Merchant Services: What Is 3-D Secure And How Does It Benefit Merchants?
As more individuals are beginning to purchase services and goods online, financial security has become a concern. Because online shoppers are now becoming savvy to internet scams, scam artists are currently finding new approaches to trick shoppers out of their money. Thankfully online purchases can be protected against fraudulent activity with the use of 3-D Secure.
What Is 3-D Secure?
The 3-D Secure technology adds an extra layer of protection to merchant services. Each time a customer makes an online purchase they'll be asked to supply a password. Consumers will need to register this password in advance and input it on top of the rest of the usual security checks.
When Is 3-D Secure Used?
This protocol is used at the point of purchase. Once a consumer has placed an item into their cart and gone to check-out, they'll be confronted with a credit card processing page. This page will ask them for their name, charge card number, card expiry date, verification number and password.
How Does 3-D Secure Work?
This Visa processing service works by giving online shoppers more protection. When a person commits identity theft they are able to easily get their hands on the charge card information on their victim. What they will not be able to gain access to is the card verification number because this is unique to each and every card. However those who have stolen a charge card will have access to this number. Without 3-D Secure a charge card thief could complete a purchase using the above information. The password required by 3-D Secure makes credit card fraud much more difficult as thieves would have to crack the password.
The Benefits of 3-D Secure for Merchants and Customers
The most obvious benefit of making use of this Visa and Mastercard processing system is that this protects consumers from credit card fraud. However merchants are also able to benefit from this technology. Some of the advantages merchants can gain from using this technology include a reduction in fraud, decreased liability, increased sales, enhanced marketing opportunities, and lowered operational costs. Businesses who use 3-D Secure can even advertise this extra layer of security to prospective customers. This makes them feel secure with regards to buying goods with their charge card.
Unfortunately getting a merchant account is not an easy task for small or new businesses. People who want to use 3-D Secure will likely need to have a merchant account in place. Banks are extremely strict about who they give these accounts to. As a result businesses should approach an established merchant account provider. This type of company can help businesses in their application for a merchant account. As banks are reluctant to give this technology to internet businesses, this help may be the difference between becoming approved or declined.
