The 21st century vault
All merchants want to make it as easy as possible for their customers to checkout the next time they shop, ideally by remembering the customer’s payment details.
Recent statistics show that 26% of online shoppers abandon their carts when the checkout process is too long or too complicated. Another 7% will exit if the site doesn't offer their preferred payment method. One-click checkout eliminates both these problems. Customers are offered the option of storing their payment data to make it much easier to complete subsequent purchases.
The data can be held by the company at its own storage vault, but storing customer credit card data in-house is expensive and the cons of building your own data storage vault outweigh the pros.
Saving payment preferences and vaulting cards using Velocity not only means instant PCI compliance, it goes one step further by routing a payment via the optimised payment channel.
So, if a customer card gets vaulted, and that card fails via one gateway, an alternative gateway is used to process the card successfully. Routing payments made with vaulted cards also comes into play if the rates with a cross border payment provider have been reduced, to prioritise this routing over another provider.
Vaulting and tokenisation are among the most widely demanded Payment orchestration services. At CellPoint Digital we provide a secure, PCI-compliant payment vault that enables you to easily capture, store and transact utilising centralised tokenisation. It gives you the flexibility to move and adjust your vaulting strategy while managing your customers’ vital payment data.
In the next blog we’ll stay on the topic of data, and look at Payment Orchestration’s role in data aggregation and reconciliation.