What is MasterCard SecureCode?
It is difficult for high risk merchants to obtain a Visa or MasterCard merchant account. Such an account provides a direct link between the merchant and the MasterCard company. Why is it so hard for these merchants to get approved for a Visa or Master card merchant account? The primary reason is that, for either the risk of high chargeback cases or high fraud cases, these major card companies are hesitant to open accounts with merchants of certain industries.
Since a MasterCard and Visa account are so difficult to obtain, they should not be popular, right? Wrong. The services from these companies are so desirable because they are very protected and offer an element of security from credit card fraud, and therefore from costly chargebacks. These merchant accounts are quite expensive, but many merchants strive to obtain a MasterCard account due to the security advantage they provide. One of the most beneficial aspects of this security is SecureCode.
MasterCard’s SecureCode is a unique security system that the company developed recently. Basically, this code is required by customers at checkout—even by checkout of an internet shopping cart—when they complete their credit card information. The customers are asked for a special pass code, or password, along with a key phrase. This additional security measure almost completely eliminates credit card fraud.
Even if you do not currently have a MasterCard merchant account, your merchant account provider may be able to support this security feature. It will likely take some initiative on your part, because you will have to specifically request this step during customer checkout.
High Risk Credit Card Processor will connect your high risk business with more than 20 different processing sources, including Domestic Banks and U.S. Merchant Accounts, Offshore Banks and Merchant Accounts, 3rd Party Processors, ACH Processors, Check and Debit Processors and others. Whether you are looking for one merchant account, or instead need a full range of merchant accounts, we can meet your processing needs. We can also help you discover if your current merchant account provider supports SecureCode; and if not, we can direct you to one that does.
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November 18, 2008 at 4:37 am
That is so true! Even though I do not specialize in “high risk” accounts, I think people assume that “high risk” merchant accounts means there is something wrong with the business, when fact that could be nothing further from the truth. Businesses that require high risk merchant account services are just as good a business as bussiness’s that are approved for regular merchant accounts. It’s just Visa & MC’s rules to protect against popular industries that are prone more to fraud. Sometimes, being in a business nobody else wants to be in can be very profitable.
November 19, 2008 at 8:42 am
Yes, so true. We get that all the time. However we can approve 99.9% of the time as long as the business is legal.