Payment processing platforms are now commonplace in the online world. There platforms provide a quick, easy and secure means to transfer funds. Processing platforms such as Payza support both individual users and businesses accounts. Individual users can now easily send and receive money even across international borders. Merchants can open Payza business accounts for their business needs.
Features available to Business users include shopping cart integration, tokenized payments, split payments, in page checkouts, invoicing via email, credit card and bitcoin processing. Payza also provides value added services such as currency exchange, fraud screening, global payouts and dispute resolution. However according to founder Firoz Patel, Payza Fraud prevention measures are what makes the platform most attractive to merchants.
Scams And Fraud Prevention
Payza has an extensive online security fraud prevention strategy to ensure cyber criminals do not compromise user data and accounts in any way. This is a must for any payment processing platform. Before choosing an e-wallet provider, merchants should ensure the following measures are in place:
- The provider should have a strong online security policy that clearly states how sensitive user information will be handled. Users should be notified if any of their details are being shared outside the provider’s network.
- The provider should encrypt sensitive data that is being stored and must take all necessary network and cybersecurity measures to ensure that hackers do not gain unauthorized access to this data.
- In case there is any data breach at the provider’s end, it is the provider’s responsibility to send out alerts and notifications to its users so that they can take steps to safeguard themselves.
- Merchants should make sure that all their devices are password protected be they desktops, laptops or mobile devices. Mobile devices also offer multiple layers of security. Follow best practices for devices and account passwords – these include using strong passwords, not sharing your passwords with others, avoid using the same password for multiple accounts and making it a habit to frequently change your passwords.
- Merchants should connect only over secure networks. Avoid accessing your business accounts over free wifi at a cafe or airport. Most hacks happen over free wifi. A secure wifi is one that will require you to enter a password in order to connect and can be identified as a WPA or a WPA2 network.
- Mobile apps are especially prone to security issues, hence be careful when you install apps on your mobile devices. As a general rule for any device, only download and install apps from trusted sources in order to prevent risks of malware infecting your device.
- Train your staff on cyber security measures. A majority of breaches happen due to unintentional disclosure of sensitive information by people who are not sufficiently aware of frauds and scams.
- Make sure you have the latest version of antivirus on all your devices. Install all security updates and patches pushed out by vendors of software that you may have installed on your machines. These patches are designed to plug in security loopholes that might be existing in the software and could be exploited by cyber criminals.
- Be alert! Look out for any suspicious activities on your business accounts. If you notice any transactions that you have not initiated, then you should immediately bring it to the provider’s notice.
You should regularly review and audit your accounts to avoid any kind of misuse of funds.
The internet has changed businesses like never before. More and more users now prefer to shop online and this has forced business to look actively at establishing an online presence. When users purchase goods and services online, they also need to pay for these transactions. Payments and money transfers can now be carried out very easily online due to the presence of payment processing platforms.
Payment processors typically work on the concept of an e-wallet where in users can upload funds via different means such as bank transfers, credit cards and so on. Funds can then be transferred even across international borders using the e-wallet. Users can withdraw funds into their bank accounts from e-wallets as well. Money transfers via e-wallets are much quicker than traditional means. Users typically find payment processors such as Payza very convenient to use. However online transfers also come with certain risks. There is an increasing number of online scams and frauds and users should be aware of them.
As per Firoz Patel, Payza scam prevention team works very hard to protect Payza users from fraudsters and cyber criminals. Users can protect themselves from scams by following a few guidelines:
- Users should never share their personal, bank, credit card or payza account details with anyone without verifying the authenticity of the recipient.
- Be especially vary of phishing emails and phone calls.
- Always verify the authenticity of a website before entering your details.
- Avoid storing your financial data on laptops. If you must do so then it is a good idea to password protect your files.
- Always make sure your laptops and desktops have the latest antivirus software installed. Ransomware is a very serious threat these days and users find themselves in a very difficult situation when a malware is used to gain access to their computer.
- Make sure the website uses the https protocol. This ensures that your data is encrypted when it is being transmitted over the internet.
- Never share your passwords with anybody. Avoid copying them down.
- Make sure you use strong passwords. Strong passwords are a mix of alphanumeric and special characters and are usually 8 to 10 characters in length.
- Avoid using the same password for multiple accounts. This can cause collateral damage in case any of your accounts are hacked.
- Make it a habit to change your passwords on a regular basis.
- Always check your credit card and bank statements regularly. If you notice any suspicious entries in the statement, bring it to the notice of the bank immediately. You may also need to block your credit card to prevent further misuse.
