What is Verified by Visa?
The daily increase in popularity of online payments provides great opportunities not only for buyers, but also for fraudsters, who are constantly developing new ways to steal money from honest people.
How provide your customers with a higher level of security for online transactions? Use Verified by Visa fraud protection tool.
What is Verified by Visa and what does it protect against?
VbV is a higher level tool developed by Visa and protects all users of this company from fraudulent activity.
MasterCard also has a similar tool, called Securecode. Its essence is an additional verification by the access code, thanks to which the company can understand that the real owner of the card, not a cheater, makes the payment.
How companies can benefit from using Verified by Visa?
It should be noted that the VbV tool was developed by Visa company first of all for companies operating online. Today the transition to chip EMV cards is carried out all over the world, thanks to which it will be possible to increase the level of security of transactions carried out with the mandatory presentation of the card. Many experts have made a disappointing forecast that people will increasingly face fraud when calculating credit cards in e-commerce.
Imagine a situation where several clients of your company have been subjected to fraud and lost their money. All this will inevitably and most negatively affect the reputation of your company. Even if these clients have purchased your goods all the time, they may be afraid to do so in the future, going to competitors. As a result, you will lose not only your customers but also your profit.
However, you can provide your customers with additional protection using Verified by Visa. Users will get a higher level of protection for online transactions, and you will get a number of important advantages:
- Significant growth of clients’ trust in your company
- No liability for fraudulent transactions (Visa will be responsible for such transactions)
- Getting rid of the problem of refundable payments. No, you won’t get rid of them completely, but there will be much fewer. After all, Visa will help you identify fraudulent operations even before the authorization process.
- Reducing the exchange fee
- Thanks to Verified by Visa, customers who were afraid of online credit card transactions can now be more confident in their security levels. All this will have a positive impact on the sales level.
Does Verified by Visa have any shortcomings?
At first glance, it may seem that there are no such disadvantages. In fact, when taking VbV, you should clearly understand that from now on your customers will have to go through one more additional step when placing an order. But will all customers want to do it? Probably not, which can have a negative impact on the failure rate growth.
How can you prevent potential customers from being lost? Some companies have already started implementing an improved 3D Secure solution. Thanks to the parameters of the PAAY API and a special plug-in module it is possible to increase the level of use of 3D Secure, at the same time not tiring customers to enter any access codes.
To use these tools, you need to buy plug-ins and install them by enabling Visa verification on your company’s website. It should be noted that this service is not free. You can find out the advance payment amount by contacting the payment card processor.
Even with this drawback, Verified by Visa is a very useful tool to improve the security of online payments. Therefore, it is shortsighted to refuse it, as it is shortsighted to refuse PayDo services.
Our company offers you wide possibilities of the world of payment services. We are an automated partner of Visa and Mastercard, support payments in more than 200 currencies and guarantee flexible, maximum beneficial rates for each client.