We live in times where we are all finding new ways of being hygienic and also giving ourselves easier avenues when it comes to transactions. Online payments still scare most people. These payments are every money transaction you make online. Many people fear fraud and its various elusive forms. It is a fact of life that what people do not know scares them, and because you have no idea how online payments work or how they are made, you tend to be more cautious. However, if you understand how things work, you will look at things differently and make sure to keep your money safe at the same time. This article will explain all the ‘hows’ to make safe online payments.
How are Online Payments Made?
Online payments involve 3 parties; the merchant, the customer, and the technology. If you are a merchant, then you would definitely need to partner with a bank to acquire money and accept it on your behalf. There are certain types of bank accounts you need to choose from as a business before starting that process. In case you are the customer, you will need a debit or a credit card with which you can make the payment for the item you are purchasing.
Between these two is the technology that processes the information and transfers the money from and to the other parties.
How can I Make Sure My Money is Safe When I do Online Transactions?
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Use Your Own Computer
It goes without saying that things as sensitive as money-related information cannot be left unattended. Never do any money transactions or online purchases from a gadget that is not yours. Doing so would jeopardize your most sensitive personal data and make you subject to fraud and theft. There are many things for which online payments can be used not only to buy and sell stuff. A system handling payments online is considered an intelligent system. It is able to process anything from buying and selling goods to paying your employees without the need to give them cash.
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Change Your Passwords Often and Make Them Hard
It is advisable to change all your passwords every 1 to 3 months. Although it is tempting to choose the same password for all your accounts as a convenient way to remember them, this makes it very easy for all of your accounts to be stolen if only one of them was hacked. There are rules and guidelines to help you choose a strong password that you can remember. It is also a good idea to write your passwords down on a non-digital platform that you can keep safe. Storing your passwords on a digital note means that if your gadgets are stolen or hacked, all of your passwords will too.
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Create a Special Credit or Debit Card for Shopping or Online Purchases
Keeping a small amount of money in a card dedicated only for your online purchases decreases the chances of theft. You can also restrict the amount of money you are allocating for such purposes; this way, you can make sure you don’t go into overdraft and also protect yourself. Two stones, one bird.
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Ask Before You Buy
Learning from other people’s mistakes will never grow old. Before you add your card information and proceed with the payment, make sure you check the reviews and ask about the seller. You might be surprised how much trouble this seemingly easy step can save you and help you from falling into the mistakes others have already made.
Moreover, make sure you add your review whenever you buy something so that you can lend a helping hand to other fellow online buyers and save one of them some trouble. What goes around comes around.
Technology has made plenty of things easier for everyone. Who would have thought that with a press of a button, you can buy an item to be delivered the next day to your doorstep? Amazing, right? However, with that luxury comes great risk. When debit and credit cards first came out, all you had to worry about was the card getting stolen and your money withdrawn from an ATM, which was a convenient invention. Nowadays, you have to, unfortunately, add something else to your list of worries. However, there are always ways to help you get the benefits of technology and stay far away from the disadvantages or threats. All you have to do is understand your role in the process and what is required of you to stay safe and protect your money and your information. Whenever in doubt, contact your online bank’s support system.
