Securely Store Payment Details with payFURL
Why Your Business MUST care about Payments Uptime.
May 4, 2022
Banking veteran Rob Craig joins payFURL as Chief Strategy Officer
November 21, 2022As technology continues to improve, your customers deserve and demand a seamless checkout experience.
Whether this be ensuring their transactions are approved instantly or allowing them to pay in their currency of choice – it’s common knowledge that a smoother checkout process leads to higher conversions and ultimately, more revenue.
Part of delivering an exceptional customer experience is storing existing payment details for re-use. Not only will this allow you to convert more customers, but your existing customer base will also see you as the convenient and preferred merchant! When it comes to storing their valuable data, your customers must know that you can securely manage their information as well as contain and mitigate any breaches or potential security issues.payFURL is offering a PCI-compliant ‘vault’ that tokenises and secures your customer’s preferred payment methods.
Your business has the flexibility to move the vault to your preferred payment service, as needed – keeping your customers payment data incredibly secure and lowering transaction costs in line with your payment’s orchestration plan.
Tokenising Payment Methods, What Is It?
Put simply, tokenisation is a process where sensitive information, in this case, your customers payment details, can be protected from those who don’t have the proper authorisation to view or manage it.
When it comes to the payments industry, we tokenise the Primary Account Number of your customers card by replacing it with a string of unique characters. This ensures that in the event of a data-breach, no other individual or group can use this information. Each vault token can only be used by the merchant who has created it.
payFURL puts security at the forefront of every product that’s developed – our vault actively secures your customers data by tokenising it in line with the explanation above. Our tokenisation process incorporates industry best practice and is PCI compliant.
payFURL understands that business strategies and vendors change with time – to avoid lock-in, our vault can be transferred between gateways or payment services as dictated by business strategy.
Fingerprinting Customer Transactions
Identifying returning customers is the key to building loyalty and providing an exceptional customer experience – with our Vault, we assign a unique code to each credit card, allowing the backend systems to identify when a customer is returning, based purely off their payment information.
With our intuitive recognition software, your business can more easily build in features such as loyalty programs, fraud detection, and omni-channel recognition – without ever increasing the PCI scope of your operations
Why Your Business Needs A ‘Vault’
Storing customer data yourself increases compliance issues and overhead costs – bid farewell to this with the payFURL vault. If your business was to lean towards self-storage it means taking on board a full PCI DSS compliance scope, a complicated process which can cost up to $50,000 a year in infrastructure set-up and ongoing maintenance efforts.
Businesses that are seeking to expand rapidly and grow their customer base can be impeded when there is a large overhead for storing customer information.
Storing payment information at a gateway can prove fruitful for small businesses not needing to transact across several gateways. In this case, a single provider can handle all of the tokenisation and payment processing needs.With the growth of eCommerce and the growing need for payments orchestration, businesses are demanding a multi-provider network. Businesses who store their customer data on a single gateway are essentially locked into this provider and cannot efficiently direct their transactions in line with the principles of orchestration.
For merchants who are striving for international expansion, sending payment information through numerous gateways becomes a necessity. Once again, having a single gateway store customer data limits your business’s ability to do this.
Businesses that are processing an extensive number of payments rely on redundancy and resiliency – it must be built into payment processing systems ensuring that no transaction fails – reliance on a single payment gateway can lead to a huge revenue loss should something go wrong.
This is especially true when it comes to businesses who handle subscription payments – your customers data needs to be kept on file in order for the transactions to be processed automatically on the agreed date. If their subscription seamlessly renews then they are less likely to cancel.
