I am looking at the Visa home page and the many options available to the online merchant. You want to give your customers the most up to date visa online payment options available. Keep your customers happy and they will stay on your site giving you the best possibly of a sale.
One of the ways Visa helps the merchant with visa online payments is with Verified By Visa technology. As your online customer clicks the buy button on your site, the program checks the customer Visa account number for participation in the Verified By Visa program. If the card number is read as not on their system, the merchant software is notified that the usual fraud checks must be done. The usual request is for the customer to enter the code on the reverse side of the Visa card in the space provided.
On the other hand if the Visa account is participating in the Verified By Visa program the verifications are made and the customer sees the the Verified by Visa authentication window on their computer monitor. After entering the requested information, the customer doesn’t realize that a lot of electronic verifications and authorizations are going on behind the scenes. However, the most important thing for all is the Visa online payment to purchase your merchandise will be completed without a problem.
The overall objective of the visa online payment program that utilizes Verified By Visa is the satisfaction of knowing the transaction is safe … hacker safe. If this program can improve security and integrity of ecommerce transactions, then we are all confident of doing business on the web. Fraud on the web is one of the fears of a lot of potential buyers. Most buyers don’t care if there are a few extra steps to guard against the bad guys out there lurking.
There is another new system called Direct Exchange that will connect Visa Net processing network to banks and merchants. The new system is said to reduce the average time needed to authorize card transactions. The average time was 2 seconds and will be reduced to 1.4 seconds. The total transactions processed last year was $1.3 trillion in the United States. The new system is said to eliminate expensive communication links and enable Web based dispute resolution systems. The resolution system is said to reduce time from 60 to 28 days.
Visa has made Direct Exchange a user friendly system that allows the use of software such as IBM’s Tivoli systems management and WebSphere application server. Visa says the savings to banks and merchants will be large i.e. in telecommunications costs. Commercial Visa card holders should be affected too. online payment software Visa claims the processing speed for commercial users will be much faster too. Instead of sending the total data through the authorization system it is split up and goes through the system in smaller bites. When the transaction is approved the data is merged back together and becomes beneficial for all parties.
Now let us look at MasterCard online Payments. The definition of merchant, in the opinion of MasterCard, is a business entity that contracts with a processor (acquirer or authorized member bank) to accept credit cards for goods or services. Some of the brand cards offered by MasterCard might not be as familiar as Visa. Some of the different cards are as follows: MasterCard Electronic, MasterCard PayPass, and Maestro. The Smart Card has a computer chip embedded that has much more personal data about the consumer. If you are interested in accepting this type of card, your credit card terminal must be able to “read” the chip. You will need to make sure your sales person is aware that you want to accept this card.
MasterCard is concerned with online payment security. The bad guys have been very smart at preying on unsuspecting card holders. When I setup a merchant whether online or brick and mortar locations, the processors that I suggest must have full fraud protection. MasterCard has a system called SecureCode. The processor / acquirer must be able to write files for your terminal that will ask certain questions. The questions will be for entering zip code, first number of the buyer’s address, the 3 number code on the reverse side of the card etc. If your sales person does not ask if you prefer the fraud data, then please remind them to add it. When your equipment is installed either by you being assisted over the phone or by the sales person, make sure they test the system for any glitches.