Secure Payment Gateway Solutions For Your Business
Data breaching has become a regular occurrence in this modern world brimmed with technology. From big corporates to small businesses, none are safe from the unethical practices of hackers who are on the constant search to try and infiltrate companies to steal valuable customer information. If your business operates online, you should make sure that your payment gateway is more secure and encrypted so that customers can rely on it. With the assistance of Payment risk management, you can avoid online payment frauds and protect your financial data.
The insurgence of these data hacks has only made customers more cautious while transacting online in fear of safety, which ultimately affects a business. When a transaction takes place on the bitcoin prime trading platform, 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:
3D or 3-Domain Server has three important parties to complete the whole secure process. These parties are the Merchant, the Acquirer, and the card’s Issuer.
The Merchant is the entity transacting online and is responsible for maintaining customers’ information. The Acquirer is a third-party entity that helps businesses accept payments online. The Issuer is an individual or organization that issues credit cards to its customers.
The following procedure needs to be completed to complete 3D Secure payment process:
1. Merchant creates a 3D Secure application and links the card to it.
2. Acquirer verifies the customer’s payment details, and if they are correct, they will forward them to Issuer for authorization.
3. Issuer verifies that information submitted by the Merchant is correct and if so, authorizes a charge on the card.
4. Merchant receives authorization of the charge and sends an authorization code to Acquirer, who then forwards it to the customer.
5. Customer enters the authorization code at checkout and completes payment.
6. Acquirer receives payment details from the customer, and if appropriate, they will forward them to Issuer for finalization of the transaction.
When a transaction is carried out using 3D secure payment, it redirects to a payment gateway, which initiates 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 Secure Payment Gatway for Merchants:
Every business needs to think about its customers first and foremost. And customers value their safety more than anything. The lack of safety of their sensitive data keeps most shoppers away while completing that checkout process and eventually abandoning the cart.
Only a guaranteed confirmation of the safety of their personal information can get customers to trust you to move along with their transactions through 3D Secure payment gateway that is possible.
In this case, another big advantage for businesses is that they can spot and reduce the number of chargebacks that occur through disputed or fraudulent means. If a customer denies making a purchase that is verified correctly, you will no longer be held liable for it. It also means customer loyalty and trust in the long run for the business.
High-Risk businesses can especially reap the benefits of 3D secure payment gateway since their main obstacle while trying to maintain a High-Risk Merchant Account is the increasing risk of chargebacks that they are prone to.