Should You Use Verified by Visa or Not Here Is What You Need to Know About It If you have been identified as a high-risk trader, or if you suspect you may be, the following tips should help you find a merchant account that accepts your business and suits your needs:

Check what types of business the processor accepts Should You Use Verified by Visa or Not Here Is What You Need to Know About It:

Even high-risk specialists usually do not undertake all types of high-risk trades. Check your provider’s website or contact their sales department to verify that they can accept your specific type of business.
Look for a processor that offers load balancing:

With load balancing, you can spread your transactions across multiple merchant accounts that are integrated into a single payment gateway. That way, if one of your accounts goes down, you’ll have the others to rely on. You’ll also be able to process more with multiple accounts each month.
Read your contract carefully:

Because most high-risk merchant account providers work with multiple processors, they typically don’t list their rates and fees online, as they can vary depending on the bank or processor that underwrites your account. Pay close attention to the rates you will be charged and make sure you understand any additional fees Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

Get quotes from multiple providers Should You Use Verified by Visa or Not Here Is What You Need to Know About It:

Due to price variability between providers, we recommend that you get quotes from at least three providers before choosing which one to do business with Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.
6 BEST ACCOUNT PROVIDERS FOR HIGH RISK TRADERS
The best high-risk merchant account providers offer honest sales practices, a transparent sign-up process, personalized customer service, fair terms and conditions, and reasonable rates and fees. With these criteria in mind, let’s take a look at our six riskiest merchant account providers, including PaymentCloud, National Processing, Durango Merchant Services and more Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

Credit card fraudsters are not up for the challenge. They’re looking for the fastest and easiest way to turn stolen card numbers into profit, and when they come across effective fraud protection, they’ll move on to another target instead of trying to find a way around it Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

Tools like Verified by Visa, which provide card networks to verify the identity of cardholders at the point of transaction, can stop fraudsters – but they don’t always make for an ideal customer experience. What is Verified by

Visa and how can merchants make the most of it?

Credit card fraud rates continue to rise and will increase by over 44% in 2020. In a consumer environment that is increasingly moving towards e-commerce, this means that card-not-present fraud will remain one of the biggest challenges for merchants and merchants. the main source of chargebacks.

The new call-to-actionCard networks require their receiving banks to monitor merchant fraud and chargeback levels and can penalize them for unreasonable rates or even terminate their merchant accounts in extreme cases.

That’s why it’s so important for merchants to understand where their fraud and chargebacks are coming from and address the problem with the right mix of policies, tactics and tools.

True fraud chargebacks can be particularly difficult to deal with because they can’t be fought through chargebacks – you have to fight them by detecting and blocking them.

Verified by Visa is a tool created by Visa itself, based on 3-D Secure technology, which ensures that only authorized cardholders can carry out online transactions with Visa cards. For merchants facing high rates of true fraud chargebacks, Verified by Visa can offer significant protection Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

What is verified by Visa?
Verified by Visa is a version of Visa’s anti-fraud tool based on 3-D Secure technology. Every major card network offers one—Mastercard has SecureCode and Mastercard Identity Check, American Express has SafeKey, and Discover’s version is called ProtectBuy. They all do the same for transactions made on their respective networks, which is to verify the cardholder’s identity during the transaction.

Verified by Visa first did this by having cardholders sign up for the Verified by Visa program through their issuing bank and create a password.

During checkout at merchants participating in the Verified by Visa program, the customer will see a pop-up prompting them to enter this password to complete the transaction Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

While this implementation of 3-D Secure is still in use, there is a new version called 3-D Secure 2.0 that Visa is implementing under the name Visa Secure. The newer Visa Secure system may attempt to verify the cardholder’s identity using contextual data instead of interrupting the transaction process. In most cases it can do this, but when it can’t, it can send a one-time code to the cardholder’s device or use alternative authentication methods such as biometrics Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

The newer version usually provides more seamless payment for legitimate customers and is more secure as it relies on more authentication factors. However, any version of the system will be effective in stopping the average fraudster.

Fraudsters typically obtain payment information in bulk on the dark web and do not include any additional information that could help the fraudster bypass the 3-D Secure verification requirement.

