What is Tokenization? (Simple Breakdown)
🔐 Tokenization adds an extra layer of security to credit card data. No one wants to get breached. Credit card information is very important to keep safe for your customers and your business. Instead of storing the actual credit card information somewhere that a hacker can break into, tokenization allows that information to be stored somewhere else. Here’s how it works.
When a payment is made, the customers credit card numbers are replaced with a series of randomly-generated numbers, which is referred to as a “token.” That token now represents the customer’s payment information and can be used to process any future payments without displaying the actual full credit card numbers.
This way, instead of passing around a customer’s information over the internet and any wireless network that could be a risk, your business is using a token that stores nothing but random numbers.
This is vital to protection against credit card fraud, particularly in the digital space. For in-person transactions, the chips on physical credit cards essentially act as the “tokenization” for that space.
Historically, encryption was the go-to for payment security. This method transforms the sensitive data into an unreadable form that can only be accessed with a specific decryption key. And while this is still very useful, tokenization provides a more effective way to reduce how many systems have access to the sensitive data. Instead of giving ways for a hacker to decrypt the data, the data is somewhere else entirely.
So all together, tokenization is the way to go. For processing payments, it provides the safest and easiest way to not only be PCI compliant, but also keep your customers and business safe.
Other helpful articles:
➡️ Understanding the Benefits of Tokenization for Payment Processing
https://ebizcharge.com/blog/understan...
➡️ Credit Card Data Encryption vs. Tokenization
https://ebizcharge.com/blog/credit-ca...
➡️ What is Credit Card Tokenization?
https://ebizcharge.com/blog/what-is-c...
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