When it comes to payment authorizations for your online sales, the growing need for advanced security is often times at odds with the customer experience. While consumers are aware of cybersecurity risks, the perception that there are too many obstacles during the checkout process can often lead to abandoned carts. For consumers who order from you often, the friction at checkout can lead them to look elsewhere. How can e-commerce merchants achieve the necessary security to keep their data, and their client's data safe, while still satisfying a speedy, frictionless checkout process with less false failures?
For a number of years, 3D Secure was deployed at many online retailers as an added step in the payment authentication process. 3D Secure systems request further payment authentication with the objective of providing a safe and secure online payment experience across all three domains (hence "3D") using a password that is validated by the card issuer and further checked by all other parties involved in the transaction. With the added security comes challenges... literally. With this traditional 3D Secure, ALL transactions are challenged... every time. This results in consumer friction, especially with frequent buyers who order from you regularly.
3D Secure Advanced
New advances in 3D Secure technology, however, now allow the merchant to maintain greater control of the checkout process without the risk of added friction. 3D Secure Advanced allows the merchant to control which transactions are authenticated via rules you establish for which transactions need further security. The rules are based on characteristics of the transaction, such as:
- The amount of transaction
- SKUs being purchased
- IP address or device used
- Shipping address and much more
Additional Benefit of Potential Lower Interchange
Merchants who offer 3D Secure are given the opportunity to take advantage of lower interchange rates from the acquiring bank. And while fully authenticated 3D Secure transactions do not guarantee a chargeback liability shift, the potential for a liability shift for a successfully verified transaction is much greater.
Is it time to checkout 3D Secure Advanced for your online transactions? Solupay is at the leading edge of this technology, and can assist you in the implementation of the service. As a Built for NetSuite payment solution, NetSuite users are also able to take advantage of this feature with Solupay for NetSuite SuitePayments. Contact us to learn more.