What is Network tokenisation?Â
Safeguarding sensitive customer data is paramount in today’s digital landscape. Network tokenisation offers a secure and scalable solution, enabling businesses to process transactions without exposing credit card numbers or other sensitive information.
Network tokens are a proxy for the 16-19 digit primary account number (PAN) found on credit and debit cards.
This innovation enhances security and streamlines the transaction process for businesses and consumers by replacing actual card data with unique, secure tokens.
How does it work with Paydock?
When customers initiate a payment using their card, Paydock leverages its direct integration with digital payment networks like Visa and Mastercard to generate a network token, replacing the sensitive primary account number (PAN). This token is securely linked to the customer’s account, allowing merchants to process online transactions without storing or handling the card details.
Paydock can manage these network tokens seamlessly across multiple payment processors, ensuring business compatibility and flexibility. The tokens are kept up-to-date in real-time, meaning if a customer’s card is lost or replaced, Paydock is automatically notified by the card network and updates the token instantly. This ensures transactions can continue without disruption, sparing customers from having to re-enter their payment details.
By automating token management, Paydock delivers a frictionless, secure payment experience for businesses and consumers, minimising operational risk while enhancing convenience.
Benefits of Network tokensÂ
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Enhanced security
- Reduced risk of data breaches: Replacing sensitive card details with tokens minimises exposure of actual card information. Even if a breach occurs, the stolen tokens are useless without the ability to de-tokenise them.
- End-to-end encryption: Tokens help maintain data security throughout the transaction process, from the point of sale to the backend systems.
- Eliminating the need to maintain PCI DSS compliance: Tokenisation save merchants time and money on compliance audits, security assessments, and remediation efforts.
Flexibility and scalability
- Support for various payment methods: Network tokenisation supports different types of transactions, including e-commerce, in-store, and mobile payments.
- Scalability: As businesses grow, tokenisation can easily scale to handle increasing transaction volumes without compromising security.
- Vendor independence: Network tokenisation eliminates the vendor lock-in that can occur with traditional payment processing solutions. Merchants have the freedom to choose different payment gateways or processors without having to worry about migrating sensitive card data.
Reduced costs and increase customer trustÂ
- Lower fraud-related costs: By replacing sensitive card information with secure tokens, fraud risks are significantly reduced, allowing merchants to save on costs associated with chargebacks, fraud investigations, and other related expenses
- Increased consumer confidence: Enhanced security measures increase customer trust in the merchant’s payment systems, leading to higher satisfaction and loyalty.
Increase salesÂ
- Higher authorisation rates: Utilising network tokens boosts sales by increasing transaction approval rates, reducing declines, and ensuring a secure, seamless payment experience.
Lower interchange fees
- The card schemes, like Visa and Mastercard, offer merchants lower interchange fees when transactions are processed with network tokens.
Benefits of using Network tokens with Paydock
Paydock’s optimised network token solution is built to work effortlessly out-of-the-box for all merchants using the Paydock Payments Platform. With the integration of network tokens, you can consolidate all your card-on-file (COF), gateway tokens, network tokens e.t.c under a single customer profile. This means you can link multiple payment sources to a single customer ID, simplifying payment management and enhancing the overall customer experience.
With Paydock, you can expect the following benefits:Â
- Effortless onboarding: Access multiple card schemes via a unified API and intuitive Dashboard UI, simplifying integration across platforms.
- Zero-cost migration: Seamlessly migrate your existing Card-On-File (COF) data without incurring additional costs.
- Real-time Network token creation: Instantly generate network tokens for your existing COF, enhancing security and future-proofing your payment infrastructure.
- Unified customer payment management: Paydock’s customer entity feature aggregates multiple payment sources (COF, gateway tokens, network tokens) into one, easily accessible API.
- Comprehensive reporting and notifications: Monitor and manage all transactions processed with network tokens through detailed reporting and notifications, accessible via API and the Dashboard UI.
- Seamless integration: By integrating with Paydock’s Charge API just once, you unlock the ability to enable network tokenisation for all supported gateways now and in the future.Â
Network tokenisation is transforming the future of online payments, ensuring that customers’ payment information remains both secure and easily manageable for businesses.Â
For more information on how to integrate Network tokens on Paydock and other products offered by Paydock, please visit hereÂ
