Payment Tokenization Process

Credit Card Tokenization: What Merchants Need to Know

In today’s world of electronic transactions and online gateways, customer payment information security is paramount. Fines are steep, and a lot is at risk — especially for businesses with thousands of customers. The last thing you want to do is be responsible for a payment information breach. It has the potential to cripple your business — either through fines, ruining of public reputation, or both. Many vulnerabilities exist in the transmission stage of payment processing. This is when the data is being exchanged between the banks and involved credit card networks. There are two main ways to prevent breaches during this process: payment encryption & payment tokenization. Apart from the obvious social and consumer downsides, the credit card networks founded the Payment Card Industry Data Security Standard (a.k.a. PCI Compliance) in 2006, and if you aren’t using encryption or tokenization to pass sensitive payment information, then you’re at risk of…

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