In today’s digital marketplace, offering a secure and smooth online shopping experience is vital. Tokenisation is a game-changing technology that’s enhancing online payments. Here are the top 5 advantages for your eCommerce business:
- Ramp Up Security and Slash Fraud: Tokenisation swaps sensitive card data (PAN) for unique, random tokens. These tokens are useless to cybercriminals, significantly reducing your risk of data breaches. Tokenisation can cut card-not-present (CNP) fraud by up to 26% and averages a 30% reduction online compared to using PANs. This builds customer trust and protects your bottom line.
- Unlock Higher Authorisation Rates for More Sales: Tokenised transactions often see improved authorisation rates because they can provide issuers with richer data. Visa data indicates an average 3% increase in authorisation rates for CNP transactions using tokens. Bolt experienced token authorisation rates of 95.9% versus 90.8% for PANs. This means fewer failed transactions and more completed sales.
- Delight Customers with Effortless Checkout: Tokenisation enables one-click checkout for returning customers thanks to card-on-file tokens. What’s more, automatic updates of tokenised card details for expired or replaced cards ensure uninterrupted service for subscriptions and recurring payments. This smoother experience leads to less cart abandonment and happier, more loyal customers.
- Simplify Operations with Automated Lifecycle Management: Managing outdated card details can be a headache. Tokenisation automates this process with issuers updating token details in the background when cards expire or are replaced. This reduces the need to chase customers for new information and streamlines your operations.
- Trim PCI DSS Scope and Costs: The PCI DSS demands strict security for handling cardholder data. By adopting tokenisation and avoiding the storage of actual PAN data, you can potentially significantly reduce your PCI DSS compliance burden, costs, and complexity. This frees up resources to focus on growing your business.
Considering the ever-increasing sophistication of online fraud and the demand for seamless online shopping, how confident are you that your current payment system is fully optimised to safeguard your business and maximise your sales conversions?