Safety Tips for Using Electronic Payment Modes

In the present times, it is always difficult to choose cash transactions. The present times are different, and it involves speedy transactions and improves the efficiency of the business process. However, it is important to note that the portals many companies use may or may not be completely reliable. Therefore, it is essential that you use portals that guarantee safe transactions. One thing that you must remember is that despite all safety measures that your seller will abide by, you need to maintain a few basic rules.

There are some of you who might use electronic payment solutions for the first time. You may be owning an e-commerce site or a business or be a consumer. You cannot forego the basic safety measures, no matter on which end you are. If you are a service provider, you have to be alert regarding the customers who might send you money online; at the same time, if you are a customer, you need to know a few things as well:

Keep your Financial Statements Updated

If you use electronic modes for payments, make sure that you are updating the financial statements and monitoring them fairly regularly. It is a great practice to check the financial balance and accounts statements; in that way, you can be sure that no one is using unfair means to access money from the account.

Keep a Strong Authentication System

It is essential that you have a proper authentication system. Make sure that it is at least a two-way authentication system because then you can be sure that you will not permit malicious activity. Also, you have to be careful that you do not share your passwords, OTP, mobile number, transaction ID, pin with anyone. These pieces of information are highly secretive and personal.

Check for a Receipt

If you make a payment, it will generate a receipt. Hence, you make sure that you get one. For any authenticated payment, you will get a receipt. Hence, check for the receipt if you are sending money elsewhere or someone is transferring the same to you. It is proof of payment, and no one can claim otherwise.

Do Not Link Multiple Accounts

It is better to use a single account for transactions. If you use multiple accounts, that opens you to multiple gateways, and that can be problematic. It is better to use a singular one. It is easier to get one-time passwords for use as you know which account is in use. Moreover, it gets hectic to track multiple transactions. Hence, stick to a single one.

Use Trusted Apps or Services

With electronic and online payments, consumers can buy anything from anywhere. It is surely beneficial, but it can be problematic if you use websites that are unreliable and unsafe. Be sure that you use applications that are popular. If there is a new app in the market or you are visiting a new website, learn more about it before paying.