Handling credit card information is a highly regulated process. Even with ongoing efforts to comply with the Payment Card Industry Data Security Standard (PCI DSS) guidelines, merchants continue to experience vulnerabilities and costly breaches.
Personal information connected to a credit card is sensitive data that needs to be protected. According to the Identity Theft Resource Center, the US has had nearly 11,000 data breaches between January 2005 and September 2019. To ensure data protection, savvy merchants and business owners are using a tokenization solution.
What is tokenization? Tokenization describes the process of replacing original, sensitive payment and personal data with a unique identifier that can only be used by the merchant. This unique identifier is a random number but it has no valuable data and is undecipherable. There is no way to obtain the original number from just the token. Therefore, the data handled by a merchant is far less valuable in the event of the breach because tokenized data is useless to a thief.
Nexio’s tokenization also allows the merchant to save the token from a client for future use. If the client subscribes to a monthly shipment, the merchant holds the token to run the monthly transaction, rather than the card data. If a client pays a deposit, the merchant can charge the balance when due, using the token. With Nexio, the tokens are externally stored in a cloud security platform, providing maximum security.
Is your payment data secure? Do you want to be sure? Contact Exigo to find out more about the Nexio payment platform. Nexio is seamlessly integrated with Exigo so you can focus on growing your business while letting Nexio manage the chaos of payments.