More payment certainty
When a customer’s stored Card-On-File details change or expire, it can often result in a rise in declined transactions. With network tokenisation enabled on your business account with Eway, your customers’ payment details are automatically kept up-to-date.
Save time updating customers’ card details
Collecting recurring payments from your customers’ just got even easier. Now you don’t need to worry about chasing late or missed subscription payments due to out-of-date card details — it’s all automated.
Enhanced payment security
The completely unique network token makes it harder for a criminal to use these credentials fraudulently. This means more genuine online transactions.
Payment card updates across the entire payment ecosystem
How does network tokenisation work?
Tokens improve security by replacing sensitive card payment data, such as the 16 digit Primary Account Number (PAN) and expiry date, with random characters that are meaningless if breached.
When a cardholder initiates a transaction, network tokenisation allows the customer’s network token to be securely shared across the entire payments ecosystem including the acquirer, merchant, and card issuer. This ensures there is never an opportunity for the PAN data to be lost or breached, reducing the chances of card-related fraud. It also means when the card details change, these are automatically updated to ensure payments continue.
Common questions on Network Tokenisation
Tokenisation is where a customer’s payment card information is transposed into a random string of characters (called a token) that has no relevant value if breached. From the moment a transaction is initiated until it reaches the bank, the data remains as a token. Eway uses tokenisation as part of our payment processing.
Our customers already enjoy tokenisation as a feature of taking payments with Eway. Once their customers save their payment details during checkout, they won’t need to re-enter their details again. Our token feature is designed to improve sales with reduced cart abandonment, drive repeat purchases and streamline the checkout experience. These payment tokens are securely stored on Eway’s systems and are only meaningful to Eway’s transaction processing. If a card expires, the token may be invalid and the merchant then needs to contact the customer for new payment details.
Network tokenisation extends the benefit of using tokens. A customer’s card credentials such as the Primary Account Number (PAN) and expiry date are replaced with a unique network token, which enables automatic card detail updates when changes occur to allow payments to continue. This includes when a bank issues new cards to customers due to expiry or if a card was lost or stolen. This means, Eway merchants no longer need to seek out the new payment card details from their customers.
Network tokenisation will strongly appeal to online businesses that offer subscriptions where declined transactions occur as result of changes in their customer card payment information e.g. expiry date, lost/stolen cards. Merchants who may not have their customers on subscription-based arrangements can still benefit from automatic updates of stored cards on file for single purchases by improving cart conversions from expired cards. In addition to greater security and trusted transactions.