How Secure Remote Commerce (SRC) is Stopping Online Payment Fraud

 

Shopping online has become the norm for many people, especially in the era of social distancing. Unfortunately, as online transactions become more common, so does online payment fraud. But there’s hope! 

Companies are working to create solutions that will protect buyers and sellers alike. One of these solutions is Secure Remote Commerce, aka SRC. In this post, a leader in business payment processing will explore what SRC is, how it protects online transactions, and why it’s important to find a processor that supports it. 

What is SRC, and how does it work? 

SRC is a set of specifications for streamlining and securing the online checkout process. It aims to make online transactions easier, faster, and more secure. SRC achieves this through a Universal Buy Button (UBB), which makes it possible to shop on any website with a single button. The UBB is designed to work across devices and payment methods, so that consumers can shop securely, no matter where they are or how they choose to pay.

 

How does SRC protect online transactions? There are several ways. 

First, SRC helps prevent fraud by using tokenization. This means that a one-time token is used instead of the actual payment information (like your credit card number). So, if there’s a breach, the token is useless to the perpetrator. 

Second, SRC uses a consistent checkout experience across all participating websites. This helps consumers know they’re in a safe, trusted environment. 

Finally, SRC requires multi-factor authentication, such as biometrics or a one-time passcode, for transactions over a certain amount. 

Why is it important to find a processor that supports SRC? 

Not all payment processors support SRC yet, but that’s changing. By choosing a processor that does support it, you’re ensuring that your transactions are more secure. You’re also showing your customers that you’re committed to their safety and privacy. In addition, SRC can help increase conversion rates, because it makes it easier and faster for consumers to pay. 

One thing to consider is whether your processor supports other security measures, like 3D Secure, or fraud tools like velocity checks. These can work in tandem with SRC to further protect your transactions. And of course, make sure you’re following best practices like PCI compliance and keeping your systems up to date. 

Secure Remote Commerce is an exciting development in the fight against online payment fraud. By using tokenization, consistent checkout experiences, and multi-factor authentication, SRC makes online transactions more secure for everyone. If you’re an e-commerce business owner or a frequent online shopper, it’s important to consider whether your point-of-sale system supports SRC. By choosing one that does, you can offer your customers a safer, smoother checkout experience. 

 

Gulf Coast Merchant Services has been a leading provider of Point of Sale & Merchant Services in Pensacola Florida and across the U.S. since 2005. The team at Gulf Coast Merchant Services is dedicated to bringing you superior service and the best-in-class POS Solutions & Payment Processing. 

Gulf Coast Merchant Services LLC 
180 E. Burgess Rd. Suite D 
Pensacola, FL 32503 
(850) 995-4414 
https://gulfcoastmerchantservices.com/