GAM Payments Blog

Benefits and Challenges of Using Contactless Payment

If you’ve ever been waiting in line to pay and seen a customer wave or tap her debit card near a payment terminal to buy something, you’ve seen contactless payment. Many stores are moving to make payment easier for their customers—by eliminating the need for cash and allowing payment with a variety of devices, including everything from iPhone and Android smartphones to wearable devices primarily used for fitness tracking.

These transactions are possible because of something called near-field communication (NFC), a special payment technology that allows a card to receive and transmit information securely over a short distance when the cardholder makes a payment. Only requiring about 4 cm of distance between the card and card reader, NFC is fast and easy, allowing purchasers the ability to move through more quickly without entering a pin number and without requiring a signature.

Although contactless transactions are gaining in popularity and are an improvement to radio-frequency identification (RFID), many cardholders still question the security and benefits of contactless transactions.

Benefits of Contactless Payment

  • Paying is fast and convenient. Most new mobile phones, smart watches, fitness trackers, and some commercial key fobs are enabled with NFC technology. Users also spend less time waiting at the register by using tap and pay rather than swiping a card and using a pin or signing for a payment.
  • In some ways, it’s more secure. Contactless debit (and credit) cards that contain NFC technology have layers of security, using encrypted data to transmit a unique transaction number.
  • The card number isn’t used for the payment and merchants don’t use or store the card information in their POS terminal, so there’s less likelihood of a debit number being used in fraudulent transactions after being compromised in a data breach.
  • Since cardholders don’t swipe, they also avoid fraudsters who collect data from gas station pumps, ATMs and other public terminals.

Challenges of Contactless Payment

  • Although contactless payment cards have been used globally for a long time, many issuers in the US are just now getting on board, so contactless payment isn’t accepted at every terminal yet. Users would need to know ahead of time which merchants are able to accept contactless payment and which ones require more conventional payment methods.
  • Card issuers are working to raise awareness and make transactions easier, but some consumers may be confused by the new technology and how to use it.
  • Many companies have a transaction limit, so users might still have to use a conventional payment method for larger purchases. Users should research their transaction limit by contacting the issuer ahead of time.
  • Although the technology is improving, occasionally the connection may be poor, requiring a customer to swipe or sign anyway. Users would need to be prepared ahead of time with an alternate payment method.
  • With the use of smartphones or wearable devices for contactless payment, it’s easier for the actual debit card to become lost or stolen.

Summary

For customers who make a lot of quick, digital payments as part of a daily routine, using contactless payment makes sense—it’s faster, allows users to multitask with capability on other devices, and is a more secure transaction in many ways. For larger, more calculated purchases or in situations where a connection may be tenuous, it’s a good plan to have a debit card or credit card available for more conventional use (swiping or inserting). Users should speak with their issuing bank and research the specific form of contactless payment that may works for their use. Although it’s a complex technology, contactless payment has the ability to bring simplicity to many aspects of customer transactions.

Finding The Name Behind A Domain

Finding The Name Behind A Domain

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Finding the actual people who are behind the domain name you are looking for ranges from easy, to darn near impossible. But where there is a search engine and a little ingenuity, there is a way.

We’ll cover some of the basic behind domain ownership, major resources you can use to search out the answers you need, and the steps needed to get past the walls between domain name ownership, and domain owners.

So, who cares, exactly?

Well, you do. Perhaps you have a name for your company, or a specialized service or offering you want to put to work on the web, and you have the perfect name in mind. That name is worth digital diamonds in the world of search; but if it is owned there’s pretty much nada you can do, even if it is inactive, until you find the person in possession of the domain name you need. Otherwise, your path to web success can meet a dead end even before you start.

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Where do you look? Whois

Any time a domain is registered, the registrant has to provide contact information with the service they are using, and if they fail to keep that information current, they can lose the ownership of the domain. That information gets stored by ICANN – the Internet Company for Assigned Names and Numbers (catchy, huh.) And all of it is kept on a pubic database for any and all who know where and how to look. And where and how DO you look to get to that juicy data?

You perform a Whois search. There are any number of providers on the web that offer the tools to do a simple search of available information held by ICANN, and that search has a name. Whois. And with any of these search engines the process is really, really simple. Enter the domain name into the box. Click Enter. Out comes whatever is stored in the database.

