Payment tokenization is essential to remediate any security vulnerabilities online business owners could be exposed to. Tokens possess confidential information that helps prove an identity yet appears as a random string of numbers. The point of tokenization is to replace identifiable information (such as a customer’s card number) with encrypted information that reduces the risk of a data breach.
Because merchants need to comply with PCI DSS, credit card tokenization solutions are an essential method to secure sensitive payment data. Powercash21 provides the data encryption necessary to comply with PCI DSS and adheres to advanced data security practices.
E-commerce transactions are on the rise. Today’s consumers want to save time and effort and increasingly choose to purchase goods and services online rather than going to a store. As a result, payment fraud risk rises and merchants look for the best ways to protect their customers’ sensitive data. As a payment tokenization service provider, Powercash21 helps to reduce the risk of data breaches and ensures that, even when theft occurs, the thief does not stand to gain anything that would be detrimental to the cardholder, since the token number is useless to them.
Payment tokenization provides convenience to the customer by securely saving their payment details in the form of a token, which will be stored in case they want to repurchase from your business. In this way, the customer enjoys a streamlined online shopping experience and you as a merchant can benefit from increased conversions and higher profits.
Your business can also save costs in regards to PCI compliance requirements. As a merchant, you will not store your customer’s card details in your system as your payment processor will do that for you. This makes compliance with PCI an easier and less costly task for your business.
Tokenization in the payment gateway is a process that consists of specific steps in order to be completed. The steps that need to be followed for payment tokenization include:
The benefits that payment tokenization can provide merchants with are undisputable. Powercash21 helps solve the problem of storing sensitive credit and debit card data and helps provide a secure payment process for all their clients.