Have you heard of credit card scams? Surely you must have. Credit and debit card scams happen when the customers’ confidential data is exposed either by themselves or by less secure payment processors.
Data theft from payment processors is a bigger concern for the Merchants and payment cards industry. The security of credit card machines has been questionable since the beginning. Therefore the PCI has bound the service providers to supply only 3D secure payment processors to merchants.
The 3D secure or PCI DSS-compliant payment processors have been exceptional in preventing credit card scams.
However, more and more merchants are trying to make their payment processors 3D secure or PCI DSS compliant. If you are a merchant but have yet to upgrade your payment processor’s security, do it immediately.
This blog post will help you change your mind if you need to know the benefits of 3D secure payment processors.
Also Read: 6 best practices to reduce credit card processing fees
Controlled Data Transfer
The pci dss compliance of payment processors ensures controlled data transfer. When the payment processors store the data of customers, i.e. credit card numbers, PINs and passwords, it is to be kept confidential.
Therefore a limited and thoroughly monitored data transfer checks that no data is being transferred to malicious channels.
In this way, the risk of data theft gets nullified to a great extent.
Limited Access To Data
Customers, while paying through payment processors, allow merchantn to store their data. The merchants can access that data easily. However, having more people other than merchants have access to it can lead to scams.
Therefore the 3D secure payment processors have the additional feature of limiting access to data. Only selective people could access that confidential data.
Intact Data Storage
Due to security risks, the merchants should not store customers’ data in the first place. However, marketing or promotion of any business demands data. Therefore, merchants and businesses store it.
Previously the databases that stored customers’ data were not secure enough and could be hacked easily. Since the instigation of data security standards -DSS, accessing a database without permission has become almost impossible.
The payment processor updaters have prioritized the security of the database in the first place. So the merchants can easily store the data and process it later to promote their business.
Enhanced Performance
The PCI hasn’t only made efforts to improve the security of payment processors but has taken steps to improve their performance. The new 3D secure payment processors perform better than the old slow-performing processors.
PCI DSS-compliant processors perform the transactions within seconds and can handle many customers compared to older versions.
Better Customer Support
The 3D secure payment processors offer exceptional customer support. When merchants or businesses face a problem, they rush to customer support. Therefore, responsive customer support is the need of the hour.
Suppose the 3d secure authentication failed, or another issue like gateway rejected avs or credit resource solutions login issues with your payment processor. Customer support is bound to guide you to resolve these issues timely.
Lost Cost
The PCI tends to bound the payment processor providers to provide payment gateways at economical prices. Also, the PCI tends to bound service providers to lower the credit card processing fees to a nominal extent.
Multiple Payment authorizations
Being 3D secure is related to more than just the security of a machine. However, it also relates to the upgradation, enhanced performance and better machine results.
Similarly, the PCI DSS-compliant payment processors focus on processing multiple payment authorizations. Whether it be G-pay developed by google pay developers, apple pay or Samsung pay, a 3D secure payment processor will cater to all.
Also Read: How To Increase Your Sales With POS
Having a 3D secure payment processor has a lot of benefits, and merchants can enjoy the perks of up-tight security.
If you, as a merchant, want to upgrade your payment processor and need an idea of which service provider to consult, then opt for MBE POS.
MBE POS
MBE POS is a service provider. It provides point-of-sale systems and solutions to businesses. MBE POS has been empowering businesses for more than two decades.
MBE POS is the solution if you want a modified and upgraded POS system, a high-performing payment processor or a super-fast ATM. The same goes for 3D secure or PCI DSS-compliant payment processors.
Therefore give us a call if you want one.
Conclusion
The less secure payment processors put the customers’ data at stake. The threat of data theft becomes inevitable if you have installed a less secure payment processor. However, protecting the customers’ data is always in your favour as a merchant. It increases customer satisfaction and creates a sense of loyalty toward your business. All the merchants should upgrade their payment processors to be PCI DSS compliant or 3D secure as soon as possible.
