Improving Authorization Rates and Customer Experience with Secure Network Tokenization
Spreedly, the provider of the leading Payments Orchestration platform, today announced it issued over 150,000 new network tokens daily -- over five million in the month of August alone. Network tokens add another powerful tool to prevent card-not-present fraudulent transactions and significantly increase authorization rates. The newly issued tokens are part of a larger program announced earlier this year with Visa to accelerate the adoption of network tokens.
By converting stored credit card data to secure network tokens, customers get the benefit of higher security, better customer experience, and increased authorization success rates — by 2.1% and more. Spreedly’s Network Tokens let customers leverage their choice of network token or a secure, vaulted PAN token as Spreedly can store both tokens. This provides the flexibility to use whichever method is accepted by a given payment processor. Spreedly’s Network Tokenization is able to tokenize at the time of retention as well as backfill previously captured card data giving merchants the full benefits of network tokens across all their payments.
“Spreedly prides itself on delivering constant innovation to the entire payments ecosystem. Our agnostic approach to network tokens is a major advancement for merchants — and that’s proven out by the rapid adoption of network tokens that we’re seeing in the market.” explained Justin Benson, CEO of Spreedly. “Much of this recent activity is supporting our LATAM-based customers who are seeking ways to scale across the region and evolve payments to ensure the highest success rates possible. We’re excited to be enabling this growth through the use of our technology.”
Driving demand for network tokenization, Visa recently announced that it will introduce incentive rates for certain card-not-present transactions.
For more information about Spreedly’s Network Tokenization and how you can begin using network tokens for your payments, visit https://www.spreedly.com/network-tokenization-for-payments.