Benefits of 3D Secure Payment for Merchants and Customers

Merchants always care about the security of your online transactions. To achieve the security online, one of the way is by adding 3-D Secure. You may be knowing this service already but if not, let us give you a brief summary of what 3D secure payment is and what are its benefits.

Technically speaking the term 3D-Secure means 3 Domain Server. The name 3D secure is given because it involves three parties which are the key figures of the whole 3D-Secure process.

3D-Secure or 3-Domain secure is better known as Payer Authentication. It is a security protocol to prevent fraud in the transactions done with debit and credit cards online. 3D services is provided by Visa and MasterCard as Verified by Visa and MasterCard SecureCode, respectively.

3D-Secure is developed and designed by MasterCard and Visa to secure online transactions. It is designed to reduce risks of unauthorized card usage. 3D secure technology is a boon for online E-commerce sites which has become more safe and secure for the customers and the merchants.

Also Read: Facts About Cyber Securities Everyone Thinks are True

Visa 3D secure is branded as "Verified by Visa" and the same for MasterCard is branded as "MasterCard Secure Code". 3D-Secure provides a great security system but merchants should not consider it a full remedy for all kinds of fraud online payments.

Advantages of 3D-Secure Payment Gateway

3-D Secure has many advantages for merchants as well as for their customers. The main advantages that 3D secure provides are builds company’s credibility, online shopping safety, and improves brand loyalty. Here’s the list of other advantages that it provides:

1.    Liability shift

The fundamental use of 3D secure for online companies is the assurance of the shift of liability on every transaction that is verified successfully. It becomes the responsibility of the vendors to get the confirmation regarding the terms and conditions related to the liability shifts.

Please note that liability can only be shifted from you to the card-issuing bank on certain cases when you attempt to verify the card using 3D-Secure. The liability would be on you, if you process a 3D-Secure compatible card as a normal credit card .

2.    Reducing the risk of fraud via 3D secure

3D-Secure reduces the risk of fraudulent transactions additionally it also clears the risks of disputed transactions. This additional security layer would decrease the number of complete transactions but it would make your payments safer and reliable.

Also Read: Cloud access security brokers (CASB) in brief

3.    No extra costs for Adding 3D Secure

Merchants when choosing the payment gateway should not consider paying any extra amout for adding the 3D secure gateway into your account. There is no extra costs to add 3D- Secure onto your MOLPay account.

To sum up, the 3D-Secure system is an innovative way of keeping the transactions fully secure using the best available online merchant facilities. Know more about 3D-secure here.

| About the Guest Author:

I am Nabihah Jasri, an intern researcher for a marketing department in a fintech company.

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