Make or Break? Online Payment Processing Systems

May 15, 2012   //   by Daniel Morris   //   Credit Cards  //  Comments Off on Make or Break? Online Payment Processing Systems

Security for credit card payments is becoming ever more important as organised fraud continues to grow, both in the UK and across the world.

And yet, the exponential growth of e-commerce means that online businesses cannot expect to compete without a competent, all-encompassing and secure online payment processing system, such as Failsafe Payments, which allows payments to be made with local and international cards.

Last month, 36 sites selling credit card and bank account details were taken down as part of a major worldwide operation across three continents – the result of two years of investigative work, the UK’s Serious Organised Crime Agency said.

The Financial Services Authority also announced recently that it would be contacting over 76,000 people by email or letter to inform them that they were vulnerable to fraud after their names were found on lists recovered from companies suspected to be dealing in fraudulent shares.

The Dedicated Cheque and Plastic Crime Unit (DCPCU) reports that it has recovered 75,000 counterfeit credit cards and over 330,000 compromised card numbers since it began 10 years ago.

It is not only security that becomes an issue, however, but reliability as well. Australians, also seeing a recent increase in fraud opportunism, have found themselves increasingly frustrated by connectivity failures that have left popular payment systems unusable for hours at a time during peak periods.

Therefore, the implementation of a reliable secure online payment processing system has become a necessity at a time when consumers have greater expectations of reliability and have become more astute to the risks of online transactions.

Ensure that your choice of payment system makes, rather than breaks, your business.

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