Despite the growing and flourishing industry of eCommerce, many people still have reservations about paying online with their credit card, and that is true even for individuals who used their card to buy products online before and didn’t have a negative experience. When your customers share their personal information with you, you have a huge responsibility.
The Danger Is Real
When you hear that mammoth companies like Sony or Twitter can get hacked with relative ease, you realize that the danger is very real and if someone really puts in the effort to do damage, they can be very dangerous. Credit card breaches happen fairly often, and the hackers regularly target bigger companies. Target and Home Depot were involved in a huge data breach in 2014 and had to pay millions of dollars in settlements. One could easily assume that smaller companies usually aren’t targets, but unfortunately that is not the case. One in every five small ventures becomes the victim of fraud every year, making the implementation of security measures all the more important.
According to the Nielsen Company’s 2015 data, 37% of American customers struggles to trust eCommerce sites with their credit card information. Globally, that rate was just under 30%. According to a survey that was conducted by ACI Worldwide, as much as 55% of the customers feel that their retailers do not do everything in their power to adequately guard their credit card information. While many of these people still end up buying the product, this is an alarmingly high rate that shows just how important it is to develop a good security system that is capable of protecting the customers’ financial information.
The Industry’s Growth Creates Security Weaknesses
Your eCommerce website can be safe, but that’s unfortunately only part of the equation. The trouble could arise somewhere else, like the payment getaway for example, which can also be hacked. Malware could also find its way to your servers through a user whose computer got infected, and even the company that provides the software for the shopping cart function can be defenseless against certain threats.
Up-to-date SSL certifications are a must have, and you also have to use approved and trustworthy payment options on the site so your customers can feel as comfortable as possible. Remember, they are often hesitant even when these options are present, so it really makes sense to cover all your bases and create an environment that is not just safe, but looks the part too.
Security measures are important for two basic reasons; for starters, you cannot develop a safe online environment without them. In addition to this aspect, you also have to deliver a clear message to your customers, a message which proves that you do everything in your power to keep their financial information safe and sound. When they see it that you use the best available security tools and do everything in your power to make the site safe, they’ll be much more willing to buy your products through the internet.