Minimise the risk and liability to your business from storing sensitive payment details with MyGate’s Payment Vault and Tokenization Solution.
The risks, costs and challenges associated with storing credit card data within your environment are well known. Credit card data encryption was cited as the single greatest challenge merchants face when achieving PCI Compliance.
“Hackers can’t take what you don’t have.”
Fortunately, MyGate’s Payment Vault and Tokenization Solution takes the risk out of recurring payments and 1Click payments for merchants by replacing cardholder details with a dynamically generated token. This token can then be re-used for future payments without the need to store sensitive cardholder details.
Rather than encrypting sensitive data, it is better to keep it out of the database and replace the credit card information with a random token that then links back to a MyGate’s database, which will be used for transaction processing. If your servers were to be compromised you are safe, because the tokens can only be used with your payment gateway and merchant account.
The benefits of tokenization are far reaching, including the reduction of PCI Compliance scope and increased security as no sensitive card data is present in a merchant environment – even in the case of a breach.
Still have questions about Tokenization? Contact us to learn more about how we are applying technology to protect you.