NON-INVASIVE 3D SECURITY : SENTINEL FOR ONLINE FRAUDS
The security of credit card information is of primary importance to anyone who buys or sells goods and services online. It is very important for online business owners to ensure that their customers get the necessary rotection they deserve. The use of credit cards is liable to fraud and theft from fraudsters and illegal run merchant businesses. The pressing need for security gave birth to the creation of the 3D secure 2.0 system. This system is used by most merchant stores as a major security feature in their payment gateway systems. However even though the use of 3 D secure 2.0 systems have minimized fraud occurrences, there is still need for improvement within gateway systems and online storesbecause merchant stores using this system are still liable to a lot of charge backs. Once a transaction has passed through a 3D secure 2.0 authentication process, the burden of the said purchase has to be sent from a retailer to a card provider. But for this to happen, the rate of conversion of the payment should be fast and accurate.The conversion rate of some 3D secure 2.0 payment systems are low and at certain instances unreliable creating a situation of a high risk payment gateway. The low conversions rates occur mostly in systems that lack a good invasive system gateway provider, good web design structures which offer the option of a one click payment . That said, with a low conversion rate if a customer claims that he or she didn’t authorize a transaction then a merchant store may have to pay significant charges. However with a non-invasive 3 D payment gateway, if the payment instruction by a customer was successful, and later the customer claims not to have authorized the payment, then the card provider takes responsibility for any issue of payment and settle disputes with the customer. Therefore in this system merchants are protected against unauthorized transaction chargeback’s, and will hardly need to pay losses if there are any fraudulent issues regarding a payment. In addition, merchant stores will have fewer potential disputes to settle with customers and therefore save time and money.
COMMON REASONS FOR CHARGE BACKS
Chargeback’s usually occur when a customer demands for a return of money used for a purchase due to dissatisfaction or a failed cancellation instruction during a payment process. Chargeback’s are designed to protect customers and ensure that their interests are served with regards to satisfaction. The most common reasons for charge backs are;
1. Payment authorization failed but however charges have been deducted from the customers account. This mostly occurs when the system is not responsive and a customer initiates multiple payment instructions using the one click payment botton without knowing.
2. An automatic renewal of payment occurs even after a customer did not request
3. Charge back disputes can be filed when the funds agreed to be paid by a merchant store owner are not paid.
4. If customers were charged twice for the same product they have they right to charge back.
5. Fraud from fake cardholders receives responds on charges without the actual owners permission.
6. New order not fulfilled
7. Wrong product description misleads customer to make a wrong purchase.
WHY IMPLEMENT A NON INVASIVE 3 D SYTEM?
A non invasive 3 D security system improves on existing 3 D 2.0 security systems by reducing fraud and keeping payments on track. With a non invasive 3 d security payment system merchant stores have the right to take a risk at instances. For example they have the right to approve payment if they think a customer simply made a mistake with their password or may be they may chose to accept only enrolled cards or chose to still accept payment even when a customer closes the 3D enrolled window that pops up during online payment. This will ensure that payments made for a particular transaction is truly authenticated and the risk for any refunding is
calculated, monitored and weighed by the merchants. This will go a long way to reduce chargebacks. Even though the causes of chargeback’s cannot be fully avoided they can be minimized when the
right programs are implemented. For example the use of the one click payment system to facilitate transaction.
ONE CLICK PAYMENT SYTEM.
With the one click payment system, costumers fill in all necessary information on the website before their first purchase. That is they set a default payment method and address for their orders. After filling in their credit card details and the address they want to use, they can click a single button, then sit back and wait for their stuff. Also Once your client is finished with his/her purchase on an e-shop, you can offer an option to save their card details for the future use. This system uses a high risk payment gateway.
HIGH RISK PAYMENT GATEWAY
This system allows customers to summit their credit card information and safely pass the information from merchant account to the merchant bank account .In some cases it also stores the account details and use it for future payments. It is therefore very important that merchants find an advanced high risk payment gateway to accept payments. A well recommended and secured example are the high risk payment gateway services offered by PayQ.
PayQ services include the following;
Security: PayQ provides safety and security to all its users with end to end inscription of all information. PayQ uses the non invasive 3D secure payment system to ensure end to inscription of all transaction information.
Smart transaction: PayQ system offers the most intelligent transactions in the market with the most recent routing systems embedded within its frame work.
With the PayQ system merchant stores will have to worry less about frequent fraudulent alerts. PayQ system offers top quality accountability in its transactions. With payQ , transaction records are guarded jealously in order to protect the interest of all clients using PayQ services.
The PayQ high risk payment gateway systempermits merchant stores that use its services to be able to carry out cross border transaction with ease. Merchant stores using PayQ services are able to accept multiple currencies for their transactions. This goes a long way to increase their sales and overall output.
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