What is it?
When applied to the payment industry, tokenization is generally used for credit card payments. This means that for every credit card payment, a unique Recurring ID is created and subsequently encrypted as a token that cannot be used to retrieve the customer credit card details. As a result, potential fraud risks are reduced.
With tokenization service, merchants can associate a token or a list of tokens to a customer reference, retrieve token information, update or delete them.
How does it work?
The token is a unique number generated by MultiSafepay that refers to the credit/debit card details provided by the customer upon completing the initial transaction. Creating a token allows you to save a customer’s payment method. In return, a token can be used for recurring and subscription payments. It also allows the customer to finalize a payment in one step.
Tokenization allows you to:
- Create recurring and/or subscription payments
- One click payment (Meaning, the customer can select the saved payment method)
- List customer tokens
- Retrieve token information
- Update and/or delete a token
Feature is available for:
Payment methods that can retrieve a token:
- American Express
- SEPA Direct Debit
- SOFORT Banking