As a business owner you may be interested in discovering why e-payment authentication is crucial to your business’ success. To discover the importance of e-payment authentication as well as the layers of security measures which e-payment authentication offers, simply continue ready to read a handy guide to e-payment authentication.
Why e-Payment Authentication Is So Important:
It’s main purpose is to prevent credit card fraud:
Whether you’re the owner of an online business or a business which boasts traditional stores as well as an online presence, it’s highly likely that a large percentage of your business’ customers will use credit cards, in order to pay for their purchases.
As it’s critical for businesses to accept major credit cards in order to remain competitive, there is an element of danger, when it comes to accepting credit card payments. As there are no shortage or individuals and groups who try to commit credit card fraud. Who have no intention of actually using a credit card to pay your business’ goods and services.
However, if you opt for a merchant service which provides e-payment authentication, you’ll be able to ensure that only legitimate customers are able to use a credit card to pay for their goods and services.
It offers chargeback prevention:
For example, if you use PAAY, an e-payment authentication software solution, you’ll receive PAAY chargeback prevention. Which will prevent would be fraudsters from trying to initiate unlawful, fraudulent chargebacks against your business. So if you want to protect your business’ bank account from being pillaged from hackers, it’s definitely well worth opting to purchase e-payment authentication software which offers your business chargeback prevention.
How can e-payment authentication protect your business from fraud:
There are multiple ways that e-payment authentication can protect your business from fraud. As an example, your e-payment authentication system will automatically check and confirm each customer’s address, who tries to pay for their goods or services, with a credit card. So if a potential customer tries to ship an order to an address, which doesn’t match up to the address which is associated with their credit card, their payment will be blocked.
In order for an order to be validated, a potential customer must also enter a short 3 digit security number into your website’s payment form. This 3 digit security number, which is referred to as a CVV number, is located on the back of an individuals’ credit card and ensures that your potential customer actually has their credit card on hand. As in the vast majority of cases, would be fraudsters won’t have a physical credit card in front of them and will be unable to provide with a real CVV number.
Another way which e-payment authentication can protect your business from fraud is by blocking certain IP addresses from visiting your online store and completing a fraudulent payment. Once an IP address is blacklisted from your website, individuals won’t be able to try an scam your business from the same IP address again.
Hopefully, you now have a clear understanding of why it’s so important to select a valuable e-payment authentication system for your growing business. In order to protect your business from potential hackers.