QuadraPay Brings The Anatomy of a Great 3d Payment Gateway.
QuadraPay is proud to announce that it now offers 3D Payment Gateways with international transaction capability. Our merchants find it extremely easy and safe to accept payments from domestic and international customers with the solution. The application process for the 3D payment gateway is simple and requires you to fill out the form on this page. The gateway is powered by nationally and internationally recognised financial institutions. Let us quickly understands various factors that a merchant must know before signing up for a 3D payment gateway.
Let us define 3D Payment Gateways for you.
A 3D Payment Gateway Is a credit card processing solution requiring cardholders to submit card details and a one time password for transaction processing.
It is a secure form of traditional payment processing solution. Traditionally, credit card processing accounts only required the customers to submit the card information printed on the card. Unfortunately, fraudsters started misusing this liberty and started making transactions online by using stolen credit card information. After detailed discussion and analysis, the payment industry concluded that an additional layer of security is essential while performing card transactions online. This gave birth to the concept of one-time passwords or the 3D secure password system in the payment industry. With a 3D payment gateway, cardholders get a near real-time one-time password either on an SMS or registered email. Once the cardholder verifies the information by submitting the received one-time password on the merchant portal, the transaction completes. It is a benefit for all genuine merchants and is catastrophic for fraudsters. Most of the central banks across the world have motivated cardholders to use 3D secure payment methods.
What are the Benefits of a 3D Payment Gateway?
There are various benefits of using a 3D payment gateway or 3D Merchant Account, and these benefits range from security to the extension of the life of the merchant account. Let us quickly look at merchants’ key benefits when they use a 3D secure payment solution.
- 3D payment gateways reduce the risk of fraudulent transactions. Without the consent of the cardholder, it is almost impossible to submit transactions. Once the cardholder verifies the one-time password, then only the transaction is forwarded to the next step.
- Customers comfort. Cardholders know that there are good and bad people over the internet. When customers see the 3DS Logo and the secure MasterCard logo on the merchant website, they get a sense of comfort and feel they are transacting on a secure website. In the case of international merchants, the cardholders get the one time password from their local bank. This helps cardholders know that the transaction is happening on the correct payment rail.
There Must Be Some Drawback Of 3D Payment Gateway. What is it?
- Slight Reduction In Sales Numbers. As an experienced merchant service agent, we can say that there is hardly any drawback from the security point of view; however, there can be a drawback in terms of the percentage of overall transactions. Some of us prefer to avoid any online hassle, and some may consider submitting a one-time password a hassle. These factors may impact the conversion ratio and may increase the cart abandonment ratio. Every merchant needs to implement various security parameters on the payment instrument. We recommend this because, with fewer chargebacks, the life of the merchant account stays longer. It is incredibly vital for high risk merchants to use a 3D secure payment gateway. As we already know, high risk merchant accounts are difficult to get. Still, when the merchant receives a solution, he must implement all the necessary filters to reduce the chargeback ratio.
2d Secure Payment Gateway Vs 3d Secure Payment Gateway
Quadrapay, through its partners, offers various payment processing solutions. These include helping European merchants with 2D payment gateway and merchants from most of the other nations with 3D secure payment gateway. Let us understand the fundamental differences between a 2D secure payment gateway and 3D secure payment gateway. We will also understand which solution is better.
- 2D Secure Payment Processing is also known as two-dimensional payment processing in which there are two parties. The payment instrument and the merchant. This transaction usually does not require any additional password or any one time password. Merchants must understand that a 2D Gateway attracts more significant risk in terms of chargebacks and fraud.
- 3D Secure payment processing solutions. This method of card processing is prevalent these days. It includes an additional level of security. With this processing methodology, the cardholder has to enter a password or randomly generated OTP on the payment page before the transaction is completed. Payment processing companies can either enable or disable the 3D Secure filtering on the Gateway. In countries like India, payment processing companies must implement the 3D Secure filtering. However, in nations like the United States, Canada, UK and most European Nations processing companies may offer non-3D solutions as well. When the card holder knows that the transaction cannot go through without entering the one time password or the 3D Secure pin, then he feels more confident about the safety of his money and the line of credit. We strongly encourage merchants to use payment gateways that are 3D secure enabled.
A merchant must understand that only implementing this additional level of security will not always help the business owner in terms of winning chargebacks and disputes. We recommend business owners to evaluate various chargeback alert services as well as fraud detection platforms. You will be happy to know that Quadrapay offers multiple services through its 50 Plus partner organisations.
Resources related to 3D Payment Gateway
Here are a few of the resources that may be helpful for you to understand what exactly is a 3d payment gateway or a 3D merchant account, why we need them and why the industry thought there was a need for it.