Cybersource is a worldwide payment receiver that permits companies or businesses to receive credit or debit card-secured customer payments. It provides fast, on-demand, real-time e-commerce transaction services with additional features, including –
- Territory management,
- Tax calculation,
- Recurring billing,
- Fraud prevention,
- Export compliance,
- Fulfillment management,
- Delivery address verification.
- Currency conversion.
Detailing about Cybersource’s journey, here’s the breakdown of its entire history –
- Born in 1994 – Facilitating online payment with risk and fraud prevention services merchants.
- Acquired Authorize.net in 2007, the US’s leading small business payment service provider.
- In 2010, Cybersource was taken by Visa.Inc.
- In 2019, Payworks collaborated with Cybersource to facilitate a unified consumer experience for merchants and businesses.
Cybersource headquarters are in Foster City, California, US and other offices in Europe, the Middle East, Latin America, Africa & Asia. It offers 10+ payment services, including direct debit, e-wallet payment, PIN debit, invoicing, e-check, Boleto, credit card, cash payment or installment and other services. The platform supports 17 currencies, AUD, DKK, USD, CZK, EUR, HKD and others, and accepts payments in 50 currencies.
The digital payment provider is a Level 1 PCI-certified service provider and helps reduce the audit questionnaire of PCI DSS to only a few checkboxes. Cybersource has access to over 200+ processors and acquirers in 160 territories and countries, and the VISA network can deal with 8000 transactions every second. A few partnered merchants of Cybersource are Sally Beauty, Harley Davidson, Accor, Zumba, AeroMexico, RubyTuesday, tip tap, and many others.
The platform has recorded a $691 billion global processing volume, and 14.3 billion transactions are processed from Cybersource annually.
Advantages of Using Cybersource –
A global payment solution integrated with over 450,000 businesses worldwide, Cybersource provides the following benefits –
- With additional data and sources, the platform is designed to promote secure, fast and increased transactions to medium-and-large-scale merchants.
- Issuers with 3-D secure 2.x upgrade will automatically receive the additional data, enhancing backward compatibility.
- Reduced transaction timing and frictionless authentication provide a user-friendly shopping experience, which also helps businesses with scaling.
- Cybersource also provides quick and easy refunds and detailed information on each transaction to the merchants.
How does it work?
Here’s a detailed description of how Cybersource works –
- A customer proceeds with checkout and is taken to the payment hosting page.
- They are then directed to the final transaction page (on the partner’s website) where the customer is asked for the payment details.
- Cybersource sends the submitted payment details to issuing bank through the card scheme and the relevant acquirer for authorisation.
- When the issuer authorises, CyberSource sends the transaction approval to the partnered website, where you can confirm the receipt of the amount to the customers.
Following are the pointers to be addressed by the issuers to get better clarity on Cybersource working –
- If the payment issuer is a fast fund participator, the funds will be available within 30 minutes. If they are not a part of the same, they will receive the funds within 48 hours or two business days.
