Given the proliferation of digital transactions in today’s world, it is imperative for businesses and their customers that online transaction security be guaranteed without a shadow of doubt. Well, 3D Secure is a very simple solution to increase the safety of your transactions and also diminish chargebacks. Rapidcents is one such payment processing provider who equips its merchants with this powerful tool. In this blog, we will cover the importance of 3D Secure in ensuring chargeback prevention and how Rapidcents ensures these through it.
What is 3D Secure?
Known as Three-Domain Secure, 3D Secure is an authentication layer for online credit and debit card transactions. Introduced to the market by Visa (Verified by Visa), it has since been adopted on other credit card networks, including MasterCard (MasterCard SecureCode) and American Express. The “three domains” in question are:
Recipient Domain: The bank that gave the card to client.
Acquirer URL: the merchants bank.
Infrastructure provided by the credit card network to enable 3D Secure protocol Interoperability Domain
How Does 3D Secure Work?
During an online purchase, the customer tries to complete their purchase and is prompted by 3D secure for their code or password. This extra layer of authentication checks that the purchaser is also cardholder, which ultimately reduces fraud.
The 3D Secure and Reduction of Chargebacks
A chargeback occurs when a customer disputes a transaction and asks their bank to reverse the payment. Businesses can lose a lot of money dollars on chargebacks as well additional fees from payment processors. How 3D Secure Mitigates This Problem
3D Secure (Additional Authentication Step): Increases the number of secure transactions carried out, by asking for an extra verification step that lowers probability for fraudulent transactions. By lowering fraud, you’re also helping to decrease chargebacks because this is one of the most popular reasons for a dispute.
Customer Authentication extends the opinion of customers who willingly authenticate their transactions using 3D Secure, making it more challenging to sustain if they later claim a chargeback. This is because they have purposely confirmed that it was them after purchasing.
Here are some of the advantages: • Liability Shift — Probably one of the most important benefits from using 3D Secure. With 3D Secure-authenticated transactions, the liability for chargebacks moves from an e-commerce merchant to a card issuer. In other words, this change protects the merchant from loss even if a chargeback is raised.
3D Secure Configuration using RapidCents
RapidCents enable changes in 3D Secure for businesses to allow their merchants without any effort which is so beneficial and the credit of this transformation goes to RapidCents with it changes its features also implemented by business on same time as well. Here’s how RapidCents helps:
Seamless Integration: RapidCents offers simple integration options for 3D Secure that enable disruptor businesses to bolster security without having their processes disrupted greatly.
User-Friendly Checkout Experience: RapidCents provide all the necessary support to make 3D Secure easy and seamless without any hassle for end-users during checkouts.
Extensive Assistance: Rapidcents extends full assistance to businesses in case they face any challenges during the implementation and usage of 3D Secure.
This integration of 3D Secure in your payment processing system is a great way to actively minimize chargebacks while also improving the level of transaction security. The wide range of solutions Rapidcents can provide you with, 3D Secure included — offers a seamless and reliable way to shield your income online without risking the trust between you and your consumer. Businesses can create a more secure, trustworthy online shopping experience with 3D Secure.
