Online merchants, who accept credit card payments, have different security and safety concerns. A merchant must remain well-aware of all the challenges to protect business and uphold customer trust. Credit card processing and security is done through two main channels – CVV and AVS. Both of the mediums allow transaction to be completed in an anonymous manner. But online merchants need to have both types of information from customers while accepting a credit card.
AVS (Address Verification System)
In this process, the location or address of the customer is matched with the address provided and address given during credit card registration. This feature allows a merchant to make sure that the person, who is placing an order or making a transaction, is the real owner of the credit card. This feature is not actually required, to carry out the transaction processing of any credit card. It is actually a medium for confirming the authenticity of the card. With each transaction, the processor will provide the address and contact details of online customer to avoid any sort of fraud. In most cases, if address in wrong a credit card is not rejected. It is actually up to the customer to decide about the provided information and carry out its analysis. Some merchants might deny the sale, ask for additional information or provide an opportunity to enter exact details to complete the transaction.
CVV (Card Verification Value)
It is one of the most accurate verification methods. You will need to enter 3 or 4 digits that are printed on the back of any credit card. It is a unique number present on the cards only and not on the bank statements. It means that a person cannot complete a transaction with the help of statement found. Merchants require an online customer to enter the CVV to prove that they have the card with them. Always dispose of your important records in a proper manner and avoid any sort of fraud or identity-theft issues. Merchants can easily detect any fraud with the help of this verification procedure. Most of the fraudulent transactions are declined due to incorrect CVV number.
Better Security for the Customers
Customers, who provide their credit card information, must be satisfied with the medium of payment. There must be a proper guarantee for the customers that their information will remain safe and never shared with any second or thirty parties, under any circumstances. Transaction software that you are using for your business must be safe and secure under different conditions. You will need a solid and trustworthy company to handle the matters for you. Always choose a reliable company like veripayment.com and get hold of professionally encrypted software to manage transactions. It is very important to not fall into any false veripayment review and always visit the official website to see what exactly they are offering.