- It is a good habit to shred your bank statements to prevent unauthorized people from gaining access to them.
- If you are using mobile apps for payment transfers and banking activities, make sure you password protect your mobile devices. If your device provides the option, then you should opt for biometric passwords as even if the device is lost or stolen, no one else will be able to access your private data.
Merchants today are a savvy community. They have increased awareness of latest trends and customer preferences and this allows them to tailor their products and services to meet customer demands. However, in recent times, it has been observed that customers not only focus on products and services but the overall experience they have while dealing with a brand. This customer experience includes the entire spectrum of interactions forms customer inquiry to purchase to after-sales support.
Customer Experience Is Top Priority
The presence of online websites and social media platforms are one of the key reasons that businesses cannot afford to ignore customer experience. Today, users are very agile and waste no time in posting their reviews, feedback, and comments regarding any product or service on social media. It has been found in a recent survey that a majority of customers look at the reviews and feedback from other customers before making a decision to purchase your product. As one marketing executive puts it, your customers are your marketers in the online world.
When Things Go Wrong
Although businesses make every attempt to provide their customers the best of services, things could still go wrong sometimes. What really matters is how you react when the customer is not satisfied with his experience. This dissatisfaction might be voiced as a formal complaint or a simple comment on a social media platform such as facebook or twitter. What do you do now? It has been observed that top brands take every comment or complaint seriously. According to online payment processing platform Payza’s Firoz Patel, complaints are an opportunity for you to find gaps in your services and improve them.
Be Agile And Responsive
Payza has a support center that is dedicated to resolving user issues be they queries or complaints. Social media tools such as sentiment analysis are used to determine how customers are perceiving the platform’s services. A variety of analytical tools can be used to determine exactly when customer churn occurs. This information can be used to change the way services are offered or to add new features so that products and services are constantly being adapted to changing customer needs. And in today’s fast-paced digital world, customer needs do indeed change very quickly. A business that is not agile can no longer survive.
Do not forget, disruption is the buzz word today – be its Uber’s disruption of transportation or Amazon’s disruption of the retail business. Hence, it also helps to keep a tab on what your competitors are doing. Most importantly, you need to be innovative to remain ahead of your competition.
Today sending money online has become a really easy and quick process. This is due to the availability of payment processing platforms. These online platforms work on the concept of an e-wallet. Users can load money into their e-wallets and then transfer the funds to other accounts. Similarly they can withdraw transferred funds from their e-wallets. This makes money transfer really easy and also the online process is much faster than more traditional banking methods.
There are many payment processors and they offer a variety of features and services. One such processor is Payza. Payza supports 21 different currencies and has registered users across 190 countries across the globe. This includes both personal and business account users. There are several benefits that both individuals and merchants can enjoy by registering with Payza. Online businesses can easily plugin payment functionality into their websites using the Payza buttons.
One challenge that all online websites face is that of cyber security. As per Payza’s Firoz Patel, scams are the biggest problem in the online world today where fraudsters and cyber criminals trick unsuspecting users of their personal and payment details. They then use this information to gain unauthorized access to their systems and commit fraud. It has become very vital for online businesses and payment processors to have a solid cyber security policy – one that identifies the vulnerabilities and risks and uses appropriate mitigation measures.
What Can Users Do?
There are several precautions that users can take to safeguard themselves in the online world. These include simple things like using strong passwords to more complex methods such as encryption. Firoz Patel says that online businesses must do everything they can to avoid data breaches and keep their users safe from scams. Payza on its part has a very active user community. This community is the go to place for Payza users to post queries, share information and to reach out to Payza support. This easy access to relevant information can go a long way in preventing scam as users are better educated on risks and online security best practices that they should follow.
Online payment processors such as Payza have become the backbone of transactions being conducted online. There processors provide a variety of services of money transfer and payment related services to both individual and business users. Not only are online processors faster that more traditional methods that are available for money transfer especially across international borders, they also provide several other value added services. Payza for instance gives its merchants an opportunity to conduct business with its registered users. Customers not only enjoy convenience, they can also transfer money online in a secure way.
Why Security Is Important?
Most users on the internet may not be completely aware of how information they provide online might fall in the wrong hands. Cyber criminals and fraudsters have become increasingly adept at mimicking original businesses and users in an attempt to gain unauthorized access to user and payment related information. According to Payza’s Firoz Patel, scams such as these can prove to be very costly to both users and businesses alike. Online security is of paramount important to prevent cyber fraud and avoid transaction disputes.
