eCommerce websites and merchants selling their ware online have to ensure that they have excellent security for any type of payment transaction happening on their website. One of the main ways to ensure the utmost security is through various forms of data encryption methods.
Data encryption methods use different methods to securely transmit sensitive data at the time of payment initiation. Using systems that have the utmost security for their payments, business owners can offer secure payment services to their customers.
What are the types of encryption that can be used for payment gateways? There are various types of data encryption methods, some of which are more secure than the rest, and others which are secure, but comparatively less than the other ways.
Point to point encryption This is one of the most basic methods of encryption of sensitive data, during a payment transaction. When merchants have point-to-point encryption, they can rest assured that their customers’ data is handled safely. With point to point encryption of data, merchants have fewer chances of data security breach or loss/theft of data.
Basic data encryptions Basic data encryption will involve a public key for data encryption, through the payment gateway; the gateway will have its own private key to access that data. The secrecy of the keys is the key to security as the key in the hands of wrong parties can result in unauthorized transactions. which can be used to decrypt sensitive data during payment transactions. The advantage with this system is that the data cannot be modified, while it is being processed, which means that customers’ data cannot be stolen or lost or misused by unauthorized parties, ensuring the safety for secure payment services by the payment provider.
Data field encryptions This is also known as end-to-end encryption of data. It employs the standard methods of encrypting sensate information, with only one key to access the data. This key is usually held by the acquirer for the payment, and only they can use their key to read the sensitive data to collect or disburse payments, as and when it is required.
Cryptography is another way that payment gateways transact with sensitive data. There are a few types of cryptography, and the most common ones that are used are symmetric and asymmetric cryptography, which can provide safe and effective solutions for sensitive data transmissions between all parties involved in the payment processes.
Besides these methods, there are other ways to ensure that all transactions are conducted in a safe environment, using secure sockets layer (SSL), secure electronic transfers (SET), Public Key Infrastructure (PKI), and many other ways. It really depends on the payment gateway provider, the types of security mechanisms in place for their client to use for their website and platform online. Merchants have a choice to work with various types, although frequently, the systems are too technical for a thorough understanding of the matter.
The bottom line is that merchants have a variety of options when choosing the right types of gateways for their business. There are many other factors are work that will influence his or her decision ultimately for providing secure payment services for their customers.