Even if your customers have never heard of tokenization, they’ve likely benefited from its security and convenience many times before.
Tokenization provides merchants with a face-value replacement of a payment card’s Primary Account Number information, which can be stored and utilised outside of a payment-complaint process without risking the loss of sensitive data or fraud. When merchants use tokenization, it allows them to collect payment information and process transactions more efficiently, and without having to invest in expensive, complicated payment system infrastructure.
Here’s how it works:
- When a customer enters payment information, PayShyft captures and stores Primary Account Number information before that information ever enters the merchant’s servers.
- PayShyft returns a token, which is a series of randomly generated numbers, in place of the actual card information. This token can pass through networks and be stored without danger of the actual Primary Account Number information being compromised.
- When the merchant is ready to process the transaction, the token is passed back to PayShyft along with the transaction information.
- PayShyft then passes the stored card data to the payment system.
- The customer gets their product, the merchant gets paid, and everyone’s data are secured.