“Merchants should evaluate their secure payment processing solution providers by looking at their years of experience, stability in the market and their accuracy level in reading and analyzing statements.”
Toronto, Ontario (PRWEB) February 05, 2015
As retailers are working on building their product line and services, they are also trying to retain their customers and meeting their expectations. By defining their customer’s preferences, retailers today are focusing on the delivery of their products by reaching out to customers and serving them across Canada. The merger between technology and retail allowed merchants to facilitate their payment processing procedure online with a secure payment solution. With Tokenization, the secure payment processing solution is tailored to merchants’ specific business needs and requirements. While they focus on building their online store experience and acquiring more customers by turning browsers into buyers, the payment processing provider’s role is to meet the expected security standards and eliminate the possibility of fraud which might ruin the retailer-consumer relationship (The Paypers Insights – Online Payments Market Guide: Insights in SECURE Payment Solutions and Ecommerce, 2014).
According to Deloitte Canada, the average Canadian’s online spending will increase by 3.7% by the year 2018. This dynamic will allow retailers to place “personalized attention” on their customers even after the purchase is made and the secure payment is settled online (Deloitte Canada, The Consumer Evolution, 2015). The beauty of ecommerce from the retail-consumer relationship aspect is that it allows merchants to know more about their customer base, and most importantly, allows their customers to view their invoice before processing the payment by entering their credit card information. Tokenization offers merchants with an ideal method of storing secure payment processing information away from their servers and replacing all credit holder data; i.e. 16-digit Primary Account Number (PAN) with a “UNIQUE CUSTOMER CODE / TOKEN” to the defined payment gateway.
How does Tokenization protect sensitive data and add a security layer to the ecommerce payment processing solution and advanced billing?
- By ensuring the PCI DSS compliance environment, created for reputable payment processing and merchant service providers, is trustworthy and controlled by a bank for storing credit card information.
- As with every online transaction that needs to be processed, the token technology adds a protection layer and obtains the PCI compliance making ecommerce secure payment processing much easier.
- By providing a cost effective alternative method to encrypting cardholder data security overhead to retailers.
- By protecting cardholders from fraud attacks and data thieves.
- Through an Application Programming Interface (API), merchants can immediately integrate their ecommerce webpage to a secure payment processing solution provider.
How Can MONEXgroup E-commerce and Virtual Payments provide best merchant services?
- Fast and easy set up without any interruption to retailer's current services
- Seamless integration on ecommerce with existing shopping cart and online products
- Complete hosted Payment Solution turning web-browser into a cost effective payment gateway
- Secure transaction processing and recurring billing service provided to an ecommerce website
- Supported and secured online interface with encryption technology added to accept wide range of payments