How to collect periodic payments safe and easy
In short: tokens enable you to collect periodic payments safe and easy.
Tokenization is a technology that pools sensitive data, such as credit card data, and replaces them by a unique combination of letters and/or numbers. This combination provides sufficient information to retrieve the original data in a protected environment. With the use of tokens, a Payment Service Provider can execute payment orders safe and easy.
How tokens support periodic payments:
Recurring payments via iDEAL, Bancontact, Giropay, EPS and Sofort can be followed by a SEPA Direct Debit collection by using tokens. In other words: the customer can make a first payment using one of these payment methods and from that moment on, recurring payments can be collected via SEPA Direct Debit.
Someone takes out a subscription on your website. In order to collect the subscription fee, you need the IBAN number, the ascription of the account and approval via authorisation or a 1 cent payment. Or, in case of a credit card: the credit card number, ascription, VVC/CVC code and 3D secure verification. PayPal is also an option. Regardless which payment method is selected, these payment data are subsequently locked behind a code. Also called a token or a key.
Only authorised users can decode these ‘keys’. The token is also often personalised or linked to a specific account. Thus, the code cannot be used outside the Payment Service Provider’s payment environment and is ‘useless’ should it fall into the wrong hands. Thus, your data benefit from optimum security.
Tokenization is very useful when you do need your customer’s payment data, for example in order to execute monthly direct payments, but prefer not to store these data in your CRM (in line with the General Data Protection Regulation or for different reasons).
Does your subscriber want to change his or her payment data? Then an update request can be executed. Subsequently, the token processes the new information. Want to change to a different Payment Service Provider? No problem. It is possible to relocate ‘token packages’ via a secured export.
The ideal payment method differs per situation, product or service. Because of our wide range of payment methods and unique features, we at Buckaroo are always able to offer you an appropriate solution. Let the following cases inspire you.