Understanding Credit Card Tokenization

Credit card tokenization is a simple term used by the credit card software and payment systems to enhance security. Tokenization has become quite popular in the technology implementation and it is also a buzzword. Although tokenization can have different uses, payment is one of the most common uses of the same. 

We have seen a drastic rise in mobile payments and so, there is a need to increase security of such payments and so tokenization has become quite popular. 

If you have talked to the alternate payment providers in the past, you must have heard this term more than once. 

In payments, tokenization lets the users securely store their credit card data in mobile wallets, online stores, and POS terminals making it so they do need to continually enter their credit card information during their future purchases. 

In a nutshell, tokenization is the process of protecting credit card data by replacing the data with a randomly generated number called token. Thus, tokenization replaces the credit card details to help secure any kind of sensitive data during the credit card transactions. 

Many people confuse tokenization with encryption but that is not right. Encryption is a process to encrypt cardholder’s data and decrypt it when the data needs to be used. 

Tokenization enjoys a number of benefits and if you have used tokenization earlier, you must have realized those benefits as well. Talk to your alternate service providers to know more about tokenization. You can talk to our team and we will help you.

How End-To-End Tracking Benefits Your Cross-Border Payments

In this article we are going to talk about some of the ways in which end-to-end tracking helps your cross-border payments. If you are looking for Alternate Payment providers, consider Noire Pay.

The benefit of being able to track things in our day-to-day life is something that is well understood and felt. For instance, booking an Uber ride today also allows us to successfully track the location of the ride and how far it is from the pick-up point and based on that real-time data we can easily experience the ease with which we can manage our time.

This is no different in the case of online businesses and how transactions take place. Customers today tend to expect a similar set of transparency and certainty of the business transactions they make. This is true even more so where the amount of money involved in the transaction is significantly large. And in this world of high degree of digitalisation and data monitoring and processing, it is no longer a surprise that customers want to keep track of all the payment the make end-to-end till the funds have reached the recipient’s hands.

This is where end-to-end tracking services of cross-border payment comes into the picture. With end-to-end tracking you can unlock complete visibility for your customers to go through their funds across the corresponding network. Customers can actually identify delayed payments only in a matter of minutes. Another major benefit of this is that it can easily boost your operational efficiency.

High-Risk Merchant Account UK – What is it And How to Apply?

A high-risk merchant account in the UK is a payment processing agreement that is customized to suit a business that is believed to be high risk or is functioning in a trade that has been regarded as such. The merchants typically require paying higher fees for services, which adds to their business cost, affecting ROI and profitability, particularly for firms that were re-categorized as a high-risk trade and were not ready to handle the operating costs of a high-risk merchant. Certain companies specialize in operating with high-risk merchants by providing faster payouts, competitive rates, and lower reserve rates, which mainly aim to draw companies that have difficulties locating a place to carry out business.

Merchant account

A merchant account is like a regular bank account but operates more like a credit line that allows an individual or company to get payments from debit and credit cards utilized by the clients. The bank that offers the merchant account is known as the “acquiring bank,” and the one that delivered the credit card of the consumer is known as the “issuing bank”. One more significant element of the processing cycle is the gateway that deals with transmitting the information of the transaction from the client to the merchant.

How to apply

When you apply for a high-risk merchant account UK with a payment processor or a bank, there are numerous factors to take into account prior to picking a specific merchant account provider. It is possible to discuss lower rates, and you should request several quotes prior to selecting a high-risk account provider to utilize for your processing requirements.

NOIRE offers a payment gateway and merchant account to get you started on online payment processing in one simple agreement. They offer the greatest level of fraud protection utilizing the most advanced and latest risk management technology.

Which Businesses Are Going To Need Multiple Payment Providers?

 Any business will need multiple payment gateways for the following reasons: 

• Decrease fees.
• Offer alternative payment methods. 
• Decrease the decline ratio
• Offer better customer experience. 
• Increase your geo.

Having multiple payment providers can be beneficial. Although, your business may not need it. You may be dealing with forex payouts or something else, let us tell you if you need a multiple payment gateway for your concern.

1.Multiple payment providers are good for medium and large businesses with average monthly volumes starting at $50K. Higher monthly volume will require flawless transaction flow and dozens of alternative payment methods to meet the needs of the customers all over the world. In addition to this, these businesses must always have a backup gateway to process their payments in case the main one crashes.

2.Businesses with multiple GEOs are going to require multiple payment providers. If your business in targeting different people from different countries or locations, you need to have several payment providers to offer local and alternative payment methods. This will also grow the customer loyalty and, as a result, conversion rates.

3.You will need multiple payment gateway if you are willing to increase your approval ratio. In case of forex payouts, if you want to increase your deals, you will need these multiple payment gateways. 

Besides these, a high-risk business is also going to need a payment gateway. If you need one, you can always reach out to us.

Alternative Payment Methods – Who Needs Them And Which Ones To Choose?

The non-cash transactions are increasing in the entire world, and the numbers are not going to settle so soon. We do not want to argue here and the world is steadily moving towards becoming cashless. And that is why, non-cash and alternative payment methods are coming into play.

Yes, we are using non-cash payment methods everyday and every business needs to understand this. These non-cash payments are made with alternative to cash payment methods. If you are looking for these payment methods for your business, you need to get in touch with alternate payment providers like NOIRE. The most popular non-cash payments are carried out with debit and credit cards. However, with the advