Security issues are highlighted in any forms of payment which does not involve any visible movements, and this includes card payment. One of the several ways to secure card payments is definitely by tapping the tokenization on.
Tokenization is widely used in any types of documents which contain sensitive data. Replacing the sensitive data in a document is necessary for customers to feel safe with the methods they are using, especially in the payment industry.
In MOLPay, we have our specific feature of tokenization which is called, Secure 1-Click Payment.
Security benefits of using tokenization
1. Prevent fraud
Fraud is the main problem that causes a customer to feel doubtful with the online system. When tokenization is turned on, all the sensitive data will be replaced with tokens and the hacker will have a hard time in finding the ways to get the data stolen.
2. Reduce the risk of identity theft
No credit card numbers or any personal details will be exposed when the merchant decides to use tokenization. The replacement of number and details of the card will help lessen the probability of identity theft by the cybercriminals.
3. Gain trust
Security is the major concern for any customers when making payment. When a merchant is able to gain the trust from customers, that basically means they are giving the whole services the trust that you deserve. Whether they feel like they were observed or their card numbers are kept in a system, those insecure feelings matter when it comes to achieve the satisfaction when they shop online.
4. Other benefits
Other than security benefits, tokenization also enable merchants to achieve a high successful rate for card payment transactions. This will help the payment system to run smoothly and it will be easy for customers to make the payment without getting stuck at any of the process.
Sometimes, merchants already have the term ‘tokenization’ buzzed on their mind, but it does not really stay, so they tend to take it simple and unimportant.
What a merchant have to do first is to:
Even though tokenization might sound easy to you, it will be really helpful especially during the time when your customers suddenly feel doubtful. You can actually clarify them on how the tokenization system actually works across the world, which is the same to how it works on the system you use.
All in all, turning on the tokenization is as important as educating the customers on how secure it is to make a payment with card when the shop that they browse already adopt the tokenization feature.To find out more about payment gateway for your business, contact MOLPay. We are very happy to assist you.