Network tokenization is an increasingly popular data security technology that businesses of all sizes are turning to for secure storage and transmission of credit card information. This innovative solution provides a layer of encryption, protecting customer information from cyberattacks or unauthorized access.
In this blog post, we’ll discuss the benefits of network tokenization and why it’s worth considering for any business looking to protect its customers’ sensitive data. We’ll also explore which businesses should consider a tokenization service and introduce you to PCI Booking, a customized software solution company that can help you get up and running with network tokenization quickly.
What Is Network Tokenization?
Tokenization is the process of replacing sensitive data with a token (or surrogate value) that has no intrinsic value. A Network Token is where the card brand (Visa, Mastercard, American Express) stores the card and generates the token. This value can be used to store and transmit credit card information safely while still offering many of the benefits of traditional payment processing.
When customers enter their credit card information, it’s encrypted and replaced with a unique token only known to the business. Every time the customer makes a purchase, this same token will be sent to the business for authorization without having to send any confidential information over the internet. This means that businesses using network tokenization don’t have to worry about storing credit card numbers or other personal details on their servers, making them safer from unauthorized access and cyberattacks.
The Benefits of Network Tokenization
Network tokenization offers several key benefits for businesses looking to protect their customers’ sensitive data:
- Increased Security: By eliminating the need to store credit card numbers on their servers, businesses can reduce their risk of a data breach or cyberattack. The tokens are also much harder to decode than actual credit card numbers, making them even more secure. Additionally, they can be easily revoked or changed if needed, further reducing the risk of fraud or unauthorized access.
- Improved Efficiency: With network tokenization, there’s no need for businesses to manually enter customer information each time they make a purchase—the tokens are ready and waiting for use at any time. This saves businesses valuable time and resources that can be used elsewhere in their operations.
- Greater Customer Satisfaction: With network tokenization, businesses can provide an extra layer of security for their customers’ sensitive data and show that they care about protecting customer privacy. This helps build trust between customers and businesses, which could lead to increased sales in the long term and higher levels of customer satisfaction overall.
- Constant Updates: Because the card is stored with the card brand network, they have the ability to update the underline details of the token with updated card details, for example, when a card expires and is renewed. This ensures that the merchants holding the token always have an up-to-date card on file.
Businesses That Should Consider a Tokenization Service
Network tokenization is a great tool for any business that takes payments either online or in person. Businesses that process high volumes of transactions, such as those in the retail and hospitality sectors, are particularly well-suited to benefit from network tokenization. Tokenization saves time and money for businesses by streamlining the payment process and providing better security for customer data.
For Credit Card Tokenization and Beyond, Work With PCI Booking
As you can see, there are many important benefits associated with network tokenization services, such as improved security, increased efficiency, and greater customer satisfaction—all things any business should strive for when it comes to protecting its customers’ sensitive data.
If you’re looking to implement this service into your business, consider PCI Booking’s customized solutions platform. This platform provides everything you need to get up and running quickly with secure payment processing solutions.