NOTE: The Fast Charge Payment Gateway offers FREE Tokenization Services for Payment Gateway Merchants using The Fast Charge Payment Gateway!
Payment card industry (PCI) standards do not allow full credit card or debit card numbers to be stored on a retailer’s credit card terminal, point-of-sale (POS) terminal, on it’s website, e-commerce system, or in its databases after a transaction. To be PCI compliant, merchants must install expensive end-to-end encryption systems or outsource their payment processing to a service provider who provides a “tokenization option.” The service provider handles the issuance of the token value and bears the responsibility for keeping the cardholder data locked down.
Tokens have no meaning by themselves and are useless to criminals if your company’s system is compromised in any way.
An actual card number 4133 9584 5472 6874 becomes the token value BADTAEGHV234AUD56874. Format emulating options are also available.
Because it is not “cardholder data,” a token can be safely transmitted through your network between various applications, databases and business processes while the sensitive data is securely stored and encrypted in the Fast Charge Payment Gateway.
The Fast Charge FREE Tokenization Service (Stored Profile) feature allows the merchant to process credit cards, debit cards and ACH transactions without the need to store sensitive and confidential customer information. Storing sensitive information requires secure servers, in addition to various certifications, and leaves you open to hackers. The User Profile will make the transaction experience safer for the merchant and easier for the customer.
Features include the ability to:
1. Store Profile Transaction Types.
2. Create and Store a Profile.
3. Process a Transaction Using the Stored Profile.
4. Delete a Stored Profile.
5. Update the Stored Profile.
6. Perform Pre-Authorizations, Sales and Capture.
7. Issue Credits using the Stored Profile.
8. Retrieve transaction results of the last transaction.
Depending on the particular implementation of a tokenization solution, tokens used within merchant systems and applications may not need the same level of security protection. Storing tokens instead of account numbers is one alternative that can help to reduce the amount of cardholder data in the environment, potentially reducing the merchant’s effort to implement PCI requirements.
The following key principles relate to the use of tokenization:
Tokenization solutions do not eliminate the need to maintain and validate PCI
compliance, but they may simplify a merchant’s validation efforts by reducing the number of system components for which PCI DSS requirements apply.
Tokenization systems and processes must be protected with strong security controls and monitoring to ensure the continued effectiveness of those controls.
What are some examples of tokenization being used?
Google Wallet, Apple Pay, Android Pay, Amazon and Paypal all use tokenization to store customer payment cards for future transactions.
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