Most businesses with an online presence use tokenization to help protect sensitive card information during transactions—but did you know that payment tokenization also has the power to help boost your revenue?
Tokenization protects a customer's sensitive payment data during a transaction by replacing it with a digital identifier, while the real data is stored securely. So far so good on the security front; but how can tokenization help boost revenue?
It's all about the data. Tokenization—and more specifically, a network tokenization service like Cybersource Token Management Service—can supply richer, better data to help your business:
- Improve customer experiences and loyalty.
- Lift authorization rates by an average of 3 percent.1
- Avoid lost revenue from expired cards.
- Cut fraud by an average of 26 percent.2
Create better shopping experiences that drive loyalty
Cybersource Token Management Service makes it easier to create the shopping experiences customers love—and that keep them coming back for more.
The power behind the service is our proprietary Cybersource unified network token, which acts as a super token. It links together network tokens from different card brands, banks, payment types, and channels to construct a complete transaction history for every customer.
With this 360-degree view of a customer's shopping habits, you can recognize them, make them feel valued, and offer them a fast and seamless checkout experience. All of which helps drive loyalty and repeat business. Tokenization can help you further boost revenue by offering customers more choice, such as:
- One-click checkout options using card-on-file information across different channels.
- More ways to pay, including digital wallets, direct debit, click to pay, ACH, and whatever else is on the horizon.
- Personalized payments that encourage repeat purchasing by using customers' cross-channel payment histories to understand how they like to pay.
- New ways to shop, such as BOPIS, curbside ordering, touchless kiosks, and more.
See a 3% lift in authorization rates
By making it easier for you to recognize legitimate repeat customers across channels, Token Management Service helps lift authorization rates by an average of 3 percent compared with non-tokenized transactions, smoothing the path to improved conversion.1
Avoid lost revenue from expired cards
Token Management Service automatically updates stored payment credentials (card-on-file data) without you or your customers lifting a finger. You no longer risk missing out on revenue because a returning or subscription customer forgot to enter their new card details.
Cut fraud by an average of 26%
Network tokenization can help you lose less to the fraudsters as it reduces fraud by an average of 26 percent—without creating additional payment friction for your customers.2
Our Token Management Service easily integrates with other powerful Cybersource tools, including Decision Manager, Payer Authentication, Account Takeover Protection, Recurring Billing, and Global Gateway.
To learn more about how payment tokenization can help to boost your revenue, download our guide. Check out our recent blog post on how it can increase customer loyalty, and watch out for upcoming posts about the additional benefits of tokenization.
1 VisaNet, Jan–Mar 2022. Visa credit and debit global card-not-present transactions for tokenized vs. non-tokenized credentials. Auth rate defined as approved count of unique transaction authorizations divided by total unique authorization attempts, based on first auth attempt only.
2 Source: CNP & CP Average is for set of Token participating Merchants (by Merchant DBA) (PAN & Token) with digital wallet TRs April-June 2018, Issuer region: U.S.