20 Jan TOKENIZATION: What Is It? Why Does It Matter To Your Business?
In the payment processing industry, technology and security are always important topics. Tokenization falls under both, and is therefore incredibly important. Our goal is to help you better understand what Tokenization is, and more importantly, understand how it will help your business.
What is Tokenization?
Tokenization is the secure storage and replacement of sensitive customer information. This can be anything from a credit card number to medical information to your pizza order. This all happens in a virtual space. So, when you read the word “vault” it’s not in the physical sense like you might imagine at your local bank.
In the payment process, Tokenization occurs when the card data is submitted – at the moment it is swiped, inserted or typed in manually at a terminal. When data is tokenized, the information is replaced with a token, which is a random set of number letters and symbols. The original information is stored in a data vault. The data vault is a digital vault that securely stores and matches the token to the correct customer’s actual information. When the token is presented in place of actual card information, the data vault matches up that token to your customer’s live card information, and then applies the payment to your business account.
Why does Tokenization matter to your business?
Tokenization means that no live customer data is floating around, available to be intercepted by bad guys. There are only tokens. Even if said bad guys could get their hands on the token, they can’t do anything with that token unless they have access to the token data vault. That matters to your business for 2 reasons:
1. Reduced Risk to the Business – As a merchant, tokenization greatly reduces your risk of exposure when handling customers card data. For the longevity and security of your business, lower risk is a great benefit.
2. Reputation – You don’t want your business to be known for suffering a data breach. An event like that will make customers unsure about engaging with your business, and that will hinder growth.
Make your business more secure
Does your current credit card processor make the security of your business a high priority? They should! BASYS Processing makes accepting debit and credit cards convenient, safe & affordable. Please call us at (800) 386-0711, and let’s talk about moving your credit card processing to BASYS. We pride ourselves on offering security features like Tokenization to minimize your risk, and maximize the security of your business when processing debit and credit cards.
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, and solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale; customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personalized Payment Processing.
Learn more at basyspro.com, and connect with us online at: