It is a common practice for merchants to ask whether they need to use the CVV2 merchant account security code. The truth of the matter is that there are situations where a merchant really does not need to use this. However, if a merchant is using a system that does not automatically perform the CVV2 verification then it is highly likely that they will incur an excessive charge for processing a credit card transaction. Therefore, it is highly important for a business to choose the correct CVV2 merchant account from a reputable provider.
Merchant accounts with the CVV2 token are able to process more credit cards in a given period of time because the system performs a mathematical series of checks to ensure that all transactions have been processed correctly. The process is made even more efficient when the number of authorized users increases. This is due to the automated processing of new credit cards by the system. If a business has several employees then this feature can be applied to each employee and the number of credit cards issued increases.
As, well as merchant accounts that require the use of the CVV2 token, many businesses now accept E-commerce and wireless payment processing equipment. Wireless equipment is becoming increasingly popular because of its mobility. It is possible to attach a pad and a reader to the payment device such as a smartphone or a laptop and the information provided can be transmitted wirelessly. The downside of this option is the need to purchase the necessary hardware and the associated software in order to enable secure wireless payment processing. CVV2 chips are also required by some wireless devices in order to make them work.
When a business first starts out, it can be tempting to go with a system that only requires a printed CVV2 code rather than the full four-digit code that are issued when a customer signs up for a credit card transaction. However, it is important to understand that a printed document is worthless unless it has a good quality printing machine in place to print the details. The majority of new printers will have at least one extra colour, usually black, and some will also have four-color printing capabilities. These extra colours provide greater image quality and better image representation of the printed image. The additional colours can also make the process of creating a CVV2 code more efficient, as the system needs to match the colours up to the data being supplied.
A well-designed CVV2 system will allow the user to enter the numbers for verification purposes, regardless of whether they are provided by a customer's card. This means that the business will always have a positive ID response, despite the fact that the CVV2 has been compromised. In some cases a business may respond to a potential fraudster with an attempt to extract the pin number (the three numbers normally displayed on the back of a magnetic stripe card). By applying a mathematical algorithm to the data supplied by the cardholder (known as a CVV2 encryption algorithm), the decryption keys are generated, which are then used to generate a unique card identification number, or CUV, for . . . . . . each card.
It is the job of the card issuer (usually the financial institution that issued the original debit card) to keep records of the associated CUV and to make these available to a business should the need arise. By using the original, authentic magnetic stripe to produce a CUV record, it is then possible for the card issuer to use this data to make a decision on whether or not to verify the data entered. If the decision is made to look further into the account details, then the issuer will use the stored CVV2 data to determine whether it matches up with the information that is being requested from the database.
When a merchant applies for a merchant card with a major credit card processing company such as MasterCard, Discover and American Express, then all three numbers must be entered into the system. These three numbers are then transformed into a U.S. currency alphanumeric string which will be then converted into an internationally accepted four-digit numeric code. The U.S. currency string is the CVV2, while the four-digit numerical code is referred to as the CVC. It is these numbers that are then sent to the payment network for use in making international and back-end transactions that need to be verified. As part of this verification process, merchants are often able to choose between a U.S. dollar transaction fee and a European transaction fee, and also can set a threshold that is pre-determined so that an automatic refund can be given when a payment error is encountered.
In addition to the CVV2 and CVC2 being made available for use in international and back-end card validation purposes, they are also made available for use in conjunction with biometric authentication systems such as fingerprint scanning, voice recognition and retinal scans. As biometric authentication systems become increasingly common across many industries including hospitality, retail and automotive, the use of the CVV2 and CVC2 is likely to become more commonplace. They are also regularly used in conjunction with smart cards and other biometric security devices to make them much easier to access by people carrying debit cards and credit cards. These methods make them far more useful than the current methods whereby people have to carry large amounts of cash or other forms of identification to gain access to things like ATM machines or payment terminals. Virtual terminal manufacturers will continue to design new and innovative ways to make these methods even more convenient.
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