If you are somehow related to the payments industry, you may have heard about payment tokenization many times. But do you actually know much about its function and what this payment gateway option is for? The first thing to know about tokenization is that it is a must-have for payments and payment gateways today.
Tokenization serves to protect merchants’ and cardholders’ sensitive data from fraud or data breaches. The process of tokenization replaces all information such as a credit card number, address, account number, etc., with a series of algorithmically generated numbers and letters, a.k.a., tokens. So, there is no need to invest extra money and resources into credit card data protection – as it is performed through credit card tokenization.
Moreover, payment tokenization services allow merchants to reduce their PCI scope with minimal liabilities and security expenses. They can delegate the storage of sensitive payment card and consumer information to a payment gateway provider.
So that you can better comprehend how merchant onboarding works, we have released a new video detailing this concept. With this video, you can navigate through the merchant onboarding process visually and in great detail.
You’re also invited to check out other videos from our informative series about payments and payment gateway features. Don’t forget to subscribe to our UniPay YouTube channel to stay up-to-date with developments in the payments industry.