The present decade has really taken merchant services to a whole new degree, as more and more businesses are using the facilities that would allow them transactions through credit or online banking. But the process can get quite tricky- before being able to use the merchant services, a business has to set up a merchant account that would facilitate payment to and from various sources. This is where a business needs Merchant Service Providers- one who would assist the business in acquiring a merchant account so that revenue can be generated.
EMV is one such merchant service provider that has introduced several new policies and features that make them one of the best MSPs in the market. Their EMV 3DS 2.1 has already put the market on a humdrum due to their capacity to prevent dubious transactions made by cards that are unauthorized, whilst protecting merchants from CNP Fraud. There are several other features that make EMV 3DS 2.1 a must-have for any business that is trying to modernize their business transactions. One being a cashless, efficient mode of business with the customers, which wouldn’t be unnecessarily tricky for them. Also, the service would account for biometric authentication to meet the increasing requirement of customer authentication.
In fact, EMV 3DS 2.1 is paving the way for more and more businesses to hook up to the newer models of merchant security due to a need for better authentication and frictionless customer business.
The need of the hour is Risk Based Authentication, which would provide a 95% transaction rating without asking for extra information from customers. Interestingly, this feature is necessary to ensure chargeback facilities that wouldn’t result in transaction declines or failures.
You must be thinking, what happens if RBA crashes or there are some additional chinks at play. Well, the EMV 3DS 2.1 model gives businesses the option to either close out 3DS and ensure a totally frictionless interaction, or have the customer put in some viable information that would help in transactions.
In an economy that is swiftly turning cashless, an MSP is extremely useful. But with the onset of technological hacks in every sphere of society, one needs to ensure that the security guarding their money is top-notch.
And this is where the PAAY EMV 3DS 2.1 model comes to play. They offer total security, at low prices. And the offers seem to be playing right into the fold of the market, for that is exactly what the market needs.