VbV and MCSC is the Only Answer
Verified by Visa/MasterCard Secure Code
VbV and MCSC: Since I saw advertisements for these initiatives I had some trouble looking information about these programs. My IT dept and I went out and did most of the leg-work on these programs ourselves. I actually went out and investigted these programs with several vendors of VbV and MCSC. I can honestly tell you that within the realm of mid to large-range merchants it was hard to find some real answers on what the best way to gurantee payments for us was. And I'm here to tell you to as a fellow merchant what these programs could do for all of us. I found one AWESOME company who sold me on it instantly, and after these past few months it really has matched up to the hype.
This has me so excited I want to pass it on to you all:
1) They are guaranteeing payments on 60-70% of my transactions. Which saves me and my associtaes plenty of time when reviewing these transactions. It shifts the liability for transactions off my site, and onto the issuing bank of the cardholder shopping. I was abe to get paid on transactions that I normally wouldn't except, and was able to be comfortable with it.
2) My conversion rate has remained the same.
3) This vendor's software was delivered ASP, and it was configured by their programmers to function perfectly with my current shopping cart, gateway, processor, and acquiring bank.
4) We only pay for what we use.
5) We are protected on 100% of all North American VISA cards. Almost 60% of MasterCard. This applies nationally and internationally
6)In addition to reducing chargebacks and lost merchandise these past few months, there are some additional financial benefits as well. With our Verified by Visa installed, we achieved a new "Preferred Ecommerce Merchant" status (the highest level of status for an online merchant), which reduced my interchange fee by five basis points. So essentially my lowered interchange rate is paying for insuring the transaction. I'm almost paying nothing on each transaction.
I can't tell you how happy we are with this service and this vendor. We were up and running in less than three hours, and these past few months were the first months since we started that we didn't incure one chargeback, and we made more money than ever before. 40 out of the 50 largest merchants are already using this.