Online Shopping: The Safest Way to Pay
The single biggest worry people have about shopping online is security. There are many different ways to pay for online purchases, and some are safer than others.
Electronic Check or Debit Card
One option is to pay by electronic check or debit card. This is probably the least secure of the options, because it could give a thief access to your bank account. Think about how easy it is for you to pay a bill by phone. All you need is the bank routing number and your account number.
The other common option is to pay by credit card. This is often touted as the safest option, because of built in protections against fraud. A loss limit of $50 and procedures to dispute false charges or unsatisfactory purchases are factors that can make a credit card the best choice for online shopping.
Some retailers, realizing that shoppers may not feel comfortable entering credit card information into a web form, offer the option of placing credit card orders by phone.
First, the best card is one with a low limit, and preferably only used for shopping online. Pay special attention to charges to that card, and don’t hesitate to question anything that looks out of place.
Some banks monitor credit card use and flag any charges that don’t fit the usual pattern. While it may be a bit annoying to verify actual charges, it would be a lot more annoying to pay someone else’s charges.
Safe Online Shopping
Some banks offer “one-time-use” credit card numbers specifically for safe online shopping.
Finally, online payment gateways like PayPal offer both flexibility and security in online transactions. While ordering direct from the merchant means each merchant has your credit card information, you can buy from fifty different places with PayPal and the only place that has your credit card information is PayPal.
And most online retailers accept PayPal along with regular credit cards.
No matter how you choose to pay for your online purchases, read your statements carefully and clarify anything you don’t understand. And stay safe out there!