What Are the Advantages of Shared Tokenization?
Customers tend to seek out the easiest and most secure ways to pay. In the case of businesses that have physical brick-and-mortar locations and online stores or merchants that have multiple locations, sales can be facilitated through shared tokenization. Learn more about what this tokenization method involves and how it can be helpful for a variety of modern business models.
Shared Payment Information
Tokenization is a term used to describe the process of replacing sensitive customer information such as cardholder or primary account data with a non-sensitive token. Tokens allow merchants to card-on-file payments more securely, and multi-use tokens make it easy to set up billing for repeated services such as monthly membership fees or subscriptions.
Multi-use tokens are related to an emergent focus on omnichannel payment processing. This enables businesses to use the same tokens repeatedly and securely share tokens between physical and online checkouts or multiple sellers. Omnichannel processing also makes it easier for customers to pay in a variety of ways, such as card present, card not present or through Google Pay and Apple Pay.
Seamless Customer Service
Shared tokenization can streamline the payment process at any location of a business. Customers may appreciate the flexibility that shared tokens can provide. The ease of purchasing may translate into more sales in physical locations and online or across multiple physical locations.
Security and Versatility
Sharing tokens should not increase security risks. It is possible to implement this payment feature in full compliance with PCI data security standards. The best way for a business to lighten PCI compliance duties while promoting security is to rely on a third-party payment processor. The right payments partner can ensure that consumers can safely use their preferred payment methods anywhere.
Depending on the business models that your software supports, you may want to consider the benefits of adding shared tokenization. Find out more about how to add tokenization and other omnichannel payment processing technologies offered by Paragon Payment Solutions.
Ready to see our API or open a test account? Looking for more information on our Partner Programs? Are you a merchant with a question? We are here to help!