Data Breaches happen every single day and too many times to keep a track of. Be it big corporations like Amazon or small retail shops, hackers are constantly infiltrating company networks and merchants’ payment gateways to steal valuable customer data.
Customers are still wary of transacting online because of the fear of the safety of such transactions. During transactions, sensitive customer information such as credit card details or bank information, social security details and other personal information gets transferred through payment gateways.
Unauthorized access to such kind of data causes major damage to both customers as well as companies.
To avoid such negative consequences and offer customers a safe payment experience, merchants require 3D Secure Payment Gateway solutions.
What is 3D Secure Payment Gateway?
3D Secure aka Verified by Visa / MasterCard Secure Code / Amex SafeKey, basically acts as an extra layer of protection to credit and debit card transactions.
3D stands for 3-Domain Server because it involves 3 parties that are the key elements during the complete 3D secure process. Transactions carried out through 3D secure redirects to a payment gateway and then initiate an authentication process through the 3D secure model that includes Issuer domain i.e. bank issuing the card being used; Acquirer domain i.e. merchant/bank to which the money is being paid and Interoperability domain i.e. the network being used like Visa, MasterCard, Amex.
Shoppers then have to enter a password to confirm the identity of the cardholder. Once it is accepted and verified, your payment process is complete.
Why do you need a 3D Secure Payment Gateway?
For customers, their major concern while shopping online is the lack of safety of their personal information. Once they realize that their sensitive information is protected and safe through a 3D secure payment gateway, it will only encourage them to use their cards for payments.
As for merchants, customer loyalty and trust are major advantages of integrating 3D secure payment gateway.
It also means businesses can reduce disputed or fraudulent transactions that lead to increase in chargebacks for merchants. It means you are no longer liable for certain fraudulent transactions like deny making a purchase that is verified successfully. The liability shifts from the merchant to the consumer.
This is especially advantageous for risky businesses that often face chargeback troubles leading to merchant account shutdowns.
Get seamless 3D Secure Payment Gateway solutions with your merchant account from a reliable merchant account provider like IBS and start accepting credit cards with ease.