The emergence of the e-commerce and online transactions has left vulnerability of sensitive information in finances. Since fraud and cybercrime are on the rise and the COVID-19 pandemic advances, people seek reliable methods for carrying out safe online payments. The most commonly implemented strategy in recent years lies in the application known as the 3D Secure payment gateway.
What is 3D Secure?
3D Secure or Three-Domain Secure is ecommerce risk management security protocol that is used to authenticate credit card or debit card transactions. Originally it was initiated by Visa as card brand called Verified by Visa, and latter other card brands like Mastercard with SecureCode and American Express with SafeKey adopted the system. In more detail, the idea of 3D Secure payment getaway is to solve the problem with fraud transactions by cardholders’ authentication in the process of payment on the Internet.
How Does 3D Secure Work?
It is possible to describe a flow of a 3D Secure transaction in several key steps. For instance, a customer decides to buy goods and services using credit cards by offering identical choice as purchasing on an online store involving; customer chooses merchandise and services or an e-store and goes to the phase termed as the check out page. This is when the cardholder’s bank reviews the transaction and sometimes ask the cardholder to enter some sort of authentication information.
Why is 3D Secure payment gateway Important?
First of all, it is important to note that 3D Secure is critically important due to the function of fraud prevention. Additional authentication reduces the likelihood of unauthorised transaction to a large extent, not only for the consumer but for the merchant as well. Security is an important attribute for customers especially in regard to the ways offered to make payment on the website. 3D Secure, merchants can increase consumer’s confidence which in process can lead to higher conversions rates.
Benefits of 3D Secure payment gateway?
The first advantage of 3D Secure payment gateway is the enhanced protection from fraudulent purchases Since chargeback rates are now lower, merchants can expect to have a clear report of Double One customer authentication, this mean that a merchant can prove that the transaction is legitimate. This also aids in reduction of insurance costs and transaction costs for credit risky businesses.
Conclusion
Several types of payment gateways available, but among the all 3D Secure is the most effective payment gateway to prevent Fraud. Since cybercrime is not stagnating, other business ventures need to introduce robust protection mechanisms, and 3D Secure can serve as a suitable prototype for boosting customer information security. This means that consumers are likely to finish the purchase process when the payment process is credible.
