Embedded payments: Create lightning-quick, safe repeat purchases
How does it work?
Tokenization is one of the most potent ecommerce implementations of recent years. So, let's look at what happens behind the scenes.
MultiSafepay replaces sensitive data, such as credit card details, with a unique identifier (the token, think of a random number sequence). Once the token is stored safely, the payment details are stored in an associated vault. By keeping these separated, fraudsters cannot do anything with the token in the case of a data breach on the merchant end, as the sensitive data is safely stored in our vault.
MultiSafepay's status as acquirer and processor also helps us remove unnecessary third parties from the payment chain. This results in a better, more resilient payment flow for your business.
The biggest advantages of tokenization
The most important and tangible benefit of applying tokenization is the customer experience. Once tokenized, payment methods can be presented to your customers in a different, significantly more accessible way.
Imagine a customer returns to your store with their favorite payment method safely stored, upon their next visit, all they have to do is select the payment method, authorize it, and complete the payment.
A process that once involved filling in payment details by hand (and potentially included rummaging through the house to find a credit card, which has suddenly become impossible to find) now involves only one click, greatly improving the payment experience for the consumer.
Tokenization removes friction, two-factor authentication, and greatly simplifies the purchasing process.
Additionally, tokenized payment methods can also be used for recurring, automatic transactions.
By using our tokenization service, you're saving the costs of setting up your own tokenization infrastructure, which can be complicated and involve multiple parties. If you're already a MultiSafepay merchant, this comes as a free extra for your business.
It should come as no surprise that one of the perks that tokenizing payment details offer is the safety factor. If your company is the victim of a data breach, having tokenization enabled can severely limit the ramifications.
If the criminals only manage to get their hands on tokens instead of sensitive payment details, the data they steal is essentially useless.
Tokenization makes it easier for SMEs to be responsible for sensitive payment data without investing significantly in expensive security systems and licenses. The fact that the payment partner handles the data takes away the risk for the merchant.
On top of that, the payment experience is greatly enhanced for the consumer, who no longer has to enter payment details manually and always has access to their favorite payment methods, wherever they are. For the merchant, this results in improved conversion and turnover.
Our payment components utilize this technique to insert previously used payment methods and create a frictionless payment experience.