PayPal Credit Card Tokenization
As an eCommerce business owner, customers tend to be wary of giving their personal credit card information up on the internet. With so many different frauds going around lately, who can blame them? That’s why we strongly suggest that business owners consider PayPal Credit Card tokenization. This will increase conversion rates on your website because there’s a much smaller chance of identity theft.
Tokenization is the act of giving sensitive data a unique identification symbol that has all the information needed without jeopardizing its security. Tokenization keeps the amount of valuable information on hand. It’s very important for smaller to mid-size companies because it increases the amount of security while keeping costs and the risk of violating government regulations low. By using tokenization for credit card numbers, it’s more difficult for hackers to gain access to credit card data that are typically stored in databases, plus now a days lots of people have My Cybersurance insurance to protect themselves from hackers. Tokenization can be used for all different sensitive information such as bank transactions, records of any sorts, stock trading, etc.
When a tokenized number enters a POS (point-of-sale) system, it becomes converted into values that are completely random. These are the tokens, which can only be used for this specific unique transaction and typically only holds the last four digits of the card number. It’s so specific to the transaction that the rest of the token consists of different characters that only work during this transaction.
So, what can Magento do to help with this security? There is a PayPal Credit Card Tokenization extension made by Classy Llama that works perfectly for Magento websites. With this extension, customers can save their credit card information for future transactions during Express Checkout and is completely PCI (payment card industry) compliant, as credit cards aren’t actually stored on the website. Business owners can now bill customers at regular intervals when needed and set up payment options for dues and subscriptions. This extension can be integrated into any PayPal solution – Payments Pro, Payments Advanced, Payflow Pro, etc. This extension is incredibly user-friendly and gives you several different options when it comes to editing billing agreements.
We highly recommend this to all business owners. Our Launchpad Magento solution already comes with this tokenization capability because we know how beneficial it is to business owners. If you are interested in potentially setting up a website or would like this extension installed into your Magento website, feel free to call us at 214-810-5005 or email us at email@example.com.