- February 9, 2020
- Posted by: admin
- Category: high risk merchant account application process, Uncategorized
What is MasterCard SecureCode?
MasterCard SecureCode is a 6 digit long unique private code provided by MasterCard for customer’s MasterCard account to give an additional layer of security while making payment for online shopping via debit/credit card. Every time when you make an online purchase, a pop-up box will appear on your window asking for SecureCode, once you register yourself and create a SecureCode. Purchase only takes place when the code is inserted correctly. The issuer then confirms, is it the true cardholder who is performing the transaction or not in a fraction of seconds.
This additional feature introduced by MasterCard is very beneficial for both merchants and customers. Let’s now discuss how to get your MasterCard 3D SecureCode if you don’t have it yet.
How to get your MasterCard SecureCode?
· Go to the online registration form available on the MasterCard website or on the website of your issuer bank.
·Authenticate yourself with your credit/debit card number, ATM pin and card expiry details.
· Create a Personal Message. It will help you to ensure while shopping that you’re using authentic MasterCard SecureCode service. This message will appear each time you make an online purchase.
·Choose a strong password to be used as your MasterCard SecureCode.
If you want to make the shopping experience of your customers safer, become a SecureCode merchant.
·You can contact your transaction processor or directly MasterCard representatives if in case your transaction processor doesn’t support MasterCard SecureCode.
·Fill the required application and complete other formalities.
·Conduct a simple test with MasterCard.
·To let customers know that you are using MasterCard SecureCode to make their experience safer, add the MasterCard SecureCode program identifier to your website.
How to use MasterCard SecureCode and keep your card safe from fraudulent transactions?
With the growing digital world, people are more attracted towards online shopping and they are using computer-chip cards to make payments which are resulting in large numbers of fraudulent transactions. According to an online report, every year 30%- 40% fraud cases are increasing. Fraud affects both merchants and customers and to manage this risk MasterCard has introduced an efficient feature called MasterCard SecureCode also known as 3D SecureCode.
·Double security: MasterCard SecureCode for debit/credit card transactions looks like a two-factor authentication process.
Personal message: To ensure that the merchant is authentic and you are not in any trap, the personal message plays a vital role. While getting yourself registered for SecureCode, you will be asked to fill a Personal Message. This message appears when you make any payment via that registered credit/debit card. If the message is not appearing then you should not proceed any further because it can be a trap.
SecureCode: After checking Personal Message you have to enter a 6 digit passcode. Payment is made successful only if the SecureCode inserted is correct.
Both these factors used to provide an additional strong layer of protection. It is that’s why suggested to have strong and unique passwords.
·Privacy: The feature which makes MasterCard SecureCode safe is that this code has not to be shared with anyone like card number, CVV, the expiry date of the card, cardholder’s name or billing address. This makes difficult for fraudsters to make a fraud payment even if somehow he manages to steal the card information. Cardholders should keep the SecureCode safely to themselves only, don’t share it with anyone.
·Minimize chargebacks: For merchants, SecureCode can be used as a tool to prevent chargebacks which is a big headache for all online merchants. Chargeback reasons like “cardholder not recognized” or “cardholder unauthorized” can be resolved easily because of the higher level of verification provided by SecureCode. MasterCard can help the merchant in proving that business is not at fault for a fraudulent transactions. It becomes really difficult for fraudsters and clever customers to file chargeback because even in the extreme case credit/debit card can get stolen but you cannot lose your private SecureCode.
·Reduction of interchange fees: It gives you a chance to reduce your interchange fees by qualifying for lower cost SecureCode-related interchange categories. As there are two categories for 3D-secure interchange.
where the only business is set up to use MasterCard SecureCode but the cardholder is not.
where both merchant and cardholder use SecureCode
Mastercard’s UCAF interchange categories work in a way where you can take measures to qualify for the lower-cost category.
·It’s free: All this security come for free. All u have to do is register your card and if you are a merchant then also it’s free of cost. So why not use it. One must take all the possible measures to secure one’s hard-earned money. And it is valid
·Secure for international transactions: It is considered quite risky to make payments overseas as they are more prone to frauds and chargebacks. MasterCard SecureCode makes it a little easier to make international transactions smoothly as it is accepted around the world. Also merchants can start taking payments from customers who use Maestro cards which is also owned by MasterCard. It will help you to expand your business.
·Big payments are safe: SecureCode is required every time you make payment via credit/debit card even if the amount is as less as $1. So it is a safer option to make big payments and also for merchants to receive big payments.
·Easy and quick to start: And at last it is very easy to set up. No special software, lengthy and complicated application is required. You can register any of your existing MasterCard. As soon as you receive a confirmation notification from your issuer bank you can begin secure online shopping.