Increasingly adopted by merchants and merchant aggregators, network tokens reduce exposure to card data compromise and significantly improve authorization rates. Spreedly’s Network Tokenization, which is powered by Mastercard’s MDES for Merchants (M4M), lets customers leverage their choice of network token or a secure, vaulted primary account number (PAN) token, as Spreedly can store both.
This combination offers merchants the flexibility to take advantage of network token transactions on supported gateways and still continue transacting with other payment service providers (PSPs) or acquirers that are developing network token capabilities. It also benefits customers by making shopping quick and easy; after initially entering their details, they can simply click to complete future purchases.
“Network tokens help businesses ensure the highest success rates possible, decrease fraud, and ultimately improve their customers’ experience. Spreedly’s agnostic approach to offering network tokens that are compatible with any payment service provider gives merchants and merchant aggregators the flexibility they need,” said Randy Guard, chief product and marketing officer, at Spreedly.
Network tokens also securely store cardholder data, narrowing the scope and cost of Payment Card Industry Data Security Standard (PCI-DSS) compliance. Organizations that bill periodically for goods, subscriptions, and installment payments gain higher authorization rates by keeping payment methods evergreen.
“Network tokens are a powerful way for digital businesses to improve authorization rates while also driving additional security for cardholders. With M4M, we’re helping merchants and consumers alike prioritize safe, secure, and frictionless payments experiences,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
Learn more about Spreedly’s Network Tokenization solution here.