3 Tips For Safely Receiving International Payments
Safely receiving international payments has always been a priority for online businesses but in the COVID-19 world we live in, it seems that it has garnered even more attention. Online payments are no longer an alternative way of paying for something, but the most sensible and practical way of doing so. The worldwide pandemic has highlighted the importance of a solid, robust and trustworthy online payments infrastructure for any business that wants to thrive in the e-commerce space. Today, we’ll give 4 tips you and your business should be mindful of when you are receiving international payments. Let’s dig in.
1. Different Markets, Different Requirements
Some countries need more oversight and security precautions. Whilst that might sound a bit strange at first, the truth of the matter is that payments modernization doesn’t move at the same speed in each market. Some territories are more dangerous than others and this is information you should possess, in order to prepare accordingly when accepting payments. Take France for example. According to a research paper by Nets Payments Solutions, “Card fraud losses on French cards used abroad in non-SEPA countries were 16 times higher than on domestic transactions in 2017”.
Then you have the fifth oversight report on card fraud analyses developments in fraud related to card payment schemes (CPSs) in the Single Euro Payments Area (SEPA) by the European Central Bank. The report gives insight on how different territories fare regarding credit card payment fraud.
“From an issuing perspective, the rates of fraud in Denmark, the United Kingdom and France were the highest. Fraud rates in Hungary, Romania, Greece, Lithuania, and Poland were the lowest. In the case of Denmark, official statistics on card fraud show that the high levels of fraud in 2016 are mostly due to the high level of cross-border e-commerce fraud, which should be viewed in the light of the large number of e-commerce transactions made in this country in combination with a high share of cross-border transactions more generally.”
Data like that can be crucial for your business as it allows you to tailor your security approach according to the profile of the territory you’re targeting.
2. Secure Your Devices
So much thought and preparation goes on the software and online aspect of international payments that we sometimes forget the actual device. Make sure your devices are running on the latest operating system and anti-virus program. If anything suspicious comes to your attention about the way your device is operating, make sure you shut it down and call in an expert. In addition, it goes without saying that you never try and make or accept a payment on a public computer or public WiFi.
According to research by enterprise security firm Wandera, “corporate mobile devices use WiFi almost three times as much as they use cellular data. Nearly a quarter of devices have connected to open and potentially insecure WiFi networks, and 4% of devices have encountered a man-in the-middle attack — in which someone maliciously intercepts communication between two parties — in 2019”. To further support the need for device protection from public networks comes the Mobile Threat Report by McAfee, saying that network spoofing has increased “dramatically” and yet less than half of people bother to secure their connection while traveling and are relying on public networks.
3. Use a Trusted Payment Provider
The reasons why you should do that might actually be enough content for an entirely different blog post. Using a trusted payments partner goes a long way in safely receiving international payments. Apart from offloading your shoulder from the heavy burden having to deal with payments, a trusted partner can give another dimension and level to your payment services.
Let’s start with the fact that they will take care of the dynamic and ever changing regulations environment surrounding the payments industry. You won’t have to deal with the changes in regulation. With an integrated payments platform, due diligence happens automatically, the system is updated in real time regarding regulations and it eliminates any guesswork. You can focus on doing business instead of worrying about technical/regulatory issues.
Then you have the issue of transparency. The right payment provider will offer you a high level of transparency, giving you insights throughout the end-to-end payment process. Each transaction will have an auditable trail, knowing where the money is from the moment they leave the customer’s online wallet until they reach your account. That level of transparency is empowering for any business that wants to safely conduct international payments.
Stay tuned as we will come back with more information regarding the benefits of using a trusted payment provider and how it can enhance your payment infrastructure.