A Challenger Appears: Ethereum Approaches Bitcoin Market Capitalization

At the start of 2017, the global cryptocurrency market cap, that is, the total value of all cryptocurrencies like Bitcoin and Litecoin, was just under $18 billion USD. This was already a very promising increase from just $7.1 billion the year before. Compared to what was about to come however, even that increase seems minuscule. As of mid-June 2017, cryptocurrencies have reached a global market cap of just over $115 billion. That’s a 533% increase in less than half a year!

Payza has been keeping a close eye on the exciting new cryptocurrency trends, and in 2014, became one of the first e-wallets to allow its members to load and withdraw from their accounts using Bitcoin.

Until a few months ago, Bitcoin’s dominance, or the percentage of Bitcoin’s total value compared to the total combined cryptocurrency value, held steadily between 80% and 90%. Since March, however, there has been a tremendous rise in both awareness and value of Bitcoin alternatives, dubbed Altcoins. As a result, Bitcoin’s dominance has dropped significantly, making up just under 40% of total cryptocurrency value as of mid-June.

Trailing closely at 31% of the total cryptocurrency market cap, a challenger seems eager to take Bitcoin’s throne: Ether.

Ether

Built on the Ethereum computing platform, Ether (ETH) was released in May 2015 and has since gathered strong support from developers and investors alike, despite a hard fork in 2016 that prompted the creation of the Ethereum Classic (ETC). Following the success of the network and a growing market capitalization, multiple ventures are aiming to use Ethereum for projects related to finance, energy sourcing and pricing, sports betting, the internet-of-things, etc.

With an adoption rate that rivals that of Bitcoin, both experts and enthusiasts are becoming reluctant to use the term ‘altcoin’ when referring to Ether. There’s even speculation within the community that Ether will soon overtake the current leader, an event humorously named “The Flippening.”

The Enterprise Ethereum Alliance

With partners from multiple Fortune 500 companies (Microsoft, J.P. Morgan, Intel, etc.), research groups and blockchain startups, the nonprofit organization Enterprise Ethereum Alliance was established in March 2017 with a vision: to augment the Ethereum blockchain by creating a private version (currently known as EnEth 1.0), based on a reference architecture focusing on confidentiality, privacy, scalability and security. It will facilitate collaboration, as everything created will be open-source, making the EEA evolve alongside the public Ethereum community in harmony.

A Surge of ICOs

Part of the extraordinary increase in cryptocurrency value during the second quarter of 2017 is attributed to growing cryptocurrency awareness, the creation of the Enterprise Ethereum Alliance, but also to a multiplication of successful Initial Coin Offerings (ICOs), crowdfunding campaigns dedicated to projects that build upon the Blockchain to provide solutions to existing problems or to future-proof the technology. Among the top ten crowdfunding projects, six are cryptocurrency-related, all based on the Ethereum blockchain: Bancor, the DAO, AEternity, MobileGo, Basic Attention Token and Aragon.

These projects, which have raised just over $477m, show tremendous support for the Ethereum blockchain, which was itself crowdfunded in September 2014 for $18m, a figure that pales in comparison of recent investments.

Altcoins and Payza

Payza has kept a watchful eye over all cryptocurrency developments, not just developments related to Bitcoin. As such, we’ve already started exploring and developing new ways to incorporate Ether and other Altcoins into our global online payment platform.

As cryptocurrency and blockchain technology advances, it is becoming increasingly clear that these currencies will make up a meaningful part of the global e-commerce ecosystem. The only questions that remain are which coins will emerge as the market leaders, and how much of global e-commerce volume will cryptocurrency payments make up?

Need To Raise Funds For Your Business? Check Out Crowdfunding

The traditional approach to raise funds for starting a new business has been to draw up a business plan and run it through interested parties who have the funds and are looking for good investment opportunities. These interested parties could be venture capitalists, angel investors or banks. This has been the most common approach followed in the past for new business ventures. In contrast, crowdfunding is a relatively new idea that is rapidly gaining ground.

What Is Crowdfunding?
Crowdfunding is a method of fundraising through the collective contribution of individuals. These individuals could be your family, friends, customers or anyone who finds your idea interesting and is willing to invest. Thus, rather than focusing on a few wealthy individual investors, crowdfunding leverages the funds from a large pool of people. Individual contributions may be smaller but because of several contributors, this can raise big amounts. Funds are typically raised online via social media or crowdfunding platforms.

