards if possible.
If you simply can’t use a credit card or a payment service,
A prepaid card can help insulate your bank account from any problems.