As a merchant you strive to have the best payments experience possible and increasingly this means storing your customers credit card details. Card networks understand this growing trend and now offer network tokenization to provide merchants additional value and security.
By converting your stored credit card data to secure network tokens, you get the benefits of higher security, better customer experience, and increased authorization success rates.
At Spreedly we want to make your transition to network tokenization easy and function with the payment providers of your choice. We’re excited to offer network tokenization in partnership with Visa and Mastercard and a growing network of gateway partners. Learn more about our Revenue Optimization features.
Whether you have an existing Spreedly vault or are just getting started, requesting Visa and Mastercard network tokens is as simple as storing your cards in Spreedly’s PCI compliant vault. We provide the tools to request tokens during card retention and backfilling your existing vault.
Using Spreedly’s single payments API, you can easily transact with network tokens on a variety of gateways.
Network tokens are optimized by the card networks to be more secure, up to date, and trusted with issuing and acquiring banks. As a result, transacting with network tokens has been shown to lift authorization rates when compared to standard transactions.
Plus, you get the benefit of increased security in your payments flow. Network tokenization converts sensitive PAN data into a merchant specific network that can be used at every level of the payments workflow — issuer, merchant, gateway, and acquirer.
Since transactions no longer use PAN and occur with single use cryptogram, merchants eliminate the risk of PCI data leakage during transactions.
Since network tokens are maintained and automatically updated by card networks and issuing, there’s no extra work by the customer to stay up to date — contributing to a positive experience for both customer and merchant.
Customers are no longer burdened with keeping payment details up to date, and merchants can make real time retention and save decisions when a customer’s card is suspended or closed.
Network tokens also deliver issuer-specific card art and metadata that can be used to enhance the customer experience. Studies show displaying card art and last four increases customer reassurance and purchase conversion.
Additional meta data about the card type (credit, debit, prepaid) allows merchants to enhance business decisions and communication with their customers as well.