To deliver a great payments experience you need to efficiently capture and securely store customers’ payment details. And to support your payments strategy, you need a platform that gives you the flexibility to shift those stored payment methods as needed.
This video series takes a deep dive into how the world’s most successful organizations solve their business pains with Payments Orchestration.
Hello there. I'm Pete Cianci, team lead here at Spreedly. Today, I'm going to talk about the how and why of securely capturing, storing, and tokenizing sensitive payment data. Whether you are a merchant, marketplace, e-commerce platform, or some combination of all three, it is absolutely vital to store your customer's payment data. Whether you're supporting a subscription model or simply want to reduce friction at checkout for returning customers, it all starts with storing payment data. But how do you store this data in a way that makes sense for your business? You could build your own payments vault in house, but this is resource intensive, risky, and expensive.
The more you interact with credit card data, the more PCI DSS scope you incur, and the more expensive your self assessments or audits will be. Your business has a core competency, and taking the plunge into handling sensitive card data can be a burdensome distraction. What about storing your card data with your payment gateway or PSP? Most modern gateways offer secure card vaulting and tokenization, and can help you stay at a PCI scope. However, you have to consider the pitfalls of data siloing and data portability. What happens if you want to work with a new loyalty provider or a third-party fraud tool? What happens when you want to add another gateway to your mix, to increase flexibility or boost success rates?
After all, 70% of digital merchants see multiple providers as the new standard. What about your payment data? Most modern payment gateways will allow you to take your data with you, but they don't have to do this for free, and they don't have to do it quickly either. You want complete control of your payment data. Fast growing merchants, platforms, and marketplaces want it all. They want to have complete ownership and control of their payment methods, but they don't want the risks or costs that comes with handling everything in house. They want to work quickly with new payment partners without being locked in, either technically or financially. By working with a truly agnostic payments orchestration platform, you get to work with who you want, how you want, and when you want.
Take ownership of your payment data today, so you can keep an eye on tomorrow.