In order to ensure the security of transactions, the card organization has added password verification to credit cards. Different card organizations have different names for this service: Visa: verified by visa service (VBV), Mastercard: MasterCard secure code service (MSC), JCB: J/Secure service (note: some card issuers do not support 3D Verified; to apply for 3D verification service, you need to apply to the card issuing bank first; 3D verification can only work when shopping online; 3D verification service is free)
3D verification is VISA, and MASTER credit card organization is A credit card verification measure to protect the interests of cardholders and prevent merchants from malicious card theft. This measure is mainly implemented in Asia and is suitable for collecting credit card payments in Asia. Since the major countries where VISA and MASTER are popular have taken compulsory measures to require registration, the online 3D verification system has hindered about 90% of effective transactions, but at the same time it has also greatly reduced the possibility of malicious fraud by merchants. Only the cardholder knows the personal password and personal confirmation information, so it can effectively avoid transaction disputes such as malicious chargebacks and online fraud, and protect the interests of merchants. Private password protection improves cardholders' online payment confidence. When cardholders make online payments on the card issuer's website, in addition to entering the credit card number and expiration date, they must also enter the personal information set in the "3-D Verification" registration password. Check the personal confirmation information to give you double protection. When you register for "3-D Verification", you need to set a personal confirmation information. Thereafter, when you make an online payment, you can check whether this personal confirmation information is correct to ensure that you are using the secure "3-D Verification" payment system.
Non-3D real-time channel is relative to 3D channel. Simply put, it is a credit card consumption method that does not require password verification. At present, credit cards in European and American countries basically fall into this category. Due to the perfect credit card system in European and American countries, cardholders' funds are well protected, and credit card consumption is combined with personal credit index, which makes people happy to use credit cards for consumption, and has become a mainstream consumption method in Western countries.
Non-3D real-time channel online payment is faster and more convenient than the 3D method. Since it does not require layer-by-layer verification, the success rate is much higher than the 3D method. At present, the success rate of domestic channel companies can reach about 90%, such as The international credit card payment platform Moneybrace.
The delayed channel means that after the buyer pays in, the transaction results will be displayed within 8-24 hours, whether successful or failed or pending confirmation.
The most essential difference between the real-time channel and the delayed channel is whether there is manual review. The real-time channel is to set a point in risk control. If a transaction comes in and the system evaluates and detects that the risk of the transaction is higher than the risk control point set by the system, the order will automatically fail. If it is lower than the risk control point, it will succeed. Payment comes in. In addition to the risk control system assessment, the delayed channel also adds professional manual review of orders. If there is an abnormality in the order and there is a certain risk, it will be classified as a high-risk transaction, and the transaction result will be displayed as pending confirmation. After the system blocks the high-risk transaction, it contacts the merchant himself to confirm whether the transaction has been released. If the merchant confirms that the transaction is OK by contacting the buyer, the transaction can be paid normally. This strictly controls the entry of black card and stolen card transactions, controls and reduces the chargeback rate, and ultimately protects the interests of merchants. Therefore, the delayed channel needs to display transaction results within 24 hours.
In fact, the success rates of non-3D real-time channels and delayed channels are basically the same. Many foreign trade merchants feel that it is better to know the transaction results in real time through the real-time channel than through the delayed channel. The delayed channel makes people anxious, but many merchants have ignored a very important point. Although the real-time channel feedback results are fast, the chargeback rate is also inevitable. high. Because there is less manual review in the real-time channel, more high-risk transactions with black cards and stolen cards will inevitably come in, which directly leads to an increase in the chargeback rate and directly damages the interests of merchants.
Moreover, the real-time channel displays the transaction results instantly, so if the transaction is successful, the handling fee will be deducted immediately. At this time, if you happen to be out of stock and there is no product that the buyer wants, then you have to refund the buyer. This will not result in a loss of transaction fees.
The delayed channel adds manual review, which effectively reduces the entry of high-risk transactions involving black cards and stolen cards, strictly controls the chargeback rate, and protects the interests of merchants. Moreover, the delayed channel displays the transaction results within 24 hours. If the merchant finds out of stock, he can also cancel the transaction in order to avoid losses.
In fact, both real-time and delayed channels have their own advantages and disadvantages, but in general, from the perspective of risk control and chargeback control, the delayed channel is better. After all, risk control directly affects the interests of channel merchants.