What should online merchants look for when migrating to network tokenization?
There are three key elements:
- Faster time to market and ROI
- Scalability to increase traffic via the leading payment networks
- Scalability to capture value from future innovations
Consumer loyalty and trust are fragile, and any poor experiences immediately come back to bite the merchant. The most successful online merchants are the ones that retain their customers by providing the best payment checkout experience.
Competition online is fierce, and time is vital in implementing a payment solution that enables merchants to retain consumers. Every day counts, and merchants cannot afford to lose customers.
Reducing the time to market will ensure they are a step ahead in the eCommerce revenue battle. There’s also a double benefit: EMV tokenization will increase the conversion rate while lowering the interchange fee, helping achieve an early ROI.
Merchants are under constant pressure to be efficient and react quickly. Hence, they need to look at solutions that can be integrated into a concise time frame, are ready to use, can be scaled up on demand to support multiple payment channels, and have a robust backend to support future innovations.
The latest payment innovations have EMV tokenization at their heart to ensure that future security solutions, such as enhanced tokenization with device verification, user authentication, and click-to-pay, can be plugged in seamlessly.
How can Thales help payment service providers and merchants to deliver a frictionless customer payment journey?
Thales has built a brand-agnostic eCommerce platform in close collaboration with the world’s major payment schemes over the past two years.
Beyond initial integration, Thales takes care of API maintenance and delivers updates, and rolls out new features every year. That capability to adjust and provide new iterations makes innovation a standard, helping Thales customers to stay ahead of the curve.
It allows merchants to achieve a single EMV tokenization integration in only four months, covering the most common international payment schemes: Visa, Mastercard, UnionPay, Amex, and Discover, and domestic networks such as Elo.
It saves merchants from having to do all the time-consuming legal work and maintenance updates. With the main networks introducing differentiated pricing, transacting with PAN has become more expensive than using a network token. As a result, improving the time to market for network tokens has become even more crucial.
Choosing the right solution provider is vital, so merchants do not miss out on these new features that will make them stand out.
But that’s not all! Why stop here?
Network tokenization is only one step in addressing card-present acceptance rates. We can also support merchants implementing the latest ecosystem updates, such as enhanced tokenization with user authentication, device binding, and click-to-pay.
Enhanced tokenization provides a superior user experience and security thanks to three layers of protection:
- Cardholder verification
- Device verification
- User authentication
Enhanced tokenization can improve conversion rates and cut fraud by combining authentication and additional risk parameters.
As well as increasing performance, it paves the way for a liability shift, relieving merchants of the responsibility for fraudulent transactions.
Two extensive payment networks – Visa and Mastercard – promote this as a critical improvement to current network tokenization. Security measures are implemented when the card is stored and at the payment stage via user authentication. This ensures the cardholder is the device owner and guarantees the payment by pairing the device with the cardholder.
Thales Enhanced Tokenization smoothes all friction points at the ultimate stage of the consumer journey to deliver the best frictionless payment experience.
Customer payment conversion is converging to card-present, with no compromise on their data security. Merchants can gain the trust of their customers and can further reduce fraud and achieve greater value with increased conversion rates.
Now is the time to offer your customer the best payment experience with Thales
Be up and running in only four months via a single and easy technical integration with 24/7 support plus the ability to accelerate your path to innovation and scale up anytime with Thales eCommerce Gateway.
Contact us if you want to learn more about network tokenization, the latest innovations, and how we can help you get started.
Complete the contact form at the bottom of this page, and we’ll get back to you.