What is 3-D Secure technology?

The “3-D” in 3-D Secure refers to the three domains of issuer, acquirer, and merchant, and the system that allows them to work together. The idea is that by working together, everyone involved in the transaction process can play a role in identifying and stopping fraud Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

In 3-D Secure, this works through a software plug-in that allows the merchant to exchange information with the issuer during the transaction process. The merchant can share cardholder and transaction details with the issuer, and the issuer can send back a verdict on whether it thinks the transaction is fraudulent or not.

Manage chargebacks in-house or offshore
The original implementation with passwords was effective – but only up to a point. Passwords can be guessed, cracked, stolen and copied, and getting users with strong password requirements is always a challenge.

A transaction that is protected by only two passwords – one for logging into the merchant site and one for 3-D Secure – is not optimally secure. By using additional authentication factors such as biometrics or codes sent to a registered device or email address, 3-D Secure 2.0 represents a much more robust form of authentication that is fully compliant with the strict customer authentication requirements required by law such as .revised Payment Services Directive Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

Another advantage of 3-D Secure 2.0 is that it can be almost frictionless. Behavioral analytics and transaction data can be used to authenticate most cardholders, and when a pop-up window is required, it’s designed to be less disruptive to the checkout experience (especially for mobile customers).

What do merchants need to know about using Verified by Visa?
Merchants should always use anti-fraud tools that are appropriate for their actual fraud and chargeback circumstances. Only by analyzing your data can you determine how many of your chargebacks are valid and stem from genuine fraud Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

If you are experiencing a high rate of Visa fraud, Verified by Visa may be the right solution. In some cases, you won’t even be liable for fraud that sneaks past the verification step.

The main caveat is that Verified by Visa and similar tools in some cases increase friction at checkout, which can lead to poor customer experiences and abandoned carts Should You Use Verified by Visa or Not Here Is What You Need to Know About It .

Merchants must weigh this against the reduction in fraud they expect to achieve. Alternative solutions such as AI-based fraud filters can create less friction for successful checkouts, but carry the risk of false positives that offend good customers Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

Conclusion
One of the key elements in a strong chargeback prevention strategy is having the right arsenal of tools, most of which will be dedicated to fraud detection and suppression.

Choosing the right fraud tools, integrating them with your existing systems, and configuring them for maximum effectiveness (and minimum false positives) can be difficult and time-consuming. Helping you master these tools and maximize your ROI is one thing a good billing management company will be happy to do Should You Use Verified by Visa or Not Here Is What You Need to Know About It .

Payment processing for high and low risk businesses is very different and needs to be taken into account when choosing a processor. A business is marked as high risk if it is more likely to experience fraud, chargebacks and returns. So for such industries, the processing company must be reliable and safe.

High risk processing companies are able to handle these tasks. They specialize in delivering advanced anti-fraud and chargeback software and understand the requirements of these industries. In this article, we take a deep dive into the high-risk category and its challenges, help you understand if a company is up to them, and show you five of the best high-risk processing companies available in the market Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023:

Ikayo
PaySpacelv
Secure ePayments
Flutterwave
Overall processing
High risk processing challenges
Every business goes through a risk assessment at the stage of opening a trading account. If it increases, the business is considered high risk. There are business models that fall into this category, such as Forex, gambling, gaming, cryptocurrencies, online dating, etc. Unlike low-risk businesses, high-risk industries pose additional challenges for manufacturing companies. There are two main problems Should You Use Verified by Visa or Not Here Is What You Need to Know About It :

Increased probability of chargeback
A chargeback is the return of a payment initiated by the customer through a request sent to the issuing bank. Normally, the client wants a refund only after the payment has been made, which means that the services have already been provided. This happens more than usual in high-risk industries Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

Chargebacks carry a risk for business service providers, as refunds are at their expense. This is why chargebacks are more expensive for a high-risk trader. In addition, in order to provide a refund to the client, the merchant must waste additional time and resources without further payment. The advantage of choosing the right high risk processor is that they are equipped to minimize chargebacks Should You Use Verified by Visa or Not Here Is What You Need to Know About It .

