Secure electronic presentment for payment is a digital process by which businesses send invoices or billing statements to customers’ email addresses or online accounts. This process allows customers to check and pay their bills in one secure place. Secure electronic presentment for payment is a faster, more secure method than traditional billing.

In 2022, 65% of organisations reported being victims of attempted or actual fraud activity, highlighting the need for secure billing and payment methods. Below, we’ll explain how businesses should handle secure electronic presentment for payment to refine their operations, maintain compliance, and provide the best possible customer experience. If your business accepts electronic payments, here’s what you should know.

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• Best practices for secure electronic presentment for payment
  

Best practices for secure electronic presentment for payment

Here are some best practices businesses should follow while using secure electronic presentment for payment.

End-to-end encryption (E2EE)

E2EE protects sensitive financial information such as credit card numbers, bank details, and personal identifiers. It prevents hackers from intercepting and exploiting the information: even if hackers manage to breach the network, the information is unreadable to unauthorised parties.

Dynamic data encryption keys

Dynamic data encryption keys add another security layer. Unlike unchanging static keys, dynamic keys change frequently. This makes it harder for attackers to decipher the encrypted data. Even if a key is compromised, its limited lifespan minimises the potential damage.

Dedicated secure server

A dedicated secure server further protects your secure electronic presentment for payment operations by isolating the sensitive financial transactions from other network traffic, which reduces the attack surface and minimises the risk of unauthorised access. Use strong security measures such as firewalls, intrusion detection systems, and regular vulnerability scanning to make this dedicated server a highly protected environment.

Multifactor authentication (MFA)

MFA requires users to provide multiple pieces of evidence (e.g. password, one-time code, biometrics) to prove their identities. This makes it much harder for unauthorised individuals to gain access to sensitive payment information. Use MFA specifically customised for payment access by implementing even stricter rules, such as stronger password requirements and more frequent authentication.

Quarterly security audits

Security audits involve a comprehensive review of security policies, procedures, and controls to identify vulnerabilities and weaknesses. Quarterly audits ensure that your security measures remain up-to-date and effective in the face of evolving threats. Proactively addressing any identified issues can reduce the risk of data breaches and financial losses.

Compliance with PCI DSS standards

The Payment Card Industry Data Security Standard (PCI DSS) is a set of comprehensive security requirements that protect cardholder data. These requirements establish high security standards for handling, processing, and storing sensitive payment information and require businesses to implement measures such as strong access controls, regular security testing, and maintaining a secure network. Compliance ensures a high level of security for your business and reduces the risk of fines or other penalties for non-compliance.

Payment gateways with fraud detection algorithms

Payment gateways and payment providers with fraud detection algorithms analyse transaction patterns in real time and flag suspicious activities that could indicate fraud. Consider gateways with advanced features such as machine learning to continually improve detection capabilities, customisable risk settings to fit your specific needs, and comprehensive reporting tools to track and review flagged transactions. This proactive approach helps prevent fraudulent activities before they can impact your business and customers.

Automated backups

Regular, automated backups ensure that all electronic billing data, including customer information, payment records, and transaction history, is copied and stored securely. In the event of a system failure, data corruption, or cyberattack, backups enable quick, simple data recovery. This prevents data loss, minimises downtime, and ensures business continuity.

Tokenisation of customer payment information

As soon as you receive payment data, replace it with a unique token that can be used for transactions but holds no value if stolen. This process minimises the exposure of sensitive information and reduces the risk of data breaches. Providing customers with tokenised access to view and pay bills also simplifies the payment process by making it easier for customers to manage their own bills without compromising on security.

Secure APIs with strong authentication

When integrating secure electronic presentment for payment systems with other applications or platforms, prioritise the use of secure application programming interfaces (APIs). These APIs should have strong authentication mechanisms such as OAuth 2.0 and OpenID Connect, so that only authorised entities can access and exchange sensitive financial data. By establishing a secure communication channel between systems, you decrease the risk of unauthorised access and data leakage.

Incident response plan for breaches

A well-prepared incident response plan minimises the impact of a breach and ensures a swift, effective response. Develop a customised plan that outlines specific procedures for identifying, containing, and remediating security incidents related to secure electronic presentment for payment. Define clear roles and responsibilities, establish communication channels, and outline steps for forensic analysis and data recovery.

Restricted access to systems

Implement a principle of least privilege when granting access to secure electronic presentment for payment systems. Employees should have access only to the data and functionality necessary for their specific roles. By restricting access to authorised personnel, you reduce the risk of accidental data exposure or misuse. Incorporating MFA can add security by requiring users to provide multiple forms of identification to access sensitive systems.

Specific privacy policies

Regularly review and update your privacy policies to ensure they adequately address the specific privacy concerns associated with electronic presentment. Detail how you collect, store, and use customer data and outline procedures for data retention and disposal. Transparent, comprehensive privacy policies build trust with customers and demonstrate your commitment to protecting their information.

Encrypted email services

When sending electronic presentment notifications via email, use encrypted email services with E2EE. This ensures that unauthorised parties cannot intercept the emails’ content, which includes sensitive billing information. Consider using services with additional security features such as two-factor authentication and message expiry to further increase the security of your communications.

Cross-platform compatibility

Your secure electronic presentment for payment system must be compatible with security measures across various platforms so security standards remain high no matter what device or operating system the customer uses. This requires implementing cross-platform encryption protocols, ensuring consistent MFA, and regularly updating the system to address new security threats. This cross-platform compatibility allows customers to securely access and manage their bills from desktops, smartphones, and other devices, without compromising security.

Digital signatures

Digital signatures verify that electronic bills are authentic and have not been tampered with. A unique digital fingerprint is attached to each document with cryptographic techniques, and if any changes occur after the document is signed, the signature becomes invalid. That indicates potential tampering. This process can boost internal security and reassure customers that the documents they receive are genuine.

Penetration testing

Penetration testing involves simulating cyberattacks on your secure electronic presentment for payment system to identify vulnerabilities. Focus this process on the electronic presentment process to uncover any potential weaknesses before attackers can exploit them. Test the delivery of bills, access controls, and payment processes and fortify any areas in which security is found to be lacking.

Customer communication

To build trust and confidence with customers, communicate clearly about the security measures you have incorporated for their electronic payments. Tell customers about the encryption methods, authentication processes, and other security protocols you use to protect their data. Clear communication reassures customers that their payment information is secure and that your business is reliable and trustworthy.