Benefits Of Online Crowdfunding
There are several benefits of using crowdfunding. Online crowdfunding platforms give you access to a huge number of accredited investors. Accredited investors are individuals whose net worth exceeds a certain amount and are able to legally invest in your venture. A good crowdfunding campaign is bound to include social media, email based newsletters, and other online marketing activities. You can track the status of your fundraising on crowdfunding platforms and see how far you have met your targets for business finance. Online platforms eliminate the need to follow up with each individual investor and you can also very quickly get feedback on your promotions and campaigns.

Types Of Crowdfunding
There are different types of crowdfunding and the one you choose depends on your business venture.

  • Rewards-Based Crowdfunding
    In this type of fundraising, people invest in your business venture with the promise of a reward in return. This could possibly be the use of your products or services. This is a popular method as there is no financial benefit or ownership to be provided to the investors.
  • Equity-Based Crowdfunding
    In this type of funding, investors receive your equity shares in return of investment thus becoming part owners of your business venture. Thus investors not only get some ownership but also are entitled to a share of your profits.
  • Donation-Based Crowdfunding
    In this type of funding, there are no returns provided to the investors. This is usually used for non-profit activities and charity based work.

Reasons for More Banks to Team Up with Fintech Industry

Fintech being the latest buzzword in the finance industry, more or less many people have already come to know about it. For those who are still in the dark and are finding this term totally unfamiliar, Fintech is a whole new industry offering financial benefits to various organizations.

The fintech industry is made of different companies that offer innovative and latest financial technologies for the betterment of financial services. With the growing competition in the market, more and more banks are opting for a partnership with this latest industry.

Here are the main reasons for why most banks are thinking about teaming up with it:

Allowing Latest Payment Methods
Providing innovative technological ideas for easy online transactions, the fintech is providing the banks with excellent financial services. Banks have suffered a serious loss in popularity, over the past few years due to their not-so-updated financial methods of proceeding with transactions online. The financial crisis is acting as an eye-opener, so the banks are now relying on Fintech.

Presenting the Refreshed Version of Brands
Around 83% of respondents are referring to fintech as the main factor in enabling them to refresh their brandings. Fintech is helping the banks to improve their relationship with the customers in the best possible way.

It’s also allowing banks to introduce the latest offers and services to the customers in the fastest way possible. It is simply providing opportunities for various financial organizations of repositioning themselves in the market through its cutting edge technologies.

Banks Are Able to Cut On Costs Significantly
It has been seen in the records that 87%of the total participants have been able to cut the costs successfully. The fintech sector’s total amount of transaction value is expected to grow up to $ 1.57 trillion by the year 2020.

So, there’s no doubt about the effectiveness of it in cutting up the costs. The reasons for these huge amounts of savings are the agile and flexible structure of Fintech, as well as the lesser requirement for developing the services offered to the customers at the end of the incumbents.

Increased and Boosted Revenues
In the recently conducted survey, it has been seen that almost 54% of the incumbents have experienced a certain increase in their revenues. With the passage of time, it is expected that the number of profits will be boosted more than now or ever. For enjoying the benefits of the partnership with Fintech, specific areas and strategies must be formed and decided by the banks.

Letting the banks in on the latest trends of financial service technologies, it is helping banks to transform and embrace digitalization. It is by joining forces with Fintech, that banks would be able to stay updated in the dramatically and drastically changed online payment landscape.

Beyond Bitcoin – Cryptocurrencies and Altcoins to Watch in 2017

It’s telling that one of the most popular colloquial terms for a cryptocurrency is “altcoin”, a portmanteau of “alternative” and “bitcoin”. Bitcoin, the original cryptocurrency, has become so ubiquitous that it is the definition of its own category. But the future of Bitcoin is currently in question and, because of this uncertainty, many traders are switching to other cryptocurrencies.

On March 10, Bitcoin hit an all-time high trading value of $1,325 as investors banked on a US proposal for a bitcoin-backed exchange-traded fund (ETF). However, the proposal was rejected by US authorities, which happened to coincide with a crackdown on bitcoin exchanges by Chinese regulators. Together, these two events caused Bitcoin’s value to drop by over $300.

The root of the problem putting the future of Bitcoin in question is scaling: Bitcoin is becoming too popular for its own infrastructure. The number of Bitcoin transactions that can take place at any given time is limited, which is causing a backlog of transactions in queue for processing, slowing down the whole system. This is because of the limited computing power of the blockchain, a distributed database that records all transactions and serves as a public ledger. In some cases, the backlog becomes so great that some Bitcoin transactions are not confirmed for hours or even days, and in some cases, the bitcoins being sent never reach their intended destination.

