Major credit card providers such as Mastercard, Visa, American Express, and Discover are simplifying online checkout processes across the web, mobile sites, and mobile apps and connected devices. This new procedure will enable a faster, more secure checkout for your customers and meets the standard of EMV® Secure Remote Commerce (SRC).
Here’s what you need to know about this change and how to prepare for it.
According to a video on the Mastercard website dedicated to the change, the new digital checkout option uses multiple layers of intelligent security like device recognition and fraud protection. The location of your customer plays a factor, as well as their Device ID, browser, and IP address. This bypasses the input of passwords; your customers will only need to input a user-id to access their card, which could be their email address.
This new payment feature has already been adopted by Cinemark, Movember, Rakuten, Papa John’s, SHOP.com, Tickets.com, BassPro, JoAnn Fabric and Crafts, and Saks Fifth Avenue.
Payment processor and payment platforms currently participating:
- Visa Solutions
- Global Payments
- Mastercard Payment Gateway Services
Why It Matters to Merchants
Many merchants will most likely implement this payment process as early as 2020. This new checkout process aims to make the digital payment experience as seamless as possible:
- Increasing choice and security for all stakeholders
- Reducing shopping cart abandonment rates
- Offering multiple card brands for your customers’ digital checkout experience.
Why It Matters to Your Customers
Your customers will greatly appreciate skipping a few steps during the checkout process regarding their payment choices:
- Eliminating key entry of their account numbers and information
- Saving them time and the hassle of remembering their password.
What You Should Do About It Right Now
We advise you to keep an eye out for this change currently happening because it will be fully integrated nationwide early next year. We also advise you to keep your customers informed. Here’s what you can do to help your customers get ready for the change:
- Tell them to look for this icon for a faster and more secure click-to-pay checkout process.
- Let them know they can create a profile with their credit card provider: Visa, Mastercard, American Express, and Discover by adding their credit card, debit, or prepaid cards to their profile. They can create this profile before shopping, or while checking out. If they have multiple cards with different credit card providers, they must register each of those cards with their provider by visiting Visa, Mastercard, American Express, and Discover.
- Let your customers know that this feature will be available nationwide in early 2020.
With this information, you and your customers will be well prepared for the coming change. If you have any questions, Sekure’s Payment Professionals are ready to help.