Payment links are possibly the easiest payment option for businesses, especially eCommerce wherein payments can be accepted and transactions can be completed in the nick of time and this holds good for all stakeholders involved.
Nonetheless, payment links are not completely fool-proof. There are a few shortcomings that need to be addressed, if we have to ensure that unsavory parties don't exploit its endless opportunities.
Imagine if a fraudulent online payment provider gets access to the payment link, and a security or data breach can result not just in a failed payment, but there is no doubt that the businesses’ goodwill stands to suffer.
This is perhaps the biggest challenge for any high-end business transaction. Trust is a key factor and it cannot be compromised at any cost.
So, what is the solution?
Let’s explore a few best practices of using payment links to ensure that your B2B transactions are not just quick and hassle-free, but also safe and secure.
Ensuring Secure User account
Send and Receive Payment Links Through a Private Channel
Verify the Payment Link’s Expiration Date
Delete Messages Containing Outdated Payment Link Terms
Check the URL and Payment Page of Any Payment Link Sent to You
Ensuring Secure User accountEnsuring Secure User account
It is imperative that your user account security vigilance is strong, compliant, and updated. Before initiating and completing your B2B transactions, always ensure that your User account is still uncompromised, particularly so if your account had been dormant for a while.
Additionally, if any account details, like address or bank account have been changed, ensure that it is updated. Use super strong and unique passwords for your user login. Make sure that your browser, software, and the Operating system are updated frequently. All this will help you in staying abreast with any security updates.
These tasks may seem quite repetitive, but these small changes can be like preemptive steps to ensure greater data security and even alert you in case any unscrupulous activity is detected.
Always share and receive payment links via a private channelAlways share and receive payment links via a private channel
It is always recommended that payment links are shared via private channels as opposed to public mediums. Payment details are sensitive bits of information that cannot be jeopardized at any cost.
Any information that can be categorized as an intellectual property cannot be compromised either. Such transactions need a fool-proof system to ensure state-of-the-art security.
Other methods like message encryption, VPNs etc can ensure greater security.
Verify the Payment Link’s Expiration DateVerify the Payment Link’s Expiration Date
Every payment link comes with a pre-determined shelf life to ensure security so that any unused data will be deleted from the server after a particular period. You can always check how long your payment link will be alive and active.
Delete outdated payment linkDelete outdated payment link
As we saw above, payment links come with a shelf life and if it is unused, it is imperative that all unused payment links are deleted. Messages that contain these links can be deleted too. This can make sure that none of your customers accidently uses an outdated link to make payments and save your precious time that will have to be spent on refund and dispute resolution processes.
Always scrutinize the URL and payment page of any link sharedAlways scrutinize the URL and payment page of any link shared
It is always beneficial if you can ensure that URl and payment page mentioned in the payment link are active before making payments.
There are fraudsters who may phish sensitive financial data
Look out for any spelling discrepancies in the payment link. If there are any then be alert of a phishing attack. There is a good chance that it is a link from some fraudster impersonating as a payment partner.
Discussed above are a couple of best practices in using payment links. With the wealth of knowledge gained from this blog, you can now make informed business decisions.
