MasterCard SecureCode and Visa Security Code

What are the MasterCard SecureCode and Visa security code, Visa 3D Secure? In this post we will talk about what these MasterCard and Visa security codes are, how they work and the pros and cons of MasterCard SecureCode and Visa 3D Secure. Online shopping just keeps growing and growing. People can even order their groceries from their local supermarket and have them delivered directly to the door. The convience and options are tremendous but a huge concern is identity theft. How do you make a purchase online but keep your credit card information and personal identity safe?

Visa developed a XML-based protocol that was designed to make Internet payments more secure. The Visa security code is known as Visa 3D Secure or Verified by Visa. MasterCard has since adopted their own version called MasterCard SecureCode. If you read a Visa 3-D Secure review and MasterCard SecureCode review you will notice that they are virtually the exact some thing, just specific to the credit card issuer. Let’s take a look at the basics on how it works.

  • The merchant site or merchant account provider (i.e. Merchant Warehouse) that will be accepting credit cards online has to purchase and integrate the program with their current system. Generally there will be a setup fee and ongoing charges to the merchant for the service.
  • Anyone with a Visa or MasterCard credit or debit card, that they will be using to make online purchases, has to register the card with MasterCard SecureCode or Visa 3D Secure. This will provide them with a unique phrase or saying and PIN that they will use for making online purchases.
  • When the two above criteria are met and then a customer makes a purchase with a Visa or MasterCard debit or credit card on a site that is using MasterCard SecureCode or Visa 3D secure they will see a pop-up box at checkout that displays their unique phrase and asks for their PIN, this information is then submitted and verified before the debit or credit card can be charged.

Pros of MasterCard SecureCode and Visa Security Code:
Using either MasterCard SecureCode of Visa 3D Secure security codes benefits both the merchant and the consumer. The consumer is protected from identity theft and fraudulent charges on their debit or credit card, in the event their card or card number is lost or stolen. The merchant will most likely see a lot less credit card chargebacks that occur from credit card fraud. Additionally merchants make see an increase in online sales as consumers feel more secure in processing payments online.

Cons of MasterCard SecureCode and Visa Security Code:
A couple of drawbacks: it takes more time, effort, and money (on the merchant end) to make this option available. Because it is more work and more money not every merchant selling products online have, or will, adopt the MasterCard SecureCode and Visa 3D Secure for their system. Because it isn’t consistent throughout the Web it may be confusing for consumers trying to figure out which sites are really secure. Also the fact that the service takes place through a pop-up may be a disadvantage. Many people have learned to associate pop-ups with scams and have them blocked for that reason.

If you are going to be selling products online be sure and talk to your merchant account provider about MasterCard SecureCode and Visa 3D Secure to find out what your options are. We highly recommend Merchant Warehouse for the best merchant services.

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