The Rise of Cryptocurrencies

Blockchains, invented in 2009 by the anonymous developer of Bitcoin, would prove to be a core technology of all cryptocurrencies. Blockchains are the key software that allows digital currencies to break the double spending problem by timestamping transactions into a public ledger on a peer-to-peer network. Without this solution, double spending represented a flaw in which the same digital token can be spent twice, rendering it useless as a currency. This technology allowed bitcoin and other digital currencies to be decentralized.

Cryptocurrencies are a subset of digital currencies, distinct in that they are decentralized: they are not tied to any real-world assets, not backed by any government or central bank, and no one is required to accept them as valid forms of payment or exchange them for any real-world currencies. Nonetheless, Bitcoin became so successful that it is now accepted by major companies such as Microsoft and Dell. You can even use Bitcoin at some brick-and-mortar stores and coffee shops around the world. In fact, there’s a coffee shop in Prague that only accepts payment by Bitcoin!

Naturally, Bitcoin’s success inspired imitation. Many copycat coins failed, but those that refined and built upon Bitcoin’s model attracted investors looking to capitalize on the technological innovation promised by these new altcoins. While some digital currencies like Litecoin and Dogecoin may have already hit their high water mark, there are still lots of intriguing cryptocurrencies that have something new to offer.

Here are the up-and-coming Bitcoin alternatives to keep an eye on in 2017.

Today’s Top Altcoins
Ether (founded 2015)

Shortly after Bitcoin’s crash in mid-March, Ether, the cryptocurrency that powers the Ethereum network, reached an all-time high trading value, surpassing $55 on March 16. Ethereum is an interesting case, as 2016 saw its value rise and fall erratically due to the same scaling problem Bitcoin is currently facing. To solve it, Ethereum split their blockchain into two parallel streams, a solution bitcoin has sought to avoid.

Known as Ethereum and Etherium Classic, these two cryptocurrencies both trade in Ethers, but they can have two different values depending on which stream they belong to, which can rise and fall independently of each other. Microsoft, the Royal Bank of Scotland, and J.P. Morgan Chase are all investing in proprietary software built on top of the Ethereum blockchain, lending credence to Ether’s reputation as a preferred network for digital software applications.

Zcash (founded 2016)
Zcash is one of the highest-valued cryprocurrencies today, currently trading around the $65 mark. The success of Zcash in what is now a very competitive landscape is due to its revolutionary, totally anonymous blockchain. The public ledger reveals no information about the parties involved or the amounts transacted; no other cryptocurrency provides complete privacy and anonymity.

Dash (founded 2014)
The third most valuable cryptocurrency by market capitalization behind Bitcoin and Ethereum, Dash hit an all-time high of $108.32 on March 20. This is a huge leap in value from its 2016 peak of $14.42.
After two different name changes, it appears Dash has finally taken off, driven by its proprietary InstantSend technology that allows transactions to be verified without the longer confirmation times of Bitcoin and other altcoins.

Monero (founded 2014)
From the beginning, Monero set itself apart from other cryptocurrencies in a way that is proving very important: scalability. Unlike Bitcoin and most altcoins, Monero has no hard-coded limit on its block size, meaning that it will never face the slowdowns that provoked Ether to split its blockchain and that are causing Bitcoin’s current existential crisis.

This scalability is key because the popularity of cryptocurrencies has now reached epic proportions. Bitcoin’s inability to handle its own popularity has led one of its key developers, Mike Hearn, to state that bitcoin is a failure as more altcoins rush in to take its place.

Nothing is certain in this crowded, complex market, and cryptocurrencies should still be seen as experimental and high risk in terms of an investment, but their potential power within the digital economy cannot be understated. More and more people are investing their real-world money in Bitcoin and altcoins, while businesses of all sizes have begun to accept cryptocurrencies in exchange for goods and services both online and in-store. If you’re curious about digital currency, now might be the time to start trading, and it’s still possible to find coins that have not reached their full potential yet and still have room to rise in value.

We’ve only skimmed the surface of the history, complexity, and capability of cryprocurrencies, but this is a subject we at Payza will be following closely in 2017. Subscribe to the Payza Blog to get email notifications about more in-depth articles about this and other FinTech disruptors, and follow us on Twitter and Facebook for even more e-commerce news from around the web.

