Secure payment systems: A game changer at the online checkout
When running a business, there’s no room to compromise on payment security. But how do you know if your payment system is safe? We break down the basics.
Online payment fraud is expected to cost businesses across the globe more than $362 billion between 2023 and 2028, according to research. Given the magnitude of the problem, it’s unsurprising that cyber threats topped a list of potential risks businesses are concerned about in 2025.
Cybercrime is a major worry for consumers too. Paysafe’s Inside the Wallet research found that more than half (54%) consider security an important factor when deciding how to pay online. In addition, two-thirds feel better knowing there are security steps in place to protect their data and 37% have abandoned an online shopping cart because they didn’t believe their data was safe.
With fraud concerns top of mind for businesses and consumers alike, and the cost of inadequate security running into the millions (a single data breach costs companies $3.3 million on average), it’s critical that businesses have a secure payment system in place.
In this article, we explore how payment processors are keeping transactions safe despite persistent cyber threats and how Paysafe is setting the gold standard in payment security.
Key features of a secure payment system
Good payment providers have strict security measures in place to safeguard transactions. If you’re speaking with a provider about adopting their payment system for your business, check these essentials are included:
Data encryption and tokenization: Encrypting sensitive data ensures that even if a breach occurs, the data is useless to attackers. Tokenization replaces sensitive information with a unique identifier, adding another layer of security.
Multi-factor authentication (MFA): This requires customers to provide a second verification method to pay — especially for transactions that deviate from their usual spending patterns, like paying from a new device or buying from a merchant they haven’t used before.
PCI DSS compliance: The PCI Data Security Standard (DSS) lays out security requirements for the storage, processing, and transmission of payment data. An adept payment partner will have a thorough understanding of these rules and work with you to implement a compliant system.
Automated fraud detection: New technologies like artificial intelligence (AI) and machine learning can analyze huge volumes of data to recognize and stop suspicious transactions in real time. As the technology’s potential to counter fraud has become clear, major payment providers have embedded it into their systems.
Anonymous payment methods: Options like Skrill and PaysafeCard allow customers to pay online without sharing personal information and card details with merchants. These payment methods are great for privacy-conscious consumers who value a quick, secure checkout.
Why prioritize payment security?
A secure payment system offers more than just peace of mind for you and your customers; it helps you acquire customers, grow revenue, and avoid hefty fines. Here’s why successful businesses take security seriously:
Trust and reputation: A single data breach can devastate your brand’s reputation and cause loyal customers to shop elsewhere. A secure system with well-known payment methods builds trust in your business.
Compliance requirements: Failing to meet PCI DSS standards can be costly, exposing your business to significant fines and legal action in the event of a data breach.
Higher conversion rates: A secure and seamless payment experience reassures customers, reducing cart abandonment and increasing checkout conversion rates.
Chargeback protection: Payment fraud and subsequent chargebacks can severely impact your bottom line. Secure systems with advanced fraud monitoring and customer authentication features help mitigate the impact of illegitimate transactions.
How Paysafe keeps transactions safe
Paysafe is the leading payment provider in the experience economy — and security is at the heart of all we do. Here are three of the ways we keep payments safe and customer trust intact:
Regulatory compliance: Paysafe’s been PCI DSS compliant for over ten years. We conduct regular audits to check that our security procedures are as robust as we say they are.
Anti-fraud technology: Our industry-leading fraud prevention and risk management tools work around-the-clock to flag suspicious payments.
A one-stop-payments-shop: From digital wallets and eCash to cards and bank transfers, a single integration gives you access to a selection of payment methods customers know and love.
Want to partner with a provider that balances iron-clad security protocols with seamless payment experiences? Contact us today and discover why 250,000 businesses trust us to process their transactions and protect every drop of data along the way.
