OMNI-CHANNEL RETAIL ORGANIZATIONS:
TOKENIZATION REDUCES PCI COMPLIANCE COSTS AND ELIMINATES DATA THEFT RISK
Merchants face the conundrum of needing to accept payments in every channel that their customers want to use, yet face constant attacks through those channels on their financial business systems by black market hackers. Tokenization technology operates on the fundamental principle that hackers can’t steal what’s not there. By using a cloud tokenization platform, no valuable payment and personally identifiable information (PII) data is accepted, stored, or transmitted by your business systems. As a result, any successful hacker breach only yields a trove of unusable tokens. This fundamental principle of tokenization greatly reduces the scope of maintaining PCI compliance and the associated costs, thus saving operating budgets that can be re-targeted to fraud prevention, marketing analytics, and other payment processing services that improve sales.
The TokenEx Cloud Security Platform replaces sensitive payment and personal data with mathematically unrelated tokens, stores the original data in 100% PCI-compliant secure data vaults, running in fully-redundant cloud data centers. For payment data in particular, this solves two urgent problems for retailers:
Decreases the scope of PCI compliance, so that most of your IT infrastructure is subject to the minimum number of PCI controls, thus reducing the cost and labor of keeping software and hardware in compliance with constant testing and audits.
Removes the risk of losing sensitive data and the repercussions of lawsuits, financial fines, and adverse publicity that drives away customers—as well as damaging your brand.
The latter benefit extends to PII data as well. Stealing PII for the purpose of identity fraud is becoming even more prevalent than payment data theft. Only TokenEx can tokenize both payment and PII data in the same platform, keeping it safe but instantly available for business processes.
TOP DATA SECURITY ISSUES FACING RETAIL ORGANIZATIONS
As a merchant, you have a range of data security challenges beyond maintaining PCI compliance:
- Detecting and defending against the liability of card-not-present fraud.
- Updating in-store Point of Sales systems with EMV readers.
- Working with multiple payment processors to get the best rates and maintain backup processing.
- Integrating payment processes with third-party fraud detection, chargeback prevention, account updaters, and analytic providers.
- Eliminating risk of payment and personal data theft from in-store point of sale systems and web stores, and the resulting legal, financial, and public relations repercussions.
The TokenEx Cloud Security Platform provides solutions to all of these challenges. TokenEx secures payment processing through every acceptance channel you deploy, tokenizing all types of sensitive data, and integrating payment service providers—all while dramatically reducing the cost of PCI compliance.
SECURELY COLLECT OMNI-CHANNEL PAYMENTS WITH TOKENIZATION
Making it easy for customers to buy from your organization requires accepting as many payment channels as feasible. Retailers have to be on guard for card-present fraud at the point of sale. The tremendous growth of e-commerce for retail makes web acceptance the most convenient channel for many consumers, but it’s also a prime target for card-not-present fraudsters. The TokenEx Cloud Security Platform protects any acceptance channel you choose to implement.
- The newer EMV terminals at the point of sale are integrated into the tokenization process just as easily as Point-to-Point Encryption (P2Pe) card swipe terminals, so that PANs are immediately encrypted and tokenized—no payment data is ever stored in retail business systems.
- Browser-based Encryption API intercepts payment data entered by customers on the checkout web site page and instantly encrypts, tokenizes, and stores it in secure data vaults, with only the token returned to business systems for recurring payment transactions and other processing.
- TokenEx Hosted Payment Page takes all the risk burden of receiving payment card information at the point of your shopping cart checkout away from your web server and business systems, while maintaining the branding and functionality of your site.
- Payment and personal data is vaulted and only tokens returned to your systems, keeping your customers’ data safe and secure, while still being available for local processing for marketing and analytics.
- Call centers can easily be integrated with the tokenization process as well, keeping payment data from being stored or processed in call center workstations, thus removing them from PCI compliance scope.
FREEDOM OF CHOICE WITH TOKENEX AGNOSTIC PAYMENT PROCESSING
The TokenEx Cloud Security Platform is payment provider agnostic, so your organization is not tied to any single payment processor, gateway, or financial institution. This gives you the freedom to easily change payment processors for better pricing and service. Using the TokenEx Transparent Gateway, you can establish connections with multiple payment processors and gateways and switch among them at will, so that you always have a backup in case one processor goes dark. While tokenization is key to safeguarding your data, freedom of choice of payment processors is key to keeping your business flexible.
WORK WITH YOUR CHOICE OF PAYMENT SERVICE PROVIDERS
With the TokenEx Cloud Security Platform acting as the central point of integration, you can integrate payment service providers—such as fraud detection, card refresh, chargeback mitigation, and marketing analytics—into your tokenized payment stream in real time or batch mode. Need a real time check on the authenticity of an unusual purchase? TokenEx tokenizes the PAN, removing it from your systems, and sends the hashed value of the PAN to the fraud detection service for analysis, returning the fraud score to your systems in milliseconds. For a card refresh process, your systems would normally receive a secure file transfer from your payment account updater containing updated PANs or expiry dates. With TokenEx as the integration point, files containing the refreshed PANs are directed to your TokenEx Secure Data Vault where data is swapped for corresponding tokens along with the refreshed data such as expiration dates, and securely transferred to your systems where accounts are updated. Your business processes don’t change because TokenEx takes care of all the integration with your choice of vendors. You never store or transmit the payment data, only tokens, keeping your systems free of toxic data.
NO CONTRACTS: YOUR DATA, YOUR CHOICE
Tokenization is the ideal solution for preventing data theft. But it’s not ideal to have your data locked up by one payment provider’s proprietary tokenization system, leaving you unable to work with other service providers or to change payment processors. TokenEx’s Flexible Pricing Model dynamically adjusts to your evolving payment streams, so spikes in seasonal purchases won’t affect your tokenization costs. And unlike payment processors who charge you every time for accessing and using your tokens, TokenEx only charges for first time tokenization and token/PAN data storage. TokenEx doesn’t lock you in with complex long-term contracts either—your data is always your data, and should you decide to change tokenization vendors, we work with you to make the transition.
Our retail and e-commerce clients depend on TokenEx to provide a complete and customizable tokenization solution for their omni-channel payment streams. Let us explain how the TokenEx Cloud Security Platform can help your organization secure all types of data. Contact us today to set up an appointment to discuss your specific challenges.