Payment authentication is definitely atechnology to consider if you are in business. This technology is all about minimizing the risk of fraud in online payments, and thus the risk that you will be hit with charge backs, by ensuring your customers are who they claim to be when making a purchase. It is very crucial to remain vigilant is important, but this does not mean that you need to be in a state of constant fear.
You can use payment authentication to confirm the address of your customer. If you want to verify the true identity of your customers, you may require them to provide more than just a credit card number. Address verification system can be used to match the address provided by a customer to the address they have on record with their credit card provider. This technology is supported by the major credit card companies such as MasterCard and Visa, ensuring fast as well as efficient transactions for your customers while keeping you protected.
You can also use payment authentication technology to put customer authentication on the credit card brand. When you integrate this technology with another technology such as 3D Secure, you can add an extra layer of security to your card transactions. 3D Secure will send customers paying with digital wallets to a payment form hosted by Master Card, Visa, or Amex, where they will be prompted to enter a passcode. With this integration, your risks will be lowered by making the card issuer responsible for authenticating the transaction.
Even though it is not a good idea to re-direct customers off-site, 3D Secure allows you to provide more seamless and secure authentication experiences to your consumers. This will ultimately drive conversions and increase sales while at the same time providing your customers with greater peace of mind that their transactions are secure.
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