Electronic Payments

There are a lot of changes going on with online payments and one of the most obvious is the gradual introduction of 3D Secure (MasterCard SecureCode and Verified by Visa). This security check is similar to Chip & Pin in the offline world and requires a specific customer ‘password’ to verify each online transaction processed against the customer’s credit or debit card.

Many online businesses had got used to taking monthly payments from a customer’s card for services like membership or magazine subscriptions. On Maestro Cards, where 3D Secure is now compulsory, recurring payments will not be feasible with 3D Secure as the expectation is the customer would need to enter the password every month to confirm the payment.

These changes make the introduction of Paperless Direct Debit processing online very timely and important to maintain recurring income from your website.

NetBanx is one of the first UK payment processors to introduce online Direct Debit. David Gagie, Managing Director at NetBanx, says that, “Paperless Direct Debit makes it safe and easy for your customers to set up online subscriptions and other recurring payments on your site. At the same time, it offers you faster payments, increased efficiency and maximised profitability for very little effort”.

NetBanx believes that Paperless Direct Debit will save merchants money as there is less administration with automatically recurring payments. The customer also benefits from the convenience of only having to set up regular online payments once thereby removing the chore of completing and posting forms with each purchase. Also all sensitive banking information is securely held online by their bank-approved system. Find out more at: NetBanx Direct Debit