Living in this tech advanced era, we all are well aware about the things we could do with internet. Internet has solution for almost every possible query. From learning to shopping, we can do whatever we want to will few tap and clicks.
Talking particularly about the payment industry, online industry is has a lot more scope which not explored till date. The Payment industry is flourishing day by day, every month we hear news of new innovations and advancement in the particular sector. In we look back into 2015, the year reward the industry with various milestones like launch of Apple Pay in the markets of UK and United States, Expansion of Google Wallet around the world, amendments in rules and guidelines of VISA chargeback regulations. On the more, 2015 also gave us the concept of Code 10 Authentication.
Readers who are not aware of the term, Code 10 Authorization, let us brief. It is the security measure introduced by the card networks to safeguard the customers from any possible changes of fraud and phishing. This is more affective at the time of POS transactions or virtual terminal using Mail Order or Telephone Order (MOTO). In Code 10 Authorization, the sellers or retailers can request a call from the issuing bank in case they feel that the person claiming to be card holder is not genuine. In this call the bank personnel asks the vendor or seller a series of questions with the details of cardholder. In the sellers just have to answer in yes or no. If the details are matched than the seller can give green flag to the transaction otherwise the payment is declined then and there. The advantage of code 10 authorization is that, merchants can match the authenticity of the payment at the very first stage and hence control the changes of possible chargebacks raised due to false payment. This also helps to tack the fraud person as he is not unaware with the fact that he is getting trapped during the fraud transaction.
Moving forward, this year is crucial for the payment sector as existing mobile virtual wallets are planning to expand their limits and some new players are also ready to enter into the race. This is the big opportunity for existing or a startup to launch their online portal for selling goods and/or services. The customers are also showing their keen interest in online shopping as they are now offer a long list of facilities.
For this all you need is a dedicated business website and a merchant account and you are ready to apply for the payment gateway. A payment gateway is the virtual platform that is required to accept online payment from the customers. Cart Pay Solutions is well established payment gateway which offers normal and high risk merchant account to the merchants. We hold accounts of tech support, web designing, e-commerce and various other high risk businesses.