Payment Authentication
Payment authentication is critical for businesses and entities accepting payments from clients and end users. The right solution goes beyond mitigating fraud. It helps identify incorrect details to reduce payment errors and lessens waiting time due to identification failure, ensuring a swift, successful payment process.
Types of Payment Authentication
The two primary types of authentication are two-factor authentication and biometric authentication.
Two-Factor Authentication (2FA)
When the end user transacts with you, your security system will prompt them to verify their identification through two distinct forms. Usually, the first step is entering their password and the second is validating their identity by entering a code they received via text. The second authentication method could also include fingerprint or face recognition.
Biometric Authentication
Biometric authentication uses facial recognition, retina identification or a fingerprint to authenticate the end user. Biometrics is a safer, more secure way to validate your client's identity than other legacy methods.
Payment Authentication and Authorization
Both payment authentication and authorization serve as means to ensure that a transaction is successful. The two do, however, have distinct roles within the payment process.
During authentication, the client or end user must show that they're the person authorized to use the credit or debit card. They have to share information to verify their identity. Authorization is essentially the second step, which ensures there are sufficient funds in the user's account to complete the transaction.
With this layered approach to payment authentication , it's vital that your business has the necessary tools to accept payments seamlessly.
The Importance of Payment Authentication
Payment authentication is critical in protecting your business and end users. CSG Forte helps you scale your business while protecting users' data with a unified payment platform. You can accept debit, credit and ACH payments safely with our comprehensive approach to payment authentication.
Stay Nacha-compliant by validating payments with real-time, actionable data so you can keep business transactions going without delays caused by manual errors. Our payment authentication solution:
Protects you from unauthorized transactions: Unauthorized transactions can cost you money and downtime. Payment authentication helps ensure users are authorized and transactions are valid.