Credit card vault can help you to elevate your business to the next level. Standing in the 21st century, we can confidently say that technology has changed our life. It actually has made our lifestyle easier. If we specifically talk about the payment system, it was quite complicated and less secured a couple of years back. People had to carry cash while going to the market. Cash transaction is quite time-consuming and therefore, customers had to stand in the queue in front of the counter. Sometimes, businesses having less number of cash counters had to lose long-term customers because of this. So, this old and complicated transaction not only created complications for customers but also hampered the growth businesses across various industries.
Well, now, technology has changed the ecosystem of payment and we have various options through which we can make payments online. Along with the payment modes, it changed the business strategies. Yes, many merchants are shifting their businesses to the online platforms and they are enabling many new payment terminals through which they can accept credit card payments online. One such system is an online invoice. But, enabling online invoice will not bring fruitful outcomes if you do not pair it with a credit card vault. We at International Payment Solutions understand this matter and therefore, we have come up with credit card vault where the necessary credit card information of the consumers can be stored. Go through the following points to know more about it.
Credit Card Vault
Credit card vault is generally provided by the merchant service provider and here, the required credit card information such as card number and expiry date are stored in an encrypted form. Due to this credit card vault, customers do not need to type their credit card numbers again and again. The information will be saved at the very beginning. The technology that works behind the credit card vault is card tokenization. Yes, tokenization generally transforms the important information the credit card into an opaque and shaded token. Merchants can store this token anywhere they want.
Where To Store Credit Card Information
When it comes to storing credit card information, three aspects matter the most- PCI DSS compliance, reliability and security. Considering these aspects in mind, we are going to tell you three places where the merchants can store credit card data. So, have a look at the following points:
At A Merchant Service Provider: If you are looking for the easiest option, this one will be ideal for you. If you pair your business with any merchant service provider, they will take care of your online invoice payment system. They offer credit card vault. Along with it, they mitigate the compliance scope and they take over the PCI DSS requirements. Well, a merchant service provider also provides security as well as reliability.
At Your Own Infrastructure: If you are a large player in the online business industry, you can go with this one. Yes, you can operate your own card data management within your business. Things that you need in this case are flexibility, liability and security. Along with these, you have to pay for the cost of compliance and maintenance.
At A Third Party Vault: Another option where you can store the credit card data is a third party vault. The cost-efficiency is at its best in this case. Moreover, you will get an option to work with your favorite payment service provider. Well, everything has positive as well as negative aspects and this thing is not an exception. When you are adding a third-party payment service provider, it might increase the complexities. So, if it is not necessary, you can avoid it.
Why Merchants Need Credit Card Vault
According to a survey, people are giving more preference to credit card transactions. If we compare it with e-transfer and check, you will get to know that it is less time-consuming. Moreover, if you are using a virtual terminal to accept payment online, you will not have to face problems because customers do not feel hesitation to provide credit card numbers. Customers can also collect travel rewards while paying with credit cards.
However, the problem arrives when you do this process. Yes, if you spend your time calling the customers for their credit card information, you cannot focus on the other aspects of your business. If getting card numbers is your main concern, you don’t need to worry as credit card vault will do this for you. As a result, you can focus on other aspects and therefore, there will not be any interruption in your business.
Not An IPS Merchant?
Becoming the merchant of International Payment Solutions and using their advanced credit card vault feature will be a smart move if you want to elevate your business to the next level. International Payment Solutions otherwise known as IPS is one of the best merchant processor solutions and so, you will always get satisfactory outcomes.