The card verification value enhances security both for the merchants and customers. The CVV are of two types called CVV1 and CVV2 respectively. The CVV1 is printed on the magnetic stripe for track 2 of card. The purpose of the first CVV is to verify the data stored in the card is valid and was given by the bank to the person for use. The CVV2 is printed on the back side of credit and debit cards. CVV2 is the three digit unique code which authenticates that the cardholder is genuine and reduce fraud for the business purpose. The American express card has four-digit code which is on the front side of the card. However the purpose of the CVV is to verify that the customer is the actual cardholder and these is considered an added security for the companies who sells their product online, generally used when card not present transaction take place on E-commerce website.
Merchants requiring CVV2 for the card not present transactions can dramatically reduce the fraud cases in the business. Using this extra layer of protection can stop breach or fraudulent cards for going through. Avoid retrievals and charge-back fees.
CVV2 is prominent for the customers when the buy the online products because you say who you are. Under visa regulations, a merchant cannot store customers CVV database.
Address verification system
Address verification system or AVS, was designed by the card issuer to aid in the detection of suspicious credit card transaction activity, and verify that the cardholder address is same which is registered with the bank on file. This is a part of credit card service which requires the authorization for mail order/ telephone order transactions or internet e-commerce transactions. A code is received with an authorization which results in the level of accuracy. This helps to secure the most interchange rates for the merchants.
Visa, MasterCard, Discover and American Express supports this service and when paired with the CVV confirmation result in a secure transaction. To verify a customer address the merchant require cardholder’s zip code billing and the house or apartment number of the billing address. The merchant not need to enter the street, city or the state of the cardholder. While AVS is not intended for use as absolute protection against suspicious transaction activity, it just helps in authorizing non face to face transactions. Radiant payment gateway solutions recommends to all the merchant that they secure all these type of orders both with CVV and AVS.
Today many customers are using the credit card and mobile payment to find more experience on payment. Many business owners are optimizing online payment process to save lots of time. It gives more opportunity to the businesses to enhance the experience of payment. Rapidly most of the people are connected digital devices to pay off for goods. We offer excellent customer satisfaction service to find more benefits on this processing. We give valuable tips t to access your business in the global market and achieve success. Here we have described some tips to improve your online payment experience with the simple process.
Enhance security system:
You might acquire positive experience to increase security to process payment. Internet security is the important one to complete a transaction without issue from cyber criminals and hackers. Over the word, high range of people is using internet for various purposes. This security assists to safeguard your payment details from hackers. It makes you feel more secure on process payment on your mobile device. There is some security software avail to handle financial operations elegantly.
You should avoid declining of payments. Credit card decline is largest issues to improve processing experience. There are many reasons to decline cards on your hands. If entry incorrect details of your credit cards, it makes breaks payment processing. You have to keep the contact information of the consumer on the purchased products. It also involves various payment methods that handled manually.
Consider more payment methods:
Most of the customer likes to found lots of payment options for purchasing any product. You have to offer more options to acquire high experience. It is a crucial part for a consumer to pick right payment choice to payoff products that they buy on your website. So, go through these points to improve online payment experience.
Almost every individual own a mobile phone to carry various tasks and daily activities like: paying bills, online tickets booking, credit cards and insurances policies through mobile devices. And this proved an incredible way to save customers lots of time and money, also it is fast, secure and easy way to make payments. And these process is simply efficient to all who make online payments. Online payments through mobile devices is growing concern to over-come with frauds and cyber-theft. This concepts sincerely made an effort to safeguard the interest of the consumers and a huge step to safeguard online payments.
Considered this useful tips while shop online 1. Check the url address bar – while making online payments for any purchase of goods and services or to make online bank payments, check the address of the url it should be start with HTTPs . these is the first security sign of safe online payment. This HTTPs gives safeguard that the data is safe and exclusively restricted between you and the system.
2. Regular Update your Device – say goodbye to your outdated version, regularly update is an effective method to block the potential loopholes. These security feature will guarantee you with adequate protection from malware softwares that can risk you with frauds and other cyber theft activities.
3. Keep public Wi-fi away – shopping outdoors with public wifi could be harmful while making online payments transfer If you use it, you are unwittingly exposing yourself to cyber-theft.
4. Don’t Save sensitive data in your device – many of us have a habit to save our login credential in our mobile phone, of course this is good habit, but sometime it could be dangerous if your mobile is stolen or your password is hacked by someone. Stop this habit, because it the easiest way to expose your sensitive data to others. If the app you are using for payment has “store and forward” feature, turn it off.