It seems that every day, another store is accepting some form of mobile payments. Yet, the news isn't full of stories about security breaches related to them. This isn't because mobile payment providers are mysteriously silencing the reporting. Instead, it's because there are very few, if any, stories to report. How can this be?
Tokenization is a relatively new technological development that allows for unprecedented security in electronic payments. It allows a unique number to be generated for each transaction or website instead of relying on static account numbers. This makes it so that even if a criminal "sniffs" the number from the payment system, it will do him no good. The number expires once the transaction is through, rendering it useless to the would-be thief.
Unlike some prior attempts at improving security, tokenization causes no inconvenience to the customer. The "mechanics" all take place on the back-end, so the customer is able to complete a transaction as usual. In fact, tokenization works very well with mobile payment systems, in-house payment programs, and other such modern options. Because of this, stores and financial institutions don't have to worry about pushback from customers. Consumers will instead be eager to use the new, more-secure system.
Getting in on It
In order to use the new payment acceptance systems, stores and financial institutions need to have the right equipment and programming. That's where Netclearance's mBeacon products come in. mBeaconPay is a payment terminal that not only can handle standard credit cards, but also cryptocurrency payments, private-label closed-loop payment systems, and tokenization. Its sister product, mBeaconPay Plus, works on tablet-based systems so you can be mobile as you do business. A related product, mBeaconSAM, upgrades existing card reading terminals to accept mobile wallet payments and other modern payment options.
To learn more about Netclearance and how we can help you gain the full benefits of tokenization, just contact us. We'll be glad to work with you.