As customers rely on their mobile devices more and more, auto dealerships are increasingly moving their sales online, making secure transactions more business-critical than ever. With nearly half of Canadians reporting being targeted by fraudulent activities, and a 4.5% rise in suspected digital fraud across industries, robust digital security in payment processing has become imperative.
This is where 3D Secure 2.0 (3DS 2.0) provides a definitive solution. This advanced authentication protocol not only beefs up security but also simplifies the buying process for customers. In the competitive world of automotive sales, trust is key, and 3DS 2.0 ensures peace of mind for both dealerships and buyers. Let’s dive into why every auto dealership should embrace 3DS 2.0 for smoother, safer transactions.
3D Secure 2.0 Explained
3D Secure was created to improve the security of the payment process, specifically for card-not-present transactions. Whether this is off-site or on a mobile device, the program was designed to provide an extra level of identity verification before authorization.
The biggest improvement of 3DS2.0 compared to 3DS1.0 is the accessibility and user experience, especially on mobile devices. Built with the mobile user in mind, 3DS 2.0 not only improves the customer experience but also increases the security of the standard.
According to Visa, half of all eCommerce declines are legitimate, so accuracy is important in security. 3DS 2.0 aims to make it as easy as possible for customers to make legitimate purchases while also ensuring your business is protected.
While this is not a regulatory requirement, it is highly beneficial for any business to implement this security technology. Check out some of the main benefits below.
Main Benefits of 3DS 2.0
While there are many benefits of enabling 3DS 2.0, here are the top advantages your dealership will see:
- Prevent payment fraud and protect your revenue with decreased exposure to fraudulent transactions
- 3DS shifts liability for fraudulent transactions away from your dealership to issuers or cardholders, further protecting your dealership from fraudulent transactions and chargebacks
- Reduced chargebacks will save your dealership money, hassle and other issues. Merchants reportedly lose an average of $3.75 for every $1 lost to chargebacks.
- Increased security checkpoints make it much harder for your payment system to get hacked
- Fewer people abandon carts due to higher approval ratings, increased payment flexibility and a better experience. Businesses saw a 70% decrease in cart abandonment after implementing it
With VenueVision, we make it easy for your dealership to become 3DS 2.0 secure in an instant. Are you ready to increase your security and improve your bottom line? Email the VenueVision team today to get started.