Turn payment tokenization into a powerful new customer experience tool.
Payment tokenization is certainly not new—it has occupied an important place in the payment landscape for more than 15 years. Today, it’s a fairly standard piece of nearly every payment security strategy, and most businesses with an online presence depend on tokenization to help protect their customers’ sensitive card information during transactions. But what if this familiar, broadly accepted payment security technology could do more? What if you could use tokenization to solve new and bigger payment challenges—especially as your payment environment grows more diverse and complex?
With recent technology advancements, businesses are quickly discovering that tokenization can, in fact, do much more than simply secure their payment transactions. Here’s one prime example: Every business with an online presence faces a relentlessly growing and evolving mix of channels, payment methods, issuers, and card brands, which is making it increasingly difficult to maintain the kinds of simple, consistent, and fast payment experiences their customers expect. But with the right approach, tokenization can provide a powerful answer—by linking individual tokens from different sources and channels (and all the payment data they contain) into a single, unified “token of tokens.” This creates a complete, 360-degree view of shoppers and their buying behaviors that makes it possible to:
- Offer new one-click checkout options that use card-on-file information across different channels to provide more convenient shopping experiences.
- Embrace emerging payment methods, channels, and form factors more quickly and confidently.
- Use cross-channel payment data to understand and cater to people’s payment preferences.
- Combine different channels and payment methods into the new shopping experiences people want, like buy online, pick up in store (BOPIS), curbside ordering, touchless kiosks and more.
Of course, to unlock these new experience focused benefits, you need a token management service that’s capable of leveraging the latest tokenization standards and combining tokenization data from different sources to create that single, unified customer view. Fortunately, Cybersource has already done that work—with its Token Management Service solution that converts all of your diverse token payment data into one source of customer insights.
Meet the new face of payment tokenization
Tap into benefits that go far beyond basic payment security:
- Lift conversion rates an average of 2.2%1
- Reduce fraud by an average of 26%2
- Create a complete, unified view of your customers without time and resource intensive efforts by your IT department
- Unlock and enable new, cross-channel payment experiences
- Keep payment experiences simple as your payment environment grows more complex
The bottom line? If you’re not using tokenization to unlock better customer experiences, you’re missing a big opportunity. And Cybersource Token Management Service is ready to help you complete that journey—by transforming tokenization from a basic payment security tool into a complete, 360-degree view of every customer.
1 Visa global card not present transactions for token vs non-tokenized credentials, May–July 2021
2 CNP & CP Average is for set of Token participating Merchants (by Merchant DBA) (PAN & Token) with digital wallet TRs April-June 2018, Issuer region: US