Phishing emails have been around for a very long time. However, even today there are many users who fall victim to this scam. A Phishing email is an email that is sent out to a user asking for his personal or bank details. The emails appear to be from authoritative sources but they are not genuine and users have to be trained to identify such emails. Payza Scam prevention guidelines advise users to never provide any bank or credit card details over an email. This basic rule can go a long way in safeguarding your information.
Even with the best cybersecurity measures in place things can still go wrong sometimes. This is because cybercriminals are always coming up with new and unique ways to gain unauthorised access. The Mirai botnet attack at the end of 2016 was a perfect example of this where low end IoT devices were used to bring down Dyn servers taking down several top websites including Twitter in the US. Mirai bots continued to be used for other types of attacks in the days to come.
Hence, users should always be alert when they do business online. Not only should they be careful while accessing websites or transferring funds, they should also make it a habit to check their bank, credit card and e-wallet statements. In case they find any suspicious transactions, it is very important to immediately bring it to the notice of the service provider. Payza users can reach out to Payza support via live chat, email, telephone and also via forums. All these different channels ensure that users can get quick and relevant response to their queries and issues.
Today Customer is king like never before. This has made customer experience a very hot topic especially among online businesses and it is being said that customer experience will be the key differentiating factor going forward. In the online world, customers can easily share their experiences and their feedback and reviews can make a big impact on how a brand is perceived.
When Customer Service Goes Wrong
As any online business will tell you, failing to keep a tab on customer complaints can largely impact the business’ ability to retain customers and to also attract future customers. One recent highly publicized case was of a US based airline forcibly evacuating a customer with a valid boarding pass off the plane. The resulting outrage especially on the internet had the airline scrambling to find an appropriate and acceptable way to handle the situation. What followed has proved to be a very costly experience for the airline.
Customer Complaints Can No Longer Be Ignored
Several businesses have now brought the customer at the center of their business strategy. One such business that has been extensively focusing on customer experience is Payza, an online payment processor. According to Firoz Patel, complaints at Payza are taken very seriously and there has been an active strategy to ensure complaints are used to bring about positive changes in the method of doing business.
How To Use Complaints To Your Benefit?
Firoz Patel further elaborates on how Payza has used complaints to identify areas of improvement. These continuous improvements have had significant impact on process efficiency at Payza. Right from new users trying to understand how to use the payment processing platform to advanced users trying to leverage the platform for further gains, all customers have an open channel where in they can forward their feedback to Payza. Payza executives are trained on handling customer requests and queries. There is also an online forum where in users can share tips and learnings. All of this has led to an active relationship between Payza and its users.
Payza also regularly provides information to its users about service and product updates as well as having a call center to respond to user queries. There are also relationship managers assigned to merchants so as to ensure any issues that they may be facing are resolved quickly.
If you are a business, then you can no longer take an approach where the customer is not at the center of every decision you make. Failing to understand this changing trend can prove to have a devastating effect on your ability to cope with your competitors. Social media presence has also become very important. This provides an opportunity for sentiment analysis and in this way businesses can quickly gauge how customers are perceiving their products and services.
The last couple of years has seen a huge rise in the use of internet and online business activities. As more and more business gets transacted online, there is also a growing threat of online scams. Online scams are basically methods by which fraudsters try to cheat you for their benefit. This could be either by pretending to be someone else (identity theft), by sending you phishing emails to get hold of your data, via fake websites that are designed to look like original websites or by hacking online sites to steal credit card and other payment related information.
Preventing Fraudulent Transactions Is A Priority
It has been found credit card related frauds are one of the biggest contributors to online fraud. All of this has raised a lot of concerns and both business and internet users and online payment processors need to find ways and means of preventing fraudulent transactions. Firoz Patel, Fraud expert has been associated with Payza since its inception. Payza is a Payment processing platform that allows registered users to transfer money online. Payza supports multiple currencies and is available to users across the globe.
Some tips suggested by Firoz Patel to prevent fraudulent transactions include making sure the online business or payment processor you use has a strong cyber security policy. This includes monitoring and detection of frauds and proactive measures to prevent frauds in the first place. The Payza fraud prevention team uses a proprietary fraud prevention matrix to detect suspicious activities. The most important aspect of cyber security is that the team must always be on the lookout for new methods used by cybercriminals and fraudsters and take proactive steps to tackle them.
Tips For Internet Users
Users on their part must make sure that they use strong passwords, do not share their passwords with anyone and are always alert when they enter their personal or payment related details on any site. One of the most common techniques that are used by criminals is phishing attacks and users must never ever pass on their personal or credit card details to any person without first verifying their authenticity. These simple steps can go a long way in fraud prevention.