What is cloud computing?
Cloud computing is a style of computing in which virtualized resources are provided as a service over the Internet. For our purposes, tokenized payments is a place to store your sensitive customer data like credit card numbers.
How do token payments work?
Simply put, the customer information name, credit card number and other information are sent to the provider or the gateway. The gateway returns a token. The next time you want to perform a transaction that token is used instead of passing the credit card number.
What are the advantages of token payments?
There are several advantages to offloading sensitive customer data.
- Data is stored safely and securely
- No storage of credit card numbers reduces the Payment Card Industries rules and regulations on your company. Expensive audits are reduced to a self assessment questionnaire in most cases.
- Reduced programming costs
- Some gateways offer eChecks and credit card data storage.
- Rebilling is made easy since you have the payment information