Unlock the Full Potential of your Payment Data with TokenEx and acceptcards®

How businesses handle payment data can significantly impact their operations, security, and costs. Owning your payment data is essential to fully unlock your payment stack and enable strategic payment processing. Businesses that don’t own their payment data and instead store it with their payment processor will struggle to optimize for their unique needs and often face higher payment processing costs.

To address this issue, TokenEx and acceptcards® have partnered to empower consumers and provide a solution that will give business owners agility and autonomy from their payment providers. TokenEx secures consumer data independent of payment providers, creating additional flexibility for acceptcards® as they design bespoke payment services for their customers in the UK market.

In this blog, we’ll walk through the benefits of becoming payment processor agnostic and how to own your data through tokenization. We’ll start with the central theme of owning your payment data, then discuss the importance of being payment processor agnostic, and finish by delving into the details about how tokenization can enable your company to control its valuable data.

Traditional payment approaches often tie businesses to a single Payment Service Provider (PSP). This uncomplicated approach suits many smaller businesses but ultimately limits their flexibility and control as they scale. Because of this, modern payment processing strategies are payment processor agnostic, allowing businesses to navigate the complex world of payments with agility.

By adopting a strategic approach, businesses can decouple themselves from the limitations of a single PSP. This enhances flexibility and empowers companies to choose PSPs based on their specific needs, optimizing costs and performance. The ability to adapt to changing market conditions and leverage the strengths of various processors is a crucial aspect of mastering payment data ownership.

There are also many economic benefits for businesses that implement a multi-PSP strategy. The traditional reliance on a single processor can lead to inflated costs and missed opportunities for savings. A multi-PSP strategy allows businesses to diversify their payment processing, reducing payment processing fees and increasing authorization rates. Companies can easily pivot their strategies: negotiating fees, optimally directing payment traffic, and leaving suppliers that no longer fit their needs.

By being payment processor agnostic, companies gain the upper hand in negotiations, ensuring they get the best rates and services from each PSP. This financial flexibility is a fundamental component of owning payment data as it enables businesses to allocate resources efficiently and stay ahead in a competitive market. Additionally, a payment provider agnostic business will gain the ability to quickly enter new international markets, add or remove PSPs, and implement dynamic routing solutions to optimize every transaction. Ultimately, a payment processor agnostic business can exponentially increase the revenue it can collect.

The number of options for payment optimization may seem overwhelming, but this is where working with the experts at acceptcards® pays off. As the UK’s largest independent payments broker, they specialize in working alongside business owners to provide the perfect payment stack that drives down costs and improves efficiency. When the expertise of acceptcards® is paired with the flexibility of Tokenization, the full power of your payments stack can be unleashed.

Modern payment processing strategies revolve around a key prerequisite: owning your payment data. Many companies are hesitant to take this step due to complicated compliance measures like PCI DSS (Payment Card Industry Data Security Standard) and the considerable risk associated with storing payment data internally. Thankfully, there is still a way to outsource both the compliance burden and risk while gaining ownership and control of payment data.

If your payment data is currently controlled by your payment processor, third-party tokenization is the best path to take to reclaim your payment data. Tokenization involves substituting sensitive information, like card numbers, with unique tokens. These tokens act like poker chips at a casino, representations of valuable data that is securely stored elsewhere. Tokenization ensures that, in the case of a security breach, tokenized data will be useless to unauthorized parties.

When it comes to strategic payments, the key benefit of tokenization is that the security and management of the sensitive data is completely outsourced to a third-party tokenization provider while seamlessly retaining its business utility. This level of data control aligns perfectly with the concept of being payment processor agnostic. Businesses can confidently work with multiple processors, knowing that their core payment data remains protected and under their control.

Mastering payment data ownership involves adopting a strategic mindset, embracing a multi-PSP strategy, and leveraging the power of tokenization. When a business is payment processor agnostic it can adapt to changing market dynamics, optimize costs, and negotiate from a position of strength. With its multifaceted benefits, tokenization acts as the linchpin, ensuring that data remains secure, compliant, and under the ownership and control of the businesses that rely on it.

In the rapidly advancing realm of digital transactions, those who understand the significance of owning their payment data and implementing the right strategies will safeguard their operations and position themselves as leaders in an increasingly competitive landscape. Contact one of the TokenEx tokenization representatives today to start your tokenization journey. We’ll gladly walk through your unique use case and help you create a strategic plan to own your data and move towards a profitable payment strategy.

Learn more about acceptcards® here.