Payment Gateway Solutions For Your Business
In this modern world brimmed with technology, data breaching has become a regular occurrence. From big corporates to small businesse, none are safe from the unethical practices of hackers who are on constant search to try and infiltrate companies to steal valuable customer information.
The insurgence of these data hacks has only made customers more cautious while transacting online in fear of safety while doing so which ultimately affects a business. When a transaction takes place, sensitive customer data that includes financial information such as credit card details, social security details or any other valuable personal information is transferred through the merchants’ payment gateway and stored.
One can only imagine the implications of having such raw data fall into the hands of the wrong individual. The damage it causes not only affects the customers but businesses as well.
Therefore, major steps have been taken to ensure extra protection and provide safe payment options to customers. One of such includes 3D Secure Payment Gateway solutions for merchants:
How 3D Secure Payment Gateway Works:
Verified by Visa / MasterCard Secure Code / Amex SafeKey, a 3D Secure offers an extra layer of protection when a customer is transacting via credit or debit cards.
3D or 3-Domain Server has three parties that are important to complete to the whole secure process.
When a transaction is carried out using 3D secure payment, it redirects to a payment gateway which then initiated an authentication process through the 3D Secure model. This model includes the Issuer domain (Bank that issued the card used for transaction), Acquirer domain (Merchant or bank that receives the payment) and Interoperability domain (Card network used such as Visa or MasterCard).
The buyer has to enter a passcode in order to confirm the cardholder’s identity. Once accepted and verified, the payment is through.
Advantages of 3D Secure Payment Gatway for Merchants:
Every business needs to think about their customers first and foremost. And customers value their safety more than anything. The lack of safety of their sensitive data is what keeps most shoppers away while completing that check-out process and eventually abandoning the cart.