Use Tokenization to Protect Your Online Payments

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When you think about data breaches, what springs to mind? News headlines of name-brand businesses dealing with the aftermath of hackers, both foreign and domestic?

There are an infinite number of factors as you secure your company from the threat of data theft and its associated losses. Tokenization is one of the simplest and simple methods to safeguard you and your customers against the negative ramifications of a data breach.

According to Paul Krueger, CMO with Paykings, an online payments provider located in St. Pete FL, “It’s a simple proposition really, eliminate the headaches of PCI compliance and data breach and spend a little to save a lot of worry down the road..”

Below are a few reasons why you need to consider tokenization for your online payments.

1. Tokenization allows you to get rid of sensitive cardholder data from the systems.

Tokenization lets you substitute a charge, debit, prepaidcard, or checking account number stored on your system with a string of numbers known as a token. Every token is unique to your enterprise and useless to anyone else that may try to use it, so that you may store it without difficulty.

2. Implementing and using tokens must be seamless.

Pick a payments processing provider that makes implementing and utilizing tokens completely transparent to both you and your customers. Tokens should be card-based, maybe not transaction-based, so that they fit into your present systems.

3. Tokenization will reduce your expense of PCI DSS funding.

Tokenization can cut the scope of the systems that fall beneath the Payment Card Industry Data Security Standard (PCI DSS) compliance requirements, thereby reducing the costs and man-hours associated with the auditing procedure. This may extend beyond your manufacturing system to add your failover system, disaster recovery (“backup”) system, and analyzing environments. Good news-It is possible to get your data back.
If at any time you would like your cardholder data returned to you, your obligations processing supplier should be able to supply it in a secure, PCI DSS-compliant way completely. Therefore, you never shed ownership of your critical customer details.

Data breaches are, sadly, not going away and will continue to command headlines in the decades ahead. Tokenization is one of the simplest approaches to start to protect both your customers and your company in the never-ending onslaught of those unrelenting dangers.