Toronto-based MONEXgroup says tokenization is the secure payment processing solution tailored to merchants’ specific business needs and requirements. Furthermore, by ensuring the PCI DSS compliance environment, it has created for reputable payment processing and merchant service providers, a trustworthy and controlled solution by a bank for storing credit card information.
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
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. 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.
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