In the digital age, businesses are increasingly moving away from traditional payment methods such as checks and cash, and adopting electronic payment methods for B2B transactions. Electronic payments offer numerous advantages over traditional payment methods, making them an ideal choice for businesses looking to streamline their payment processes and improve cash flow. What are the benefits of electronic payments for B2B transactions? Faster payment processing Electronic payments are processed much faster than traditional payment methods. With electronic payments, the payment is transferred directly from the payer's bank account to the payee's account, eliminating the need for physical checks or cash. This significantly reduces payment processing time, allowing businesses to receive payments faster and improve cash flow. Increased convenience Electronic payments offer increased convenience for both the payer and the payee. With electronic payments, businesses can make and recei
The word tokenization of credit card data is being passed around more and more these days. The payment card industry is cracking down on businesses large and small, forcing them to find an alternative ways work with credit card data to protect cardholders.
What is tokenization?
Tokenization simply takes a credit card number and turns it into a token. This can be done a number of ways depending on your service provider. A good example is an e-commerce web site hosted by the merchant where the customer can enter a credit card. Behind the scenes the credit card number is turned into a token and returned to the merchant. Tokens can be stored at the merchants e-commerce site because they are not credit card numbers. When the merchant would like to re-bill the customer (with their authorization of course) they can simply send the token to the service provider. The main benefit being if the token is compromised it cannot be used. Obviously this is not the case with the credit card.
Tokenization is a great way to protect cardholder data and lessen the in scope items merchants are required to abide by from the payment card industry. Not only does it safely protect the cardholder number, but it allows for a re-bill to be done without asking the customer for a credit card number. Not all service providers offer tokenization so check with yours to be sure it is offered. As always you can click the contact us for more information.
What is tokenization?
Tokenization simply takes a credit card number and turns it into a token. This can be done a number of ways depending on your service provider. A good example is an e-commerce web site hosted by the merchant where the customer can enter a credit card. Behind the scenes the credit card number is turned into a token and returned to the merchant. Tokens can be stored at the merchants e-commerce site because they are not credit card numbers. When the merchant would like to re-bill the customer (with their authorization of course) they can simply send the token to the service provider. The main benefit being if the token is compromised it cannot be used. Obviously this is not the case with the credit card.
Tokenization is a great way to protect cardholder data and lessen the in scope items merchants are required to abide by from the payment card industry. Not only does it safely protect the cardholder number, but it allows for a re-bill to be done without asking the customer for a credit card number. Not all service providers offer tokenization so check with yours to be sure it is offered. As always you can click the contact us for more information.
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