And what exactly is in there? Lots of stuff

Every registrar’s contact information, including up-to-date email and phone (ever get those annoying, “Update your contact information” requests from Go Daddy? This is where that info goes.) You can get the when, as well as the where a domain was registered. The domain might actually be available; a Whois search can reveal that as well. Is it soon to expire? A domain that is close to expiring MAY not be renewed, and with some patience you might not need to approach the current owner to gain the name. Is that data available? Well, Virginia, there may not be a Santa Claus but there is a Whois report. 

And it is all at your fingertips, if your fingertips click the, “Lookup” button.

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What if they DON’T want their info found. Private Domain Registration

All of the “protect my information at all costs” hysteria circulating in the web has given rise to a number of Private Domain registration services. These protect personal information by creating “generic” phone/name/address information to be posted in the ICANN database, acting as a shield from the reach of Whois searches. The actual information is stored (at a cost to the owner) inside of these private domain services. In many of these cases, the service acts as a proxy to the actual owner, an intermediary between inquiries and the people with the actual answers you seek.

But while the phone or email a Whois search reveals about a privately held domain can lead to the true owner, it can just as likely result in a dead end. Private domain owners generally do not want to be contacted. Which is why they pay for the service in the first place.

If you run a Whois search and retrieve a nameless email and a generic phone number, chances are you are not going to get to the actual information you want on that domain.

In July of 2018, Verisign, one of the top companies in domain registration estimated around 338 million registrations were held in July of 2018, with a growth rate estimated at just shy of 4% a year.  ICANN has estimated around 20% of that number are registered on private or proxy servers.The odds you’ll find what you are looking for – or who you are looking for – are on your side.

Isn’t that worth one click?

Increasing Revenue with Smart Parking Technology

Parking industry technology has come a long way. Automation is making parking lot attendants become a thing of the past, saving operators overhead and streamlining the process for customers. But beyond the obvious factor of having to pay fewer employees, there are lots of ways technology is increasing revenue for parking lot operators who know how to leverage it, all while improving the customer experience.

Here, we’ll break down what sorts of smart parking technology is available, and how to make the most of these smart parking innovations for your facility.

Types of Smart Parking Technology

Mobile parking technology and parking apps are some of the biggest trends in smart parking technology today. These come with a number of possible features that help automate the entire process, and in addition to other benefits, remove the need for human hands to handle ticketing and payments.

Seamless Spot Booking

Seamless spot booking is a feature that allows customers to pre-book a vacant parking spot ahead of time, before arriving at your facility. They can then use a code sent to them via email, SMS, or a mobile app that lets them scan their phones and then enter the lot to park. This removes the need for on-site payment systems and automates the process from booking to exit.

Dynamic Pricing

Dynamic pricing systems allow for automated price increases during high-volume parking periods, such as rush hour or during local events. Not only does this increase revenue by responding dynamically to changes in demand, but empowers you to give customers more affordable parking options when overall volume is lower.

Improved User Experience

There are myriad ways that smart parking technology improves the user experience for your customers. Features like pre-booking and streamlined payment systems, vacancy checks, and on-site credit card processing make the reservation, parking, and payment process easier than ever for customers.

Subscription & Pay-Per-Use

New parking facility technologies give operators an easy way to offer their customers various payment models, including subscription and pay-per-use. A pay-per-use model is typical in most parking situations. It is exactly what it sounds like: a customer pays once, and gets to park for a certain period of time. If they leave and then return, they have to pay again.

A subscription model, on the other hand, allows customers to pay a flat fee on a certain schedule – usually monthly – and then they can park as often as they like. Operators can use smart technology to offer both models for different customers, if it is a good fit for their demographic.

For example, it your customers include numerous commuters who will need to use your lot frequently, but you get a lot of one-time users as well, you can sell parking subscriptions to customers who need it and charge a per-use fee for others. As the operator, it’s all up to you, and it’s easier than ever to offer more than just one model for collecting payments.

Commissions on Mobile Payments

In addition to new payment models for you to offer customers, parking lot operators can take advantage of different payment models that increase your revenue in innovative new ways. One such way is charging a small commission to customers who are using mobile payments.

By tacking on a small fee for the convenience of paying with a mobile phone, more revenue can be collected on each mobile payment that you process. This fee will be minor for the customer, but will add up greatly over time for you. Commissions on mobile payments increase profit margins by helping to offset the costs of maintaining a mobile payment network for your customers.

Rewards Programs

Smart parking technology allows operators to reward their frequent customers with discounts and special deals. By automating the process, this can be “hands off,” requiring little to no input from operators once the reward system is set up.

For example, customers can sign up for an automated system to keep track of how often they use your facility. The system can be programmed to offer rewards of all kinds. Customers might get a free parking pass after five parking sessions, or a free week of parking after a one-year subscription period lapses. Any number of incentives can be implemented without the need for additional monitoring on your part.

How Smart Parking Technologies Improve Productivity

Smart parking technologies promise to improve your productivity and efficiency in a wide number of ways. Automation for the customer is only part of the equation. In the next section, we’ll explore some of the other factors.

Smart Data Analytics

The revolution in parking lot data analytics in recent years has been staggering. Thanks to technological innovation, parking lot operators can have total, real-time insights into every aspect of their operations. From volume and vacancies to new payments and subscribers, operators can dial down into every detail for deep insights into their business, even viewing trends over time for various data points.

This allows you to make adjustments and investments as needed, putting your time and money into the most productive areas. Over the life of your business, modern analytics tools can deliver monumental money and time-saving opportunities.

Less Need for On-Site Parking Attendants

As mentioned in earlier sections, one of the most obvious benefits of smart parking innovation is the drastically reduced need for on-site employees to operate the lot. Since aspects like entry, exit, reservations, and even payment can all be automated, you’ll no longer need to pay employees to work at your facility to manage daily operations.

In addition to payroll savings, this also reduces loss. Unfortunately, employees make mistakes or can decide to become dishonest. Misplaced, miscounted, and stolen revenues are a guarantee, to some extent, when you are forced to hire human beings to operate your business.

Automated systems and software won’t be subject to the same quirks and mistakes as their human counterparts. They can also move more efficiently, making instant calculations and eliminating delays.

Optimized Parking

Smart technology can optimize the parking process for customers, increasing revenue for you. For example, mobile apps downloaded by the customer can be used to display vacant parking spots. This reduces traffic congestion in the lot by making it clear exactly where customers can park, sending them directly to a vacant spot of their choice.

In addition to making your lot more efficient and consumer-friendly, eliminating the need for customers to wander around looking for a spot reduces the likelihood of collisions, road rage, and other legally cumbersome incidents.

Generate New Revenue Streams

Technology gives operators the opportunity to generate new revenue streams from their parking businesses. One opportunity comes from “premium” packages for customers. These could allow customers access to special tools, such as a mobile app, to give them fuller visibility into real-time information like current parking spot vacancies for an additional fee.

As mentioned in a previous section, commissions collected on mobile payments are another potentially valuable new revenue stream offered by smart technology. But in addition to new revenue streams for you, your lot can generate revenue for the local municipality as well. While this isn’t always a direct source of revenue for you, this could increase the overall value of your business drastically.

Final Thoughts

With the advent of smart parking technology, managing a parking facility isn’t like it used to be—and that’s a good thing. Technology improvements are providing an enormous opportunity for operators to automate their business, continually improve their operation, and collect more revenue than ever.

But things have improved for parking facility customers as well. Parking lot patrons can enjoy a smoother, more informed, and more pleasant experience when they patronize a facility that takes advantage of the latest innovations. As technology keeps improving, it will continue to be a win-win for parkers and operators alike.

Improving Customer Service in the Parking Industry

What is Good Customer Service in the Parking Industry?

As technology in the parking industry has developed, the customer service dynamic between parking lot owners and employees and their customers has changed dramatically. Today, the retail interaction is generally between the customer and an automated payment system.

However, customer service in the parking industry is no less important than it has always been. Improving service at your parking facility will have a direct impact on revenues. Good customer service is about more than just politeness and attentiveness to your customers. Just as important is the delivery of easy to understand information to each and every customer.

Don’t try to reduce customer service to a single action, such as answering a question, issuing a refund, or processing a credit card. Think of it as an ongoing dynamic: a pleasant and helpful way that lot operators exchange information with customers on a day-to-day basis. These interactions should be helpful both to the customer, of course. But they will also be helpful to your bottom line as a parking facility operator.

Most customer service issues will be based on the customer seeking information, such as the answer to a question. But at the end of the day, they are simply interactions. The customer will leave those interactions either feeling pleased and satisfied, or feeling frustrated. It’s up to you to ensure each customer receives service that pleases them.

Rather than an expense or nuisance, each customer service exchange should be looked at as a unique opportunity to improve your business. From becoming more proficient at processing refunds to addressing broken equipment, you and your staff can learn from every customer service inquiry you receive how to improve your business.

How Does Good Customer Service Benefit You as a Parking Lot Operator?

Clearly, a good customer service experience is beneficial to customers. But it’s beneficial to you as well, and to your business because good customer service is a major factor that keeps people coming back. Convenience, price, and other factors are certainly important. But even a single bad customer service experience could cause someone to begin using a slightly less convenient or slightly more expensive option.

It Improves Your Employees

Exchanges between customers and service reps mold your reps into better employees, improving their skills and knowledge of the job. For example, if a customer received a parking ticket they believe is in error, they may contact your service department. The employee handling the call could improve their knowledge of your software systems or ticketing policies.

It Educates Your Customers

An educated customer is more ideal than one who is not. Customers who know policies, pricing, pay locations, and other information will have a smoother experience that will keep coming back to your facility. When a customer makes a customer service inquiry, they are essentially requesting a better education in some aspect of your business. If their interaction is positive, they will be a more educated customer as they continue patronizing your facility.

It Identifies Weak Points of Your Facility

Some customer inquiries will be due to the customer simply being confused. But if your service reps keep getting the same questions or complaints, you can see clear opportunities to improve your facility. For example, if there is a sign explaining the refund policy, and you have many customers asking about it, you may need to improve the sign’s visibility or clarify the wording.

By using customer service inquiries to improve, you can reduce the amount of confusion and the number of complaints and inquiries from customers. This turns the $5-$7.50 that it costs to deal with each customer inquiry into an investment in streamlining your facility. View every customer service interaction as an opportunity to make your business as efficient as it can be.

 

Why Do People Change Parking Providers?

There are several primary reasons that customers change to different parking providers. The most common underlying cause is a change in their needs—for example, maybe a job change makes it so they no longer require parking at your location. Another possibility is that regular customers no longer have their vehicles, and don’t require parking service.

Sometimes, however, customers move to a competitor they think will offer them a better value. Value isn’t just the price tag for the service. The price is only one part of the value picture. Overall value takes into account components like convenience and quality of service in addition to price.

If a parking facility is inexpensive but is in a high-crime area, offers poor customer service, or has very small and difficult to use parking spaces, it may not be a great value. Similarly, a facility that charges a higher fee but has spacious lots, clear policies, great customer service, a convenient location, and easy-to-use payment terminals, could still be a good value despite the higher price.

To improve value for your customers, you could lower prices, offer better customer rewards, or invest in more user-friendly software for payment terminals. But the number one thing you can do that will have the greatest immediate effect is to improve your customer service. This leads us to our next section.

 

How Do You Retain Customers With Better Customer Service?

All other factors aside, better customer service is the number one way to retain customers and keep them from abandoning you for competitors. So, how do you improve your customer service?

Be customer-oriented, and make sure employees are well-trained to show every customer that they care and understand about their concerns. Also make sure employees are as trained and up-to-date as possible on all policies, procedures, pricing, and other pertinent aspects of the business.

To give yourself a way to continually improve your customer service, allow customers to rate their experience so that you can learn more from each service call. That way, every single customer service interaction is leveraged to help you do a better job. This will help you identify and make the most of countless opportunities to improve your business and raise revenues in the process.

Cost vs. Value

As we discussed earlier, value is more than just cost. It includes things like rewards, convenience, ease of use, safety, cleanliness, and many other factors. To retain customers and be a better value without lowering your price, find ways to improve in other areas – and use customer service requests to identify what they are.

For example, if multiple customers have complained about trash in the lot, you can increase your value simply by ensuring litter is picked up. You can also make an effort to make customers feel special with rewards programs, frequent parker discounts, and other extras to keep customers coming back.

When customers find your service to be courteous, pleasant, knowledgeable, agreeable, and easy to deal with, they will return again and again. In cities with many superficially similar parking options, it can end up being the little things that create the sense of value that keeps customers coming back.

Connect With Your Customers

You want to give your customers as many options as possible to get in contact with you. Of course, there are basics like email and telephone contact numbers. But there could be a live chat box on your website. These are easy to add with plugins that integrate with different hosting providers and website builders.

You could also provide an SMS text message customer support line. You might also have social media accounts that customers can contact. Electronic and automated customer service outlets will take less time to handle than phone requests, so any improvement to these methods will save you time and money.

Final Thoughts

The key to incredible customer service is thoughtfulness: always ask yourself, how would I feel if I was the customer in this situation? With a little empathy, an eagerness to improve, and a customer-centric company culture, you can turn even complaints into opportunities—both to make your customers happy, and to increase revenues for your parking facility over the long term.

TOKENIZATION 101

It is no secret that electronic payments have revolutionized everything we have known as traditional commerce.  This new era of e-commerce simultaneously satisfies both consumer craving for fresh marketplaces as well as convenience… both in person and online… in record time… on a global scale.

Along with this new way of conducting business electronically, there are also new words, acronyms, and even laws that govern how businesses maintain ethical standards of practice for payment processing. The understanding of tokenization is where we are headed, but to fully appreciate the benefits of tokenization, one must first understand the dangerous problems it has solved.

As the front doors fly open to trillions of dollars flowing throughout the world electronically, hackers are secretly working hard to break in through the back doors. Of course, the goal of these backdoor thieves is to tap into the vast stream of money by stealing credit card information, but the more sophisticated heisters have their eye on the most valuable diamond in the case, which is to gain private information in a readable form to sell, duplicate, or even exploit the consumers themselves.

Small organizations can be easy targets to steal cardholder data (CHD) from, but as recent headlines prove, the skill set and patience of the hacker are the only real discriminations in the world of hacking success. The “big fish” such as large retailers, hotel chains, and websites with millions of users have also been targeted and successfully breached in recent years.

To the consumers, the benefit of convenience certainly does not outweigh the risk of a data breach… or does it?  Despite the recent hacks, the raging economy of e-commerce is unstoppable, largely due to consumers being somewhat protected against monetary theft. If, for example, a debit or credit card number is hacked or stolen, and then used to make a purchase, the consumer’s account is quickly refunded once a report has been filed.

Refunds may satisfy consumers, but there are still two looming questions that must be answered: who is going to pay, and how much data was stolen?

Who is going to pay? The answer is simple to the issuing bank or credit card provider: the retailer. In the end, it is the retailers who are responsible for keeping a consumer’s data secure, so they must make good on the purchase if there is a breach. This is called a chargeback.  Chargebacks are expensive to the retailer, and they are still out the stolen goods.

Chargebacks are also very stressful, because retailers know the larger diamond will always be personal data, which can take years to be fully realized. What type data was stolen? How many customers were affected?  These two giant elephants in the room leave companies scrambling to secure ever-changing technology to protect themselves, while keeping transactions simple, fast, and convenient for the consumers.

As the need for electronic payment and data processing grows, so must the trustworthiness of the security systems put in place to protect against identity theft and data breaches.  After all, being hacked is not a result of a company’s conscious willingness to divulge its customers’ valuable information, but rather the result of an overlooked, insufficient, or outdated security measure that is simply surpassed by hacker technology.  It’s no wonder that identity theft has quickly become more lucrative than ever before. It’s a big, fast-moving problem that requires an ingenious solution that will keep private data safely ahead of the curve and untouchable to hackers.

ENCRYPTION

One of the first and original lines of defense that companies and consumers have used against hacking is called encryption. Encryption can be as simple as a password to protect a computer, cell phone, email, or document. The longer a password is, the more protected the device or data is. This type of security can be a fairly basic breach from a hacking standpoint.

Taking the encryption up a security level is a mathematically generated “secret code.” Just as codes have been used in the past for secret message delivery where only the recipient has the key to decipher the message, so it goes with electronically encrypted data. The data is encrypted into unreadable characters by the sender’s key, and then decrypted by the receiver’s key. The sender and receiver can share the same “code key” to lock the data and re-open it. This form of encryption definitely makes it harder to hack, but if the code key falls into the wrong hands on either the sending or receiving end, the hacker can easily gain access to the data stored within.

An even higher form of encryption security is when the sender and receiver each have a unique key that will only lock, or only open the data. In this case, a hacker would need to have both keys in order to crack the code into usable data, and having to find both keys is definitely harder than having to find only one.

PCI COMPLIANCE

Whenever a transaction takes place, encrypted data is sent from the retailer to the payment processor through the internet. After the transaction, no matter the encryption style hiding it, the data still remains, potentially sparkling at hackers wherever it is stored. If the data were to remain in a retailer’s system once a credit card payment had been processed, it would be up to each retailer to determine how much security was enough. To some, a simple password seems like plenty, especially when the latest security software is outside of their budget. To others, encrypting the data plus a computer password would be a proactive approach.

To “help” minimize the risk to retailers who accept credit card payments, it is mandated that they not store the data locally, but rather on a server deemed up to the task, and protect the information as it is being transmitted to the secure server, as defined by the Payment Card Industry Data Security Standard, or PCI DSS. Hosting data on a PCI-compliant server seems like a great solution because, after all, the best kind of security for a retailer’s system is when the data doesn’t exist at all.  The retailer still needs to take steps to be PCI compliant, though, as the data is still being transmitted to the place of storage.

As good as everyone’s intentions are in adhering to or enforcement of security laws, any server can be vulnerable to hacking, because the encryption code is based on what’s called an algorithm, which means a mathematical pattern created the encryption.

ALGORITHMS

The word “algorithm” is basically a fancy word for systematically solving problems using step-by-step procedures. Sounds pretty complex, but a common example of an algorithm points to the concept of following a simple cooking recipe.

When following a recipe, an algorithm of ingredients is being followed to create the dish. There may be some instructions mixed in, but it is a system of adding ingredients in a specific order to create a final “encryption,” or “Mom’s Casserole,” or whatever is being cooked.

While the recipe example is great for explaining what an algorithm is, it may not be the best example to explain from a hacking standpoint, but will give a general picture. To hack “Mom’s Casserole” recipe would be a painstaking, scientific process where instruments and a sample are used. Using scientific measures, diagnostics would be run on the sample to figure out Mom’s secret ingredients based on data of known foods and their scientific breakdown.

The time it takes for the diagnostics to be run may be an analogy of how a hacker would spend time running their program on an encrypted file, but without being a hacker, it’s almost impossible to know exactly how this is accomplished, or how big of a sample is needed.

What is known, and what is important to know, is that hackers do manage to crack very complex mathematically-generated encryptions, making encryption by itself a possible recipe… for disaster.

TOKENIZATION

With that said, encryption has been around for a long time, and has been a great solution over the years. The key to success with encryption is managing it well. It’s still being used today, and isn’t going anywhere… but… what if there was a way to encrypt data that was not a mathematically generated algorithm? What if no primary account numbers (PAN) or cardholder data (CHD) would have to be transmitted from the retailer while processing a payment? What if the “encryption” process could generate a secret code based on utter randomness? It sounds like a crazy, philosophical idea, but this is what tokenization has accomplished, except that tokenization takes encryption a million steps further than that: there are no keys, either.

The absence of keys is not because no keys are needed to open the protected data, but rather there is simply no data left on the retailer’s computer to protect; in fact, this private data never even touched the retailer’s system, saving them from mountains of potential liability and simplifying PCI compliance issues. Tokenization is revolutionary for many reasons, and doesn’t stop at payment processing. The world of personal and medical data also utilizes the benefits of tokenization’s security. It’s big.

From the payment processing standpoint, the retailer, which could be a store, cell phone app, website, or anyone who accepts a digital payment, can directly integrate tokenization into their POS system so everything is automatic and simple. When a customer swipes a card, the information is sent to what’s called a token vault. This ingenious form of communication, the token vault, is where the consumer shares their cardholder data, rather than with the retailer. Retailers can finally relax, because they never have to store the cardholder’s account number or other personal information associated with it.

TOKEN VAULT

Once a card is swiped or entered, the token vault sends the card number along with the token to the issuing bank, who issues approval for the charge. From there, it’s all token. The long string of randomly generated letters, numbers, and symbols, has BECOME the one-time credit card number without storing any cardholder data, and this new token is useless on its own.

Because there is zero connection between the customer’s card number embedded in the token, the token can be set up for recurring charges, making it a secure way for retailers to offer subscription services.

The token vault is a chosen service, and there are several “token makers” to choose from. When choosing a token service provider (TSP), it’s important to make sure the vault company is not merely encrypting the card numbers and calling them tokens. To be a real token vault, it must be randomly generating the card numbers.

Tokenization has not been without growing pains, as the vaults can get overloaded, creating glitches and speed issues; however, this technology has proven to be reliable, secure, and convenient.

Tokenization is here to stay, and payment processing is just the beginning of what this ingenious security solution can, and will, offer the future.