Tokenisation is a process that safeguards sensitive information to prevent credit and debit card fraud. It does this by replacing sensitive data with an algorithmically generated number called a token.
You may already have in-house payments accounted for by card readers, but with the world of E-commerce sites still being relatively new and unknown, online payment security simply can’t be underestimated.
If you want to improve the security of your customer’s online card payments, particularly with high value items, then Tokenisation might be the perfect solution for your business’s payment processing.
How does Tokenisation work?
In card tokenisation, the customer’s primary account number (PAN) is replaced with a series of randomly-generated numbers in order to assemble a token. These tokens can then pass through various wireless networks to process the payment without actual bank details being exposed. The real bank account number is held safe in a secure token vault.
Tokenisation aims to prevent the duplication of bank information to stop fraud. While Chip & PIN cards protect against in-person fraudulence, tokenisation is primarily designed to protect you when making online and digital payments.
Here are some features and benefits of tokenisation:
- Reconciles chargebacks and payments without handling payment data
- Renders payment card data useless to hackers
- Works with your current systems
- Payment flexibility: refunds and recurring payments
- End-to-end security
- Format fits with legacy credit card fields
- Reduces amount of PCI DSS security requirements (scope), therefore reducing costs
Tokenisation is particularly useful when storing a customer’s card and personal information for subscriptions and recurring payments.
It also offers online payment security for “one-step” checkouts, as well as security for mobile wallets such as Apple Pay and Android Pay.
At Chip and PIN Solutions, our tokens cannot be mathematically reversed.
Not only this, but no database changes are required, and Tokens support all payment actions and checkout models.
- One-time authorisation
- Capture and settlement
- Recurring and subscription billing
- Credit and partial credit
- Split capture
- Standard checkout
Stand out from your competitors by offering payment methods that your customers can have the utmost faith in – completely assured that their card data is safe on your database for recurring payments and one-step checkouts.
Be a pioneer in your industry by offering the latest in card security technology.
Find out how we can set up Tokenisation for your business. Get in touch with our friendly UK-based customer care team today!
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