Vital Pointers About Merchant Services: How 3-D Secure Benefits ...

As increasing numbers of individuals are beginning to purchase services and goods from the internet, financial security has developed into concern. Because online shoppers are now becoming savvy to internet scams, scam artists are currently finding new ways 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 (click and learn more). Each time a customer makes an online purchase they?ll be asked to provide a password. Consumers will have to register this password ahead of time and input it in addition to all the other usual security checks.
When Is 3-D Secure Used? This protocol is required 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, credit 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. Whenever a person commits identity theft they can easily get their hands on the charge card details of their victim. What they will not be able to access is the card verification number because this is unique to each and every card. However individuals who have stolen a credit card are going to have the means to access this number. Without 3-D Secure a credit card thief could complete a purchase using the above information. The password required by 3-D Secure makes credit card fraud a lot more difficult as thieves would have to crack the password.
The Key Benefits of 3-D Secure for Merchants and Customers The most obvious advantage of using this Visa and Mastercard processing system is that it protects consumers from credit card scams. However merchants are also able to reap the benefits of this technology. Some of the advantages merchants can gain by using this technology include a reduction in fraud, decreased liability, improved sales, increased 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 purchasing goods using their credit card.
The fact is getting a merchant account is not an easy task for small or new businesses. Individuals who wish to use 3-D Secure will likely need to have a merchant account set up. 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 hesitant to give this technology to internet businesses, this help may be the difference between becoming approved or declined.

Source: http://www.bara.net/2012/08/vital-pointers-about-merchant-services-how-3-d-secure-benefits-merchants/

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