What is Mastercard secure code?
Let’s tell the truth: online shopping is simple, convenient, reliable and… not safe.
Unfortunately, as of today, this is the case. The chances of fraudsters to succeed are increased by the negligence of users themselves, who often violate the rules of safe online shopping.
The use of MasterCard SecureCode is intended to fix the situation. What is it, what advantages it offers and how to use it. We will talk about it in this article.
The definition of MasterCard SecureCode
Only the account owner knows a simple code. Using this special code alone significantly increases the security of online shopping. Its use is beneficial for both users and companies. To get all the benefits of MasterCard SecureCode, the seller and the buyer must be a member of the MasterCard program.
What are the benefits of using MasterCard SecureCode?
We have already found that the use of this code allows us to increase the security of payments made over the Internet. And what exactly will the MasterCard program participants get:
- Reducing fraud in online payments
- Increased peace of mind and confidence of MasterCard cardholders and their desire to make online purchases
- Decrease in the number of refundable payments
You shouldn’t think that MasterCard SecureCode is only for customers. Companies need it at least as much as they need it. After all, if your customers are confident in the security of online purchases, your company will receive a significant increase in online sales, and thus the growth of profits. Due to the additional level of authentication, the company will also be protected from online fraud, it will not have to spend much time on processing refundable payments.
Important point: if your company decides to use SecureCode, you don’t need all your clients to enter this code to complete the sales process. This rule will be relevant only for those customers who have previously subscribed to this option.
If the customer is not registered in the system, the sale is done traditionally by entering credit card data.
How to implement a secure code by Mastercard in my business?
If you have appreciated all the benefits of the MasterCard SecureCode program and are ready to provide your customers with a higher level of security, you should first contact the processor and learn what you need to do to successfully implement the program.
As a rule, you will need to connect a special module to your website. When all the work completed successfully, you will receive a special logo from MasterCard. Place it on your website and show your customers that it is not only profitable, but also safe to make online payments in your company.
How can MasterCard SecureCode help you avoid fraudulent actions?
When hackers hack into sites where users enter card data, or even they manage to take possession of the physical card of a MasterCard client, he gets everything he needs to successfully make transactions. Many people rely on CVV as a guarantee of security, but in reality we very often point it out on different sites. Hardly any client can be 100% sure that an unscrupulous employee of the company where he orders online will not tell anyone about this CVV.
However, using SecureCode, you can significantly improve the level of security, because the code received by the client does not need to be specified on any third-party sites. This code is known only to the client and MasterCard, which is certainly not interested in passing it on to third parties.
Thanks to this program, clients are protected from fraud, and the company that accepts it gets rid of chargebacks, thus not losing their income. After all, at a refundable payment, the company returns the money to the client, while the commission paid to the processor is not compensated to it. Also, a huge number of chargebacks invariably strikes at the reputation of the company.
Besides, you know what else can harm your reputation? An ill-conceived system of online payments and the lack of choice of payment methods for your customers. By contacting our company, you will get rid of both the first and the second problem, receiving high quality services on commissions below the average market.