Encrypting a mobile payment app is a way of scrambling all sensitive details with a password. It ensures users’ information can’t be guessed and fraudsters are kept at bay. In 2015, government agencies, healthcare, banking organizations, and education centers were victims of 781 breaches in the United States, according to the ID Theft Center report.
Encryption is not only about having secrecy, but it’s also for security purposes. With the rising number of cyber-crimes, there is a need to protect data online. Here are insights into why encrypting your money payment app is worthwhile.
Secure money
Securing your buyers’ credentials with a safely encrypted payment app is crucial. Considering the malware lurking on the internet these days, criminals have taken advantage of these loops to steal individuals off their hard earned money. Fraudsters also have sophisticated tools that they use to hack information. Additionally, if you’re not careful, they can go farther and alter your bank information and borrow funds from your account, causing more damage.
Luckily, with the OpenEdge security system, your cell phone payment app is actively shielded from losses. You will be able to have custom solutions, specially designed for your use as well as your customers.
Increase profits
Who wants to give out their details and then find out it’s being used by unknown persons? I doubt there is anyone. Whenever a customer’s data is leaked, chances are they would spread the news on social media. You know how that goes! Your business is going to significantly lose on attracting new customers. Similarly, the already acquired customers may end up withdrawing their information, and sooner than later, you will be out of business.
Ensuring your customers that their information is safe in your hands can go a long way in increasing the number of customers you serve. With the increased customer confidence in your online payment system, new customers are likely to come in through referrals. This means your sales would shoot up, and you will have more cash in your pocket.
On the contrary, without an encrypted mobile payment system, you would be within the bounds of possibly not being able to confirm customers’ complaints, and you might end up making loses, especially when you have to make replacements or refunds based on paper receipts.
Store Users information
As an entrepreneur, storing your customers’ information is crucial. Encryption ensures all purchases made are stored in the enterprise’s database. Online companies avoid much embarrassment as they have their customers’ data stored in case customers want to fill claims or come for subsequent purchasing.
When your mobile payment app is encrypted adequately in openedge, even if malicious parties try to penetrate the network through whatever means, the information of customers will remain safe.
In the same breath, whenever buyers have issues they would wish addressed, you can easily vilify the credibility of such claims by going back to your record and checking whether it’s true.
Save time
With cut-throat competition everywhere, saving time with how you handle online payment is among the most crucial aspects of ensuring you keep growing your business. In instances where customers find it difficult or spend a lot of time before their orders are confirmed, chances are they may end up canceling the process in fear of losing their money. Similarly, some customers are likely to be very impatient and would want things done instantly.
Bearing this in mind and investing in the best mobile payment app can go a long way in ensuring your customers’ details are encrypted. With a savvy app, the customers’ details would automatically be generated after they key-in their name and password whenever they come for subsequent purchases. This is likely to save you a considerable amount of time and enable your business to serve more customers.
Compliance
Government regulations such as HIPAA and FIPS require agencies, using mobile payment apps for their business, to encrypt information of their customers. This ensures customers security and at the same time, secrecy.
Conclusion
Encrypting mobile payment methods can immensely save your business from hiccups when it comes to how they operate. Winning customers’ confidence to entrust you with their details can be an uphill task. However, investing in a quality mobile payment app from the Open Edge payment solutions would help you become confident in handling customers’ personal information as well as keep your business transactions secure.
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