Most businesses, especially those providing custom or time-intensive services such as tailored clothing, custom home renovations, and medication compounding, need to store credit card details without charging immediately. This process is known as authorization hold or card-on-file storage.
Card-on-file storage is crucial for several reasons. It ensures commitment from customers, thereby minimizing the risk of non-collection or cancellations, and it allows for seamless and efficient billing once the service or product is ready.
However, storing credit card information poses significant security issues. Managing sensitive payment data makes businesses vulnerable to data breaches and requires adherence to stringent PCI DSS regulations. Without adequate security, companies risk legal, financial, and reputational harm.
To mitigate these risks, many businesses use tokenization, which replaces sensitive card information with a secure token. This token is used for transactions, reducing the risk of breaches and ensuring PCI DSS compliance.
Tokenization is the process of substituting sensitive data, such as credit card numbers, with unique identification symbols known as a token.1 It works by taking sensitive information, encrypting it, and generating a random string of characters to represent it.
This token is then used in transactions, ensuring that the actual data remains secure and is stored in a protected token vault. To achieve this, many businesses turn to a Token Service provider (TSP).
Merchants choosing a TSP should focus on strong security measures like encryption and PCI DSS compliance. Seamless integration with existing systems is crucial for smooth implementation.
Additionally, scalability is key to supporting business growth and increased transaction volumes, while omni-channel support ensures secure transactions across online, mobile, and in-store platforms. Here are our top TSP picks:
| Provider | Key Features | Ideal For | Pricing Plans |
| TokenEX | • Advanced Tokenization • Strong Encryption • Secure Data Vaulting • Effective Key Management • Processor Flexibility • Optimized Payment Processing | • Businesses needing comprehensive data security. • Organizations looking to reduce compliance costs. • Companies requiring flexible integration with existing systems. | $1,000 – $6,000 per month |
| Bluefin | • Point-to-Point Encryption (P2PE) • Tokenization Services • PCI Compliance • Seamless Integration • Comprehensive Data Security • Fraud Reduction | • Companies seeking enhanced payment security. • Businesses needing to comply with PCI DSS. • Organizations looking for versatile integration with multiple payment platforms. | ShieldConex: Detailed pricing not available online. Contact Bluefin for customized pricing. |
| Thales | • Advanced Encryption • Versatile Tokenization • Access Management • Compliance Facilitation • Scalable Solutions • Flexible Deployment • Multi-Platform Support | • Large enterprises with diverse security needs. • Organizations requiring both cloud and on-premises solutions. • Businesses across various industries needing robust security and compliance. | Specific pricing plans are not provided online. Contact Thales for customized pricing information based on specific business needs and scale. |
TokenEx is one of the leading cloud-based tokenization service providers. It specializes in securing sensitive data through tokenization, encryption, data vaulting, and key management.
TokenEx integrates four critical technologies: tokenization, encryption, data vaulting, and key management. These technologies enable essential features such as omnichannel support and seamless tokenization and detokenization, enhancing data protection and compliance for businesses across different channels.
Key Features
TokenEx stands out due to its ability to significantly reduce PCI scope by up to 90%, providing substantial cost savings.
Its flexible integration capabilities and robust security measures make it a top choice for businesses looking to protect sensitive data and streamline compliance. Its key features include:
Pricing Plans:
| Plan | Price | Annual Operations | Features |
| Entry | $1,000/month | 300,000 operations/year | Basic tokenization and encryption, secure data vaulting, access to test environment. |
| Growing | $3,000/month | 1,200,000 operations/year | Includes all Entry features plus increased operations, and enhanced key management. |
| Expansion | $6,000/month | 6,000,000 operations/year | Includes all Growing features plus advanced processor flexibility, and optimized payment processing. |
Bluefin is one of the leading providers of secure payment processing solutions, specializing in point-to-point encryption (P2PE) and tokenization services.
In addition to Bluefin’s secure tokenization services, they also use P2PE technology, which encrypts card data at the point of entry. This means that sensitive payment information is protected from the moment it is captured, significantly reducing the risk of data breaches and ensuring high levels of security throughout the transaction process.
Key Features:
Bluefin’s key features are designed not only to enhance payment security and streamline compliance but also to provide versatile integration with a wide range of payment systems and software. Here are some of Bluefin’s standout features:
Pricing Plans:
ShieldConex is Bluefin’s faultless PCI-compliant tokenization solution designed to protect customer payment data and associated sensitive information (PII/PHI) throughout the entire customer journey.
Unfortunately, they currently do not provide detailed pricing plan information on their website. For customized pricing tailored to your business needs, it is recommended to contact Bluefin directly through their contact page.
Thales (formerly Gemalto) provides comprehensive security solutions, which include tokenization, encryption, access management, and multi-factor authentication.
Thales provides flexible deployment options, offering both cloud and on-premises solutions to meet diverse business needs. Their tokenization solutions are designed to be versatile and applicable across various industries such as finance, healthcare, and government. This allows for seamless integration into existing systems, enhancing data security and compliance with industry standards.
Pricing Plans:
Currently, Thales does not provide specific pricing plans for its tokenization solutions directly on its website. Pricing is customized based on the specific needs and scale of the business.
To get detailed pricing information tailored to your requirements, it’s best to contact Thales directly.
As more people fall victim to data breaches, tokenization is becoming as crucial as ever. This process significantly reduces the risk of data breaches, ensuring that sensitive information remains protected even if intercepted.
Choosing the right token service provider is essential as it ensures seamless integration with existing systems, compliance with industry regulations like PCI DSS, and robust data security measures.
TokenEx is a top choice for those seeking comprehensive data security and significant PCI scope reduction, ideal for businesses focusing on compliance and flexible integration.
Bluefin Payment Systems excels in providing secure payment processing through point-to-point encryption and seamless integration, which is perfect for companies needing robust payment security.
Thales offers extensive, versatile solutions suitable for large enterprises across multiple industries, ensuring robust protection and compliance with flexible deployment options.
At Wisevu, in addition to developing engaging content strategies, we also help our clients understand the critical aspects of security and tokenization. Partner with us today and we’ll work closely with you to enhance your data protection measures.
Sources:
Ratings: 4.1 Stars (Capterra) | 4.1 Stars (GetApp) Booker by Mindbody is a prominent CRM…
Affiliate marketing software offers a smart and convenient solution for businesses to refine their marketing…
For medical practices, where a single client’s experience relies on multiple team members working in…
When creating and optimizing a website, one of the most important factors that some businesses…
One of the biggest challenges in creating an effective healthcare marketing strategy is recognizing that…
As more women become increasingly interested in vaginal rejuvenation, having appropriate and professional vaginal rejuvenation…