Best Practices for Using Payment Links Securely

Tazapay
May 12, 2022
5 minutes of read

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Best Practices for Using Payment Links Securely

Payment links are an easy and convenient way for digital merchants to provide a means for online checkout without much fuss nor hassle for both the customer and the merchant. These payment links, which can be any link that has to be visited by the customer to send money to the merchant typically as a purchase of a product or service, also allow the budding digital merchant ample opportunity to try out different approaches to customer engagement thanks to the variety of forms they can be sent to such as emails, direct messages, and SMSes.

However, the simplicity offered by payment links can also be a risk factor in itself because it  means that they’re not only easily exploited by unsavoury parties if carelessly handled, especially with a fraudulent payment provider, but you may also stand to lose any goodwill you stand to gain with your potential clients should you fail to utilise payment links properly. When conducting B2B transactions, the risk only gets higher as high-value transactions tend to make or break the trust that is being established between transacting parties.

B2B payment complexities simplified and manual processes digitised with Tazapay

Therefore, here are some best practices you could bear in mind to ensure that the next payment link you send to your B2B client is sent securely:

Make Sure Your User Account is Secure

When using your trusted payment platform of choice to make a new payment link for your next B2B transaction, take a few minutes of your time to make sure your user account for that payment provider’s website is still secure and uncompromised. This is important particularly if you haven’t used your account for a while or have felt relatively complacent with your security vigilance.

Generally, this process normally involves updating your account details if you’ve changed your bank account or address, using a strong and unique password for your account and updating this frequently, and also updating your software for your browser and operating system to stay abreast with any important security updates.

Though this process may be mundane, it goes a long way in making sure that your account hasn’t been compromised by hackers and serves as both a preventative measure and an early warning if at any point you find any discrepancies on your user account. You’ll also be able to ensure that these hackers will not be able to use your account to send payment links under your name fraudulently, thus preventing any brand damage to you and your business as well.

Sending the payment link via a private channel as opposed to a public channel is highly recommended to prevent any sensitive information from leaking to any unauthorised parties.

This is especially important when the transaction is high-value or confidential, such as ones typically concerning B2B transactions for manufactured parts or services rendered that have information regarding intellectual property that can give competitors an edge for knowing details concerning a project’s architecture.

It is also recommended to use additional secure measures for the highest assurance in transaction security such as email encryption, encrypted messaging services, and Virtual Private Networks (VPNs).

Most email and messaging services typically already have encryption in sending data through having a security socket layer (SSL), which is an encryption-based Internet security protocol that connects the website’s identity to a cryptographic key pair. In other words, SSLs help to keep any data being sent through a pair of users secure by encrypting the contents of the email or message except for the intended recipient, which prevents any malicious parties from hacking and decoding the data sent easily.

On the other hand, VPNs can also act as an additional security measure should a standard SSL certificate not prove to be secure enough for confidentiality’s sake. VPNs help to anonymise you or your company by creating a private network from a public internet connection. They are useful in masking your data when you’re connected to a public access WiFi such as those found in cafes, thus preventing any data leaks when you’re sending payment links over the internet.

Verify the Payment Link’s Expiration Date

Payment links typically have a shelf life as a security measure to delete unused data from the payment platform’s servers. However, the number of days a payment link stays live depends on which payment provider you’re going for. Because of this, it helps to check how long a payment link stays live once they are created.

For instance, Tazapay’s payment links stay online for 60 days or until the payment is made synchronously by the buyer during checkout. Payment platforms would typically send email notifications whenever a payment is made or whenever a payment link expires. By checking when a payment link expires, you can prevent the trouble of re-creating a payment link should your counterparty not make their payment before its expiry.

Since payment links have a shelf life if they are left unused, it is advisable to remove messages containing payment links that have outdated terms. This is so that you can prevent any of your buyers from accidentally sending the wrong amount to you from the outdated link, thus avoiding the hassle of having to go through a lengthy refund or dispute process with your payment platform of choice.

If your seller has sent a link to you requesting for their payment, it pays dividends to double check the page and URL of the payment link before making your payment at all. This is to prevent your sensitive financial data from being phished by hackers impersonating a payment platform.

In Tazapay’s instance, the payment link’s page would have our logo and the logo of your seller on the top right corner to distinguish from other payment link providers.

On top of that, the generated URLs for our payment links will always look like this:

https://app.tazapay.com/marketplace/paymentdetails/[a random string of 64 characters]

Should there be any spelling discrepancies in the former half of the URL or the web page itself, then chances are that it is an impersonator’s link instead of a genuine payment link from your seller.

By learning about the best practices in using payment links, you are now better equipped to deal with businesses online. But don’t let the growth of your company stop at using payment links only since most payment platforms can provide solutions to aid digitising companies grow globally. Tazapay is one such platform that can provide integrated B2B checkout and more using both direct and escrow payments and accepting local payment methods outside of card payments from major markets.

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Best Practices for Using Payment Links Securely
B2B Payment

Best Practices for Using Payment Links Securely

May 12, 2022
5 min of read

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