Higher risk of fraud;
Fraudulent transactions are those that have not been authorized by the cardholder. Although fraud can occur in any industry, high-risk businesses are more likely to experience it. In addition, high-risk e-commerce accepts card-not-present transactions, which are themselves considered less secure than card-present transactions. They cannot be checked on the spot for compliance with the owner’s data Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

Fraudulent transactions are often the cause of chargebacks. Fraud often occurs when credit card information is stolen but not reported. The cardholder discovers the chargeback after the fraudster pays with their card and demands a refund by initiating a chargeback. While the refund itself doesn’t take long, the process of verifying transactions for validity is complicated and brings reputational losses to merchants, resulting in higher network fees. To avoid negative consequences, the merchant must open an account with a high-risk processing company that has high-performance anti-fraud filters Should You Use Verified by Visa or Not Here Is What You Need to Know About It .

What to look for in a high-risk processing company
Merchants recognize that high-risk processing comes with its own set of challenges, which is why it can be difficult to find a trusted processor. However, there are processors who specialize in high-risk industries. There are many ways that professionals differ from amateurs who simply want to make money from your business without offering quality service in return Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

1. Chargeback prevention tools Should You Use Verified by Visa or Not Here Is What You Need to Know About It 
Preventing chargebacks should start before they happen. Reliable high-risk payment providers have a number of tools that identify a questionable transaction that may lead to a chargeback. They set up a PCI compliant payment gateway that checks the customer’s address, CVV (Card Verification Value) match and 3D secure technology.

The next step to preventing chargebacks is monitoring. Since the client’s refund request goes directly to the receiving bank, the merchant often finds that the refund has already been made. Processors have special programs that identify chargeback applications and notify the merchant so they can fix the problem at an early stage.

2. Protection against fraud
Every high-risk industry needs proper fraud protection. Many systems identify suspicious transactions. These include preventing transactions from dubious IP addresses, verifying the client’s identity during the payment process, and blocking IP addresses from specific countries. They also use IP Whitelisting and Blacklisting, where whitelisting is giving access to certain IP addresses and blacklisting is a method to block illegitimate or malicious IP addresses from accessing the network. Another fraud prevention tool is Velocity checks, which is monitoring the number of transactions from a given IP address over a certain period of time Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

3. Customized payment management
Another indicator of a trusted payment processor is that it has different solutions for different high-risk businesses. For example, a gambling merchant account would require recurring billing support, while a cryptocurrency merchant account does not, but does require anti-money laundering protection. This is why a payment processor must meet the requirements of various high-risk industries and offer customized payment management.

The best high-risk payment processors in Should You Use Verified by Visa or Not Here Is What You Need to Know About It
To know what to pay attention to when choosing a payment processor, all you have to do is compare the offers on the market with the requirements of your industry. Let’s take a look at the top five high-risk manufacturing companies of 2023:

1. Ikayo
Ikajo is a reliable payment processor operating in the market since 2004. Over the years, the company has created several payment solutions. Now its range of acceptable industries includes almost all high-risk businesses. Ikajo provides individually tailored solutions for those not on the list. In addition, the company provides merchants with more than 100 payment methods, including local ones, and has more than 60 verified banking relationships, including European, Chinese and CIS based. Ikajo provides payouts worldwide. The onboarding process for merchants is quick and smooth. The company has API rest/API soap and HPP integration. Ikajo has developed an anti-fraud and chargeback solution called Charge Advisor that has the capacity to protect high-risk businesses from fraudulent activities Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023.

Infrastructure specifics Should You Use Verified by Visa or Not Here Is What You Need to Know About It 2023:

PCI DSS Level 1 Compliance;
PCI 3DS certified (1.0 and 2.0);
More than 100 currencies;
Chargeback and fraud prevention;
Free recurring billing;
24-hour customer support Should You Use Verified by Visa or Not Here Is What You Need to Know About It ;
Mobile banking.
2. PaySpacelv
PaySpacelv is a technical card transaction processor that specializes in processing payments for high-risk merchants. The company provides advanced full-featured anti-fraud tools that minimize the cost of fraudulent transactions to merchants. There is also a special system which.

In topics of protection, as in subjects of faith – all people chooses for himself the most that he Payment Processing for Payday Lenders.

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