CyberSource was the world’s first eCommerce payment management company, and it now provides medium to large businesses (with more than $3 million in online processing) with an attractive choice for payment processing. CyberSource is a notable company that provides advanced payment management services. They offer a wide variety of services that contribute to the streamlining and automation of payment processes. Handling online payments, enhancing fraud prevention measures, and streamlining payment security are all accomplished with the help of this platform. At the moment, more than 400,000 companies located all over the world use CyberSource as the definitive solution, regardless of the requirements that are unique to their operations.
Background
In 1994, at the very beginning of the e-commerce era, Cybersource was formed. It was the first company to provide online payment and fraud management services to merchants with medium and big businesses. Since Cybersource acquired Authorize.net in 2007, the company has expanded its market coverage to include sole proprietorships in addition to large corporations. Authorize.net is the largest provider of payment services to small businesses in the United States. Visa, Inc. acquired Cybersource in the year 2010. As a Visa platform, it has access to a worldwide network of issuers and acquirers as well as Visa’s top-tier security infrastructure. In 2019, Payworks became a member of Cybersource to develop the next-generation customer presence solution and, ultimately, enable unified commerce experiences for businesses. The technology provided by Cybersource and Authorize.net is presently utilized by more than 450,000 companies located all over the world. This company operates out of numerous locations all over the world, including the United States of America, Asia, Europe, Latin America, the Middle East, and Africa.
Features of Cybersource
The following are the primary characteristics of CyberSource:
- Calculating Global Taxes
- Acceptance with Confidence Manager of Web/Mobile Decisions
- Payment Gateway and Processing Connections for Multiple Channels
- Cards
- Payer Authentication Online and Mobile Digital Payments Direct Debit & Bank Transfers
- Acceptance with Confidence Web/Mobile Risk Management Services
- Export Regulations
- Loyalty Management of Fraud
- Fraud Delivery Address Verification Alert
- Tokenization
Cybersource advantages
It allows users to accept payment in over 40 currencies from over 190 countries, and it includes a tremendous anti-fraud tool. Secure acceptance and global fraud management are two of CyberSource’s characteristics. Tokenization solutions also improve transaction security by removing critical payment data. Fraud analysts also look at worldwide trends so CyberSource’s systems can be reviewed and fine-tuned. Users of CyberSource can take payments through a variety of channels, including mobile, web, and even a call center.
Transactions employ a universal token and a centralized database to support all channels and provide users with a comprehensive view of consumer behavior. The data gathered from this can then be used for marketing and customer analysis. Format-preserving tokens ensure the safe handling of chargebacks, payments, and support requests. When merchants start utilizing CyberSource, they obtain an enterprise-class solution because it provides a comprehensive payment management system that can be used for retail, travel, small enterprises, and media and entertainment. It also has a switch-to-issuer agreement with VisaNet, which allows them to access more clients.
CyberSource’s payment method
These services provide the objects and methods required to complete a payment transaction. A transaction is outlined in the following sequence:
- A customer makes a purchase.
- The merchant securely sends the order details to CyberSource via a payment API.
- CyberSource prepares the transaction details and delivers the transaction authorization request to the processor via its payment gateway.
- The transaction is sent to the consumer’s payment card-issuing bank for transaction authorization.
- The transaction is authorized or declined by the issuing bank (the bank that issued the payment card for Discover or American Express transactions).
- The response is returned to the merchant by CyberSource.
- The transfer of funds to the acquiring bank is approved by the issuing bank.
- The acquiring bank credits the merchant’s account.
