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Token Payments

Posted by Merchant Services

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What are Token Payments?

It’s a question that we’ve been getting asked quite frequently by new merchants or those that are curious about the product. It is a very simple concept and exists for the sole purpose of removing the requirement of storing any credit card data on the merchant’s servers. Most merchants are aware of the PCI DSS which states that:

“PCI DSS requirements are applicable if a Primary Account Number (PAN) is stored, processed, or transmitted. If PAN is not stored, processed, or transmitted, PCI DSS requirements do not apply.”

The idea behind the Token Payments application is that a merchant submits a credit card number to the Merchant Warrior Payment Gateway for storage. We work with our merchants to ensure that the transmission of this data is secure and then encrypt the credit card information and store it. A Token/ID is assigned to the specific credit card number and this Token/ID is transmitted securely to the merchant for future processing.

In short – merchants substitute all credit card data storage for Token/IDs. This means that a merchant’s database will contain a Token/ID for each credit card that they plan on billing in the future. For all future transactions for a specific credit card, the merchant will simply send a Token/ID to the Merchant Warrior Payment Gateway and we will handle the processing of the payment.

Some of you may be wondering why or when storage of credit card information would be necessary, so let’s discuss that.

Why Token Payments?

Any business that operates with a recurring billing model will know that storage of credit card information is extremely important. In order to bill a customer more than once (automatically) you will need to know their credit card details. Quite a few businesses will utilize the Recurring Payments features that come bundled with their Payment Gateway, however, this is only useful for merchants that plan on billing customers a static amount over a period of time. What happens if you’re billing amount changes frequently? What happens if YOU want to control when your billing takes place? These are situations where Token Payments come in handy. One of the reasons why so many merchants choose to implement Token Payments into their applications is due to the ability to to remain PCI DSS Compliant, whilst not having to worry about storing any customer credit card information, and still having access to your customer’s details when the time comes to bill them.

This is not the only reason why merchants look into Token Payments. Customer loyalty is another very important aspect of business that can be increased by implementing Token Payments into an application. How many of you hate having to enter in your credit card number every time you wish to purchase an item? If you sign up with a particular store and they already have your credit card number on file are you not more inclined to use them again for future purchases?

Apple is a perfect example of how Token Payments can be used to increase customer loyalty. After your first purchase with Apple your credit card is stored against your account and all future purchases only require you to enter your CSC (Card Security Code). By implementing Token Payments into your applications you are able to take advantage of this feature.

Token Payments may not be a requirement for every online business, but they should be considered by merchants that require a way to control their own recurring billing and/or need to store credit card information securely, whilst still remaining PCI DSS Compliant.

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Posted in Merchant Information

Tagged credit card compliance, credit card processing, internet merchant account, payment gateway, payment gateway compliance, pci compliance, pci dss compliance, token payments, visa pci dss compliance

Nov·03

Merchant Accounts

Posted by Merchant Services

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How To Get Approved For A Merchant Account

So you’re new to the online business? You’ve just wandered into the online space and want to begin trading online. So you pull out a checklist and start crossing off your items:

  • Business Registration
  • Domain Registration
  • Web Design
  • Shopping Cart
  • Accept Payments Online – how?

You’re now ready to start integrating your website into a Payment Gateway such as Merchant Warrior. In order to begin trading online you will require a merchant account. Merchant Warrior will discuss the specific requirements for your business with its Banking Partners to ensure that you receive competitive rates with your very first merchant account.

Many new businesses have their application for a merchant account rejected for a number of different reasons. To ensure that this doesn’t happen to you here’s a list of items that you should complete before applying for a merchant account.

New Merchant Account Checklist

  1. Your Website is active and accessible
  2. You are the registrant of the domain name
  3. Your website displays your business name, ABN (or other Business Registration Number depending on your country), Contact name, location address, landline telephone number and email address?
  4. Your website includes the products or services that you are offering and clearly provides the pricing?
  5. Your website clearly defines your refund and exchange policy and how transactions can be cancelled?
  6. Your website clearly explains how goods will be delivered and time frames?
  7. Your website clearly explains your privacy policy and information on how you will protect your customer’s card information? (Ask Merchant Warrior about products that will help you achieve PCI Compliance)
  8. Your website clearly explains the measures you have in place to secure card holder information? (Ask Merchant Warrior about products that will help you achieve PCI Compliance)
  9. Your payment page is ready for assessment?

These nine simple steps are often what Banks will look for when performing their due diligence on your online business. Following these steps may not guarantee you a successful merchant account application, but it will definitely increase your chances and fast track the application process.

If you need help establishing a merchant account feel free to contact us.

Posted in Merchant Information

Tagged credit card merchant account, internet merchant account, merchant account, merchant accounts, merchant facility, merchant payment gateway, merchant processing, merchant processing account, online merchant account, payment gateway

Feb·28

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