More Options for Revenue
Instant Accept offers more opportunities for merchants to increase their revenue by offering customers their own stored profile for future sales across multiple platforms all while keeping their customers personal data safe. This process is called Omni-channel tokenization. It gives merchants and their customers more opportunities for purchasing options.
Omni-channel tokenization gives merchants the ability to seamlessly have customers buy goods and services from a merchant website or app after they have left the store or vice-versa. The information is already captured at the POS or website, saves customers time without the need to re-input their credit card data back into the merchant’s POS, website, or app. This gives merchants the opportunity to capture additional future sales of goods and/or services from their customers because of the ease of use.
The benefit of tokenization is if a merchant’s computer storing tokens is hacked, the hacker will retrieve a bunch of meaningless nonsense. Without the decryption key, and unique merchant identifier codes, which is held in a secure card-data vault off site with the token vendor, the hacker is not able to successfully translate the alphanumeric sequence to cardholder data.
Here are a few types of businesses omni-channel tokenization is Ideal for:
- Retail Stores
- Grocery Stores
- Car Rental
- Health Clubs
- Home Delivery
- Home Delivery
- and much more.
The Process of Omni-Channel Tokenization
A customers’ card is keyed, swiped or inserted to begin the process of their payment transaction through a merchants’ retail POS system, website, or app. While the transaction is running, Instant Accepts secure payment gateway takes the customers card data and personal data and then tokenizes that data and ties that token back to the customer in a stored profile.
The token then replaces the card data and personal information with random alphanumeric sequences that can only be reversed, or decrypted, with the decryption key, which is kept in our PCI Level 1 Card Vault.
This works both ways, whether the transaction initially created at a retail store or from a website or mobile transaction. The customer then has more ease of use when going to the website, app, or physical store to purchase goods or services or make payments.
All transactions which are tokenized:
- EMV Chip Card
- Swiped Cards
- Apple Pay
- Google Pay
- Smart Wallets
In all our flows the CardHolder Data is never sent to the merchant again. The merchant only has a Token going forward which is the reference point for the now stored Cardholder Data in our payment gateway platform. In all instances Instant Accept works with all 3rd parties to collect and store card holder information so that the Merchant is never in PCI scope again. The PCI scope is taken out of the equation for merchants to have to deal with.
Instant Accept has many examples of ways that different clients use the platform to collect and share card holder data. Data is collected from the Point-of-Sale systems, which then allows the merchant, or a 3rd Party partner of the merchant, to gain access to the card data for additional billing of products and services to be conducted after the initial transaction has been completed.
In addition to data collection and transmission Prismpay will work to enhance the transaction string for the client to maximize interchange qualifications or reduce interchange costs to the merchant.
Depending upon the MCC code of the merchant, as well as, the type of cards being accepted at the point of sale, Instant Accept can push and pull additional data elements from a merchant accounting system to enhance Level 2 and Level 3 Purchase Card transactions, therefore optimizing the interchange qualifications on those transactions.
Certain MCC’s and merchants can also benefit from the addition of a Service Fee, Site Fee and Convenience Fee solution to help offset processing costs that the merchant incurs. Instant Accept can calculate and add additional per item and discount fees onto the cost of a transaction, as 1 or 2 transactions depending on the merchant MCC code as mandated by Visa and Mastercard payment rules and regulations.
Find Out More Now
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Tips & Tricks for Token Manager
Expanding on last month’s tip for token manager here is a shot video to help you walkthrough the process.
In the Instant Accept Web Portal you can manage your stored cards in the token manager. You will go to
- Token Manager
This will display the list of your stored cards. You can click the edit button to update the expiration date or mark this as the preferred card for the customer. Please make sure you save your changes. You can also remove the token by clicking on the delete button.