Why You Need a 3D Secure Payment Gateway

August 3, 2020 | High Risk Merchant Account | PayKings

Secure Merchant Account

3D Secure payment gateways may seem like a tech buzzword, but it could help your ecommerce or card-not-present business decrease shopping cart abandonments. Here’s how.

Data breaches are something that happens every day. From big corporations to small-scale online stores, cybercriminals are constantly infiltrating payment gateways to get free consumer data. Payment gateways contain sensitive client and customer credit card and banking information. Some examples are social security information, address and other personal information that can cause damage to consumers and brands alike.

Given this stark reality, what can high risk online merchants offer to customers to assure them that their personal financial and payment information is safe when after they complete a purchase? The answer is a 3D Secure payment gateway, like the one offered through PayKings.

What Does 3D Secure Mean?

3D Secure Payment Processor

Basically, what we know as 3D Secure was created by the major payment processors to add an extra layer of encryption to consumers for card-not-present merchants. Consumers know it as:

  • Visa’s Verified by Visa
  • MasterCard’s SecureCode
  • American Express SafeKey

A 3D Secure transaction will start with a redirection to a payment gateway through a payment processor. Then an authentication is initiated. The method of authentication is based on a three-domain model, which is what the “3D” means in 3D Secure. This consists of the following:

1. The Acquirer Domain:
The bank and the merchant to which the money is being paid.

2. Issuer Domain:
The bank which issued the card being used.

3. The Interoperability Domain:
Visa, MasterCard, AmEx, or any other credit card used

The customer then uses a password to confirm their identity. After it is accepted and verified, the payment is complete.

Card-Not-Present Merchants Need 3D Secure Payment Processors

Customers know their sensitive information is secure with your organization if you have a 3D secure payment gateway. Studies indicate that as many as a third of cardholders are scared to shop online due to privacy and payment safety concerns. Authenticated payments may convince prospective ecommerce shoppers that it is safe to use their own card online.

3D Secure Merchant

For merchants, it means a reduction in disputed or fraudulent transactions that could lead to increased chargebacks, which are what causes acquiring banks to freeze high risk merchant accounts. On top of that, it has minimal impact during the checkout process. So it isn’t drawing out the checkout process that could cause customers to abandon their shopping carts.

3D Secure Payment Gateway Solutions With A PayKings High Risk Merchant Account

With PayKings, you will be able to accept credit cards from your website with our seamless 3D Secure payment gateway integrations. Along with a sustainable high risk merchant account, PayKings will work with you to ensure you can offer your customers everything they are looking for with secure payment processing. Apply for a free quote and start accepting payments online now!

August 3, 2020 | High Risk Merchant Account | PayKings