As the world is moving towards digitization, the rate of cyber attacks is also growing significantly. More often than not, these attacks are made on the billing feature of any website. This is done mainly through phishing or malware attacks. However, to prevent these invaders, every business should have security features on their website. Those who rely on a Billing platform for their monetization process should ensure that native security features are built-in. Here are some of the Top security features that you should look for in a recurring billing solution.

Server Side Security & Firewall

Server Side Security and firewalls ensure that your data is always safe and secure. If the server is unprotected, this will put the website at significant risk. The potential dangers may include malicious attacks, data deletion, and file corruption. It is essential to regularly conduct a series of tests and checks to ensure the platform has high protection against these dangers. Regular backups are necessary to ensure that any security breach does not cause you to lose your data. With these server-side securities, regular monitoring, and tight control of firewalls, you can keep your platform secure and also prevent anyone from stealing any sensitive information or making any changes without your prior approval.

SSL Certificate

A secure Socket Layer, often abbreviated as SSL, ensures secure transferral of online data from the website or app to the billing platform and back. An SSL certificate on your website adds an extra layer of security for your users and subscribers and helps build trust in your platform. It also helps to assure users that the site they are registering themselves on is trustworthy. The credit card information they will enter will always be end-to-end encrypted right from data ingestion to transmission.

VPN Detection

VPN detection employs GeoIP Intelligence or Internet geolocation which is software that is capable of determining the exact geographic location of any device connected to the Internet. It uses the device’s IP address to select the region, country, city, or area code. One can use this software to restrict access to specific end-users who use 3rd party VPN services to bypass geographic restrictions on websites. This provides an additional layer of protection to billing platforms that wish to access particular regions allowing only authentic users to access the platform.

Tokenization

When dealing with credit card numbers and other personal/sensitive financial information that is repeatedly used, one can use tokenization to secure the data. This process includes converting sensitive data into random numbers or codes that can be stored and used later. Instead of keeping an actual credit card number, the card number will be converted to an arbitrary code such as ccd1258. This will act as a token for the credit card number, so even if someone were to gain access to the token, it would be utterly useless to them. Tokenization can secure details when data is at rest.

Multi-Layer Security Measures

Another way to strengthen the security of your billing platform is by using several layers of protection. You should ensure the cloud infrastructure offers protection against traditional network & security threats like Distributed Denial Of Service (DDoS) Attacks, Man In The Middle (MITM) Attacks, Packet sniffing by another tenant, etc. This is done by utilizing machine learning to filter out any malicious traffic from your regular site traffic. Additionally, two-factor authentication can also be used to increase the security level. It requires a username, password, and an additional code through email or SMS message.

Also read : Common SaaS Billing Challenges and How to Fix hem

Third-Party Credit Card storage

Whether you handle your payment processing or outsource it, you may be required to store and protect the user‘s credit card information. Hence you might need to consider using a third-party vendor for this purpose.

For instance, if you need to store credit card information for recurring or installment billing, you can use a credit card vault service. In return, this service provider will provide you with a token that can be used for billing purposes. You do not need to store the details on your server. You will still have access to the elements without keeping or maintaining any of the data on your end. The provider is usually better equipped and possesses the expertise and security controls to handle sensitive financial information better. However, one must be sure to properly authenticate the provider and ensure they follow the same or better security protocols.

Address verification system (AVS)

This is an essential tool to help reduce the chances of fraud. The Address Verification System (AVS) verifies the billing address against the cardholder’s data from the issuing bank. AVS helps prevent fraud since the offender often doesn’t have the authorized cardholder’s billing address. AVS systems are mainly used simultaneously with CVV2 verification, the three-digit code on physical credit cards. The combination of both these measures can help protect against fraudulent transactions.

GDPR

General Data Protection Regulation is a set of rules set by each government that applies to businesses and organizations dealing with customer’s data. There are usually several key factors under GDPR, including Lawfulness, Accuracy, Security, and Accountability. It is a must-have built-in feature in any Subscription Billing Software if you want to follow the rules and run a hassle-free business. 

ISO CERTIFICATION

International Organization for Standardization certificate is a third party approval from a non-governmental organization that sets an essential criterion for every business. It is widely acclaimed globally, and having this certification proves to the customers that you are efficient and committed to achieving your goal. If Billing Software has the same feature, you should feel confident in the product. 

PCI DSS Compliant platform

Payment Card Industry (PCI) Data Security Standard(DSS) is a set of rules developed by Visa, JCB International, MasterCard, American Express, and Discover Financial Services. Set in 2004, the main of PCI DSS is to protect the credit and debit card details. 

Also read : Best SaaS Billing Practices that keep your Business Growing

Wrapping Up

Securing your billing feature is as essential as securing your home. So take the necessary measures now to protect your business from cyber-attacks. Explore cloud-based SaaS solutions that offer security to your online store with seamless recurring billing capability at one go. Muvi Billing is a PCI-DSS Level 1 certified billing engine that provides optimal data security while enabling a hassle-free billing experience for subscription businesses of any size. Take a 14-Day Free Trial today!