MyBidmonster offers registered members several payment gateways to enable then bid, buy, sell and auction their products on our site. While all registered members can bid, buy sell, auction and pay for thier products using thier credit cards,, MybidMonster and her affiliate sites do not allow direct use of credit cards.
Members will need to make credit card payment through the integrated gateways. We believe that this will help minimize the intances of fraud as the cards used on these systems would have passed the card verfication processes of the payment gateways.
USING YOUR CREDIT CARD TO PAY THROUGH THE GATEWAYS FURTHER ENHANCES YOUR PROTECTION AND ENSURES THAT YOUR DETAILS ARE PROTECTED.
How to pay with Credit Card?
The payment gateways have been integrated into the payment system of My BidMonster, and the checkout system gives you the option of making a choice between these gateways and others. With either Payfast or Paygate, members can make direct payments with their credit cards, make electronic fund transfers (EFTs, Southern Africa), and send money to members.
On other payment gateways like Paypal, Alertpay and Moneybookers members can also pay, withdraw and pay members using their registered and verified credit cards on these sites.
What is PayFast?
PayFast is a payment service for South Africans and South African websites. We make it safe for buyers to send money and easy for sellers to receive money.
How can I pay?
With PayFast, you can pay via Internet banking, credit card and even cash (with Ukash)!
We make this possible by bringing together multiple payment methods through one system: PayFast.
How does it all work?
From a PayFast merchant's site, you select PayFast as your payment option and are directed to PayFast for payment. You choose how you wish to pay, make payment and are then redirected back to the merchant's site.
We have to know who uses PayFast, so require that you register the first time you use PayFast, but we only need a name, surname and email address, so registration is really easy (and we even pre-populate the form if the merchant already has the info).
As a buyer there is no charge for using PayFast!
As a receiver, your money accumulates in your PayFast account and we transfer it to your bank account at your request.
We only charge fees to receive money and only Premier or Business account holders get charged. There are no upfront or fixed costs to speak of. We're nice that way )
What do I need to use PayFast?
As a buyer, all you need is a name and an email address ;-)
What do I need to use PayFast?
As a receiver, you can register online and we require:
Where do I sign up?
Personal, Premier and Business accounts are capable of receiving payments.
The volume of internet trade is growing at a phenomenal rate; however some criminal elements are taking advantage of this growth to target websites with stolen card details. It is now more vital than ever for merchants to protect their businesses against this increased risk of fraud.
The role of 3D Secure
Internet transactions are classed as 'cardholder not present' (CNP) transactions. Until recently, there was no easy way to identify a cardholder and confirm that it was indeed the legitimate cardholder entering the card details.
A significant proportion of chargebacks can arise as a result of the cardholder denying that they authorised a transaction. It is traditionally very difficult to successfully appeal against this sort of chargeback. The 3D Secure technology is designed to reduce the possibility of fraudulent card use by authenticating the cardholder at the actual time of the transaction and subsequently reducing a merchant's exposure to disputed transactions and chargebacks of this type.
What is 3D Secure?
3D Secure stands for Three Domain Secure - the payment industry's internet authentication standard which has been developed by the major card associations. Visa has called their version of the scheme 'Verified by Visa' and MasterCard have called their equivalent initiative 'MasterCard SecureCode'. These are both collectively referred to as 3D Secure.
3D Secure authentication requires the cardholder to register their card to take advantage of this service. This is a one time process which takes place on the card issuer's website and involves the cardholder answering several security questions to which only the card issuer and cardholder will know the answer. The cardholder selects a password and agrees on a secret phrase, which will be used by the card issuer during each online transaction.
3D Secure can be thought of as an online version of 'Chip and Pin' technology, whereby the cardholder has a personalised password registered with their card that is entered during the checkout process.
How does 3D Secure work with PayFast?
3D Secure does not yet enjoy widespread use amongst online merchants and as such, there is still a lack of understanding about what it is and how it works. This lack of understanding can lead to customers failing to complete transactions due to being asked to enter their online pin for a credit card transaction.
As such, PayFast has gone for a more measured approached with the implementation of 3D Secure where we don't require it for every transaction, but only when the transaction value is over a specified amount (or when there is a high risk of fraud as determined by our security systems).
As a receiver of payments funded by credit cards, you have control over this value and can set it according to your specific business needs.
3 D Secure on Paygate
PayGate payment gateway is 3D Secure (MasterCard SecureCode and Verified by Visa) compliant. 3D Secure is an online credit card security system provided by MasterCard and Visa and supported by many banks worldwide.
Paygate website payment services are designed to facilitate 3D Secure processing. 3D Secure (MasterCard SecureCode and Verified by Visa) is an online credit card security system provided by MasterCard and Visa and supported by many banks worldwide. If a card has been registered for 3D Secure, the card holder will be prompted to enter a PIN number as identification before the transaction can be processed. For more information on 3D Secure please refer to the following websites:
We have also developed PayProtector - our proprietary fraud and risk screening service. This service has proved to be very successful in combating fraud for many of our clients. We offer 3 versions of this service to best suit your requirements. We have made PayProtector as cost effective as possible. It works quietly in the background, either stand alone or in conjunction with 3D Secure, and helps to prevent fraudulent transactions from being processed on your account.
* Source: MasterCard website
Are there any limitations of 3D Secure?
Ultimately, the risk of fraud lies with the end receiver the funds, but PayFast feels that it is vital that we provide you with the necessary tools to help you to protect your business and manage and reduce your exposure to fraud, chargebacks and their associated costs.
Chargebacks can still occur even when they have been fully authenticated by 3D Secure. This can include when a customer denies receipt of the goods or is not happy with the goods received.
Can I opt out of 3D Secure checks?
By setting your "3D Secure Amount" value very high, you will effectively "opt out" of 3D Secure checks. There are however system limits in place which override any user specified limits, so you can never totally opt out of 3D Secure.
Will it add extra time on to the customer checkout experience?
The 3D Secure authentication process is smoothly integrated into the payment process and will usually only add a few seconds to the normal transaction time. A small price to pay for increased protection for both the receiver and the cardholder.
What does PayGate do?
PayGate is a specialist credit card payment services provider. We offer online, batch and Point of Sale payment services to help you get paid by your customers.
We have a number of clients in many different industries and have been operating since 1996.
PayProtector from Paygate
PayGate has developed a proprietary fraud and risk screening service which has proved itself by significantly reducing fraud across our merchant base. PayGate offers three variations of this service to best suit your requirements. PayProtector works in the background, either stand alone or in conjunction with 3D Secure, and helps to prevent fraudulent transactions from being processed on your account. (More details...)
For more information about Paygate, please check out their website; www.paygate.co.za
This information was culled from both Payfast and Paygate websites.
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