Payza Wins Best Online Payment Method at the MPE 2017 Awards

2017 has only just begun and it’s already an exciting year for Payza. Wednesday night at the Merchant Payments Ecosystem Conference in Berlin, Payza was announced as the winner of the MPE 2017 Online Payment Method Award.

“2016 was a banner year for Payza,” said Firoz Patel, global executive vice president of Payza, who accepted the award on the company’s behalf. “The United Kingdom, for instance, saw over 150% year-over-year growth in terms of new merchant accounts. Overall, Payza saw 50% YOY growth in business signups and 225% growth in merchant payment volume. To be recognized as the best online payment method from among Europe’s leading providers is a credit to Payza’s continuing effort of providing local payment options to our users in Europe and across the globe.”

The MPE Awards, which celebrate and honor the achievements of companies and personalities across the European merchant payments ecosystem, selected Payza as the Online Payment Method Award winner based on its built-in fraud protection and state-of-the-art unique account security features, such as tokenized dynamic payment buttons, custom avatars and greeting messages, and Password and PIN protection; its flexible payment options, such as recurring subscription and split payments for marketplaces; and its hassle free integration that provides European merchants the choice to set their payment preferences based on the countries to which they are selling.

In addition to winning the Online Payment Method Award, Payza was also shortlisted for the Data Information Award, which recognizes achievements in using big data to improve the customer experience, decrease fraud, and increase profitability.

“Winning this award wouldn’t have been possible without the combined contributions of each and every Payza employee,” continued Patel. “From our amazing customer support staff, and our dedicated IT team and software engineers, to our merchant account managers, and our banking, fraud prevention, and account security teams, this achievement was the culmination of a full company effort.”

Payza’s staff has been growing rapidly to keep up with the increasing demand for the company’s services. That demand is a testament to the company’s focus on providing specialized local payment solutions for unique markets while offering an online platform where consumers and businesses in both developed and developing economies can participate.

With new offerings targeted at some of the fastest growing e-commerce markets in the world, including India, Brazil, and Bangladesh, Payza is poised for yet another breakout year.

Is Affiliate Marketing Right for You?

In most industries today, small business owners will find that e-commerce is the only true route to success. If you’ve already built your online business and are now struggling to turn a small but devoted customer base into a large and vocal fandom, maybe it’s time to recruit your customers to sell your product for you. If you’ve already come this far, maybe it’s time to look into affiliate marketing.

Affiliate marketing is often confused with multi-level marketing (MLM). In light of the recent Herbalife settlement, people are once again thinking of MLM as a bad word – just Google “MLM” and you’ll see that one of the first results is “Is multi-level marketing a pyramid scheme?” But that’s missing the point of the settlement, which we believe is actually a good thing for the industry.

In 2012 Bill Ackman, founder of Pershing Square Capital, a hedge fund, began a campaign against Herbalife, accusing the 35-year-old dieting supplement company of being a pyramid scheme. After a lengthy investigation, the company agreed to establish a $200M fund to reimburse distributors for lost wages and the Federal Trade Commission (FTC) found that Herbalife was operating legally.

This settlement is meaningful because, despite the fine, it reinforces that MLM is a fair and legitimate business model. In the words of Herbalife CEO Michael Johnson: “The settlements are an acknowledgement that our business model is sound and underscores our confidence in our ability to more forward successfully.”

While it shares superficial similarities with MLM, affiliate marketing is itself a distinct business model from both multi-level marketers and illegal pyramid schemes:

Pyramid schemes require that people pay to participate in the scheme and only profit when they recruit others to participate. The “product” is only redistribution of money pumped into the scheme: the business is built on recruitment. It’s a closed system and the money flows overwhelmingly toward the top. With no incentive to actually sell a product, those at the bottom of the pyramid eventually run out of new recruits and the pyramid collapses.

Multi-level marketing companies rely on the sale of real products for their cash flow. New recruits are brought on board and the company incentivises recruiters, but the profits at all levels still come from actual sales. Rather than profiting off fees charged to recruits, the company rewards recruiters with a percentage of profits based on sales. In other words, the product is everything.

Affiliate marketing is a single-tier system which rewards affiliates for each visitor or customer the affiliate directs to the business. The affiliate is not selling the product but is instead marketing the business and directing traffic to the company’s website.

Affiliate marketing is often overlooked by digital marketers. Though the methods are more or less identical – SEO, SEM, PPC, email campaigns, etc. – instead of coming from the business directly, the content is actually being promoted by a third-party “publisher” (the affiliate). This is a powerful tool for building trust in a brand; when somebody else speaks up for your product, it makes a greater impression on consumers than hearing it directly from the merchant.

The product is still everything, however. Some people get into affiliate marketing or MLMs because they seem like a solid, profitable business model, and then figure out what the “product” is later. But the medium is not the message. There is no product that is a poor fit for affiliate marketing as long as you’re doing it for the right reasons. Get your product right first – the best time to introduce affiliate marketing to your business is once you have a small but growing customer base, a group of potential brand ambassadors who can prove to you and others that you have a great product.

Affiliate marketing is not a “get-rich-quick scheme” and it’s certainly not a scam. It’s good business. If you know you have a great product and a great online business, affiliate marketing is right for you.
From the start, our mission has always been to provide freelancers, self-employed professionals, entrepreneurs and small business owners with convenient and affordable tools for growing their business. We believe in small business and want to do what we can to help improve the lives of your customers – check back often with the Payza blog for the latest tips and tricks on growing your online business, and be sure to follow us on: Facebook and Twitter

Disappearing Banknotes in India: Understanding the Terms Surrounding Digital Payments

Don’t know what are UPI, NPCI, IMPS, NEFT, or RTGS? Don’t worry, we can help!

The people of India are still adapting to the sudden demonetization of the 500 and 1000 rupee banknotes. Emerging from what experts have described as a “debacle” and utter “fiasco” in monetary policy, many Indians are frustrated by media reports that offer confusing information about India’s financial system.
To help bring some clarity to the situation, we wanted to go over some of the unclear terms in finance and digital payments that are common in media reports about demonetization.

What is UPI?

Unified Payments Interface (UPI) is a digital payment system network. Using an app on a smartphone, the UPI enables citizens to transfer money between bank accounts of 19 major Indian banks. In addition to simplifying and increasing access to many basic banking services, the UPI app lets a customer to transfer funds to the bank account of a merchant to make payments without the need to share private financial information.

The National Payments Corporation of India along with The Reserve Bank of India developed the app to encourage Indians to replace cash transactions with digital payments.

For more information, see this article about UPI and the related app in The Hindu: What is Unified Payment Interface?

What is IMPS?

Immediate Payment Service (IMPS) is a digital payment system network. IMPS enables the instant, digital transfer of funds between major banks.

Like the UPI, the IMPS platform makes it easy to digitally transfer funds between banks using mobile phones. Using this service, citizens can transfer funds whenever they please, even during off-hours and bank holidays.
The IMPS platform is managed by the National Payments Corporation of India and operates using the National Financial Switch network.

What is NEFT?

National Electronic Funds Transfer (NEFT) is the most extensive banking network in India to transfer funds digitally. This network provides a simple and cost-effective means to transfer funds throughout India and is popular for settling retail remittances. This banking service is available during business hours and closes for bank holidays.

What is NPCI?

National Payments Corporation of India (NPCI) is a non-profit organization that oversees all retail payment systems in India. The organization aims to offer all Indian citizens unrestricted access to digital payment services. Endorsed by the Reserve Bank of India, the NPCI is a leader in advancing India’s “cashless society” initiative.

What is RTGS?

Real-time gross settlement (RTGS) is a money transfer system within a country that enables the transfer of a high volume of funds between banks. Finance companies use this system to transfer money or securities instantly, where the funds are sent individually rather than bundles or batches that are mixed with other securities. The RTGS provides essential financial infrastructure for a country’s Central Bank and monetary system.

Do you know of other banking and finance terms we should add to our list? Would you like for us to explain the details of a digital payment system? Tell us in the comments section below.

Managing Corporate Culture Is the Secret to Attaining Top Performance

Companies that are rated as top performers financially have also been found to foster good corporate culture. In fact, a study by Boston Computing Group reported that leadership and task management performance are directly related to financial performance. What’s more, according to one statistic, companies that build strong leadership and talent management capabilities increase revenue 2.2 times faster than those without it.

Developing a healthy corporate culture should be one of the top priorities for every company. Corporate culture represents the company’s overall style of functioning – this includes beliefs, ethics, and values of the company, method of working and work environment, the extent of social management, the well-being of employees, the extent of teamwork, quality of customer service and also dress code. Every organization should strive to cultivate a healthy corporate culture that sets its management and employees on a path to success. The following are some of the key benefits derived from a healthy business organizational culture:

Motivation

Studies have shown that when employees can relate to a company’s values and goals or are able to achieve their own professional goals, their performance far exceeds the average threshold. Hence it is very important to find a good fit between the company’s beliefs and the people it employs. Also, a company’s culture must be consistent. Employees feel motivated when they are kept informed, engaged in decision making, encouraged to work as a team and experience a high degree of job satisfaction in terms of their personal growth and achievements. Hence recruiting the right talent and constantly engaging them is a very important part of managing corporate culture.

Customer Satisfaction

This is simple logic. If your employees are engaged in their work and believe in you, then naturally they understand the importance of keeping your customers satisfied. High employee motivation always comes across and is evident to your customers. Most top performing organizations recognize this distinct link between customer satisfaction and corporate culture.

Attracting And Retaining Top Talent

When choosing a company to work for, corporate culture is a very important consideration. Top talent in the industry usually looks for more that just pay. When questioned, many candidates stated that they prefer to work for companies with a vibrant work culture and that provided services with a meaningful impact on customers over pay scale. This also means that if employees can connect with the company, then they are less likely to leave. Thus helping you keep attrition rates in check.

Company Image

Overall a good corporate culture helps in creating a positive brand image for the organization. Your employees are more likely to recommend you to their buddies, allowing you to stay at the top of the game in attracting talent.

Growth

As the company grows it is important to understand and sustain what is important for you. Corporate culture can do the job of setting direction and will ensure your expansion is in alignment with your values. Companies that proactively manage corporate culture have the ability to focus on sustainable long-term growth.

7 Tips to Protect Your Business Against Cyber Criminals

Congratulations, you’ve made an effort and created a strong password for each of your online accounts. Now you can resume your daily routine, free from the worry that your business may be at risk of a cyber-attack.
Not so fast.

Although a strong password minimizes the likelihood of a security breach, it is not the be-all-and-end-all solution. Today’s cyber criminals are looking for various kinds of weaknesses in your organization. They need data, and will do whatever it takes to get it. Everything from credit card numbers, bank account information, Social Security numbers, email addresses, online passwords, and much more.

Unfortunately, small businesses and freelancers often dismiss the possibility that they could be targets of a cyber-attack. The truth is, cyber criminals consider your accounts to be easy targets. Without an information security officer by your side, they know your business is more vulnerable. The same holds true whether you are freelancing as a social media expert, taking online bookings for your next sight-seeing tour, or selling your ceramic coffee cups through your website. According to Symantec’s 2016 Internet Security Threat, 43% of cyber-attacks target small business because of their lack of knowledge and training on security. Just as the internet opens you up to new opportunities in e-commerce and freelancing, it also opens you up to new ways of being defrauded, scammed and robbed.

Don’t panic, though. There are some measures you can take to keep these criminals at bay and protect you, your business, and your customers from attacks.

Here are 7 additional tips to keep your business safe:

1] Make use of security certifications and encryption technologies that help protect sensitive data, and display any accompanying logos signifying that your website is safe. Immediately notify your clientele of any breaches in security. Protecting your clients’ information should be your top priority.

2] Learn as much as you can about how to avoid security risks and make the effort to participate in free webinars and reading online articles from trusted sources.

3] Get a good antivirus software, and keep it updated. IT security organizations like McAfee and AVG have loads of useful tips and tricks.

4] Always update your operating systems and web browsers.

5] Create and maintain internal and customer-facing risk management policies and procedures so your employees know what’s appropriate and what isn’t when working online. Establish clear Internet and social media usage policies as well as rules for using email safely.

6] Familiarize yourself with the contracts you have with your financial institutions and other business partners. Know your liability in case of losses through fraud and other security breaches.

7] As a freelancer, you must also protect yourself outside your home. For those times when you decide to work from a library or café, remember that most public networks tend to be unsafe and risky to use. Protect yourself using a Virtual Private Network (VPN); it will create an encrypted connection that acts like a tunnel between you and an outside server.

By following these tips, you are preventing yourself, your assets and your customers from falling victim to potential threats lurking online. Some of the most important changes a small business or freelancer can make to safeguard against data breaches are relatively simple and require minimal effort. Taking appropriate measures to ensure the trust of your current clientele is as important as making new ones. After all, your business depends on the trust built between you and your customers.

For more tips on securing your e-commerce business, visit the Online Security section of the Payza Blog and follow us on Facebook or Twitter.

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