All you need to know about tokenisation and secure credit card processing
With each passing day business as we know it is transforming. Commerce is becoming more virtual and nebulous as it tries to keep up with technological innovations. As a result, we now have m-commerce (mobile commerce) as a widespread method of conducting business. However, for something as precious as money and its exchange, digitalisation was always going to come with its fair share of worries regarding security.
The financial services industry has realised this, and measures to improve mobile commerce security and promote confidence in credit card processing are constantly being implemented. Here’s a quick look at tokenisation as one such method and how it is making mobile commerce safer.
The mobile sphere is the next frontier for South African businesses
A recent survey conducted among 40 clothing, retail and restaurant businesses revealed that 42.3% have used some form of mobile payment service, while 94% of all business owners surveyed use smartphones and 82% use point-of-sale machines.
These numbers paint a very interesting picture of what credit card processing could look like in the very near future. South African businesses are migrating to the mobile realm at an impressive rate and their payment security needs have to be met with equally impressive traditional POS and mPOS systems. Paycorp’s line of POS products are all PCI-compliant to the most stringent and up-to-date standard, keeping you and your customers’ payments data protected for every transaction.
Tokenisation is the safety buffer both business owners and customers need
Tokenisation, very simply put, is a way of protecting the credit card holder’s valuable information by assigning the card a virtual “token” (a string of random characters) for each transaction instead the actual card number.
The token functions as a placeholder to convey only the information necessary for that transaction – the bank and the card holder are still the only two parties privy to all the other information encrypted onto the card. This makes credit card processing a more relaxed interaction as the customer’s worries are eased and you as the business owner are freed of any lingering paranoia about the very dangers of credit card fraud.
A safer POS environment promotes customer loyalty and business growth
It goes without saying that consumers value security when it comes to their money. By making it easier and safer for people to spend their money, chances are they’ll do it more often. Consumer trust is an invaluable thing for any business, especially ones looking to increase their customer base and business growth. With Paycorp’s POS product suite your business could join the m-commerce wave with reliable, convenient and safe devices that ensure that credit card processing is always a pleasant experience.
Download our EFTPOS brochure for a better look our variety of point-of-sale solutions that are designed to give your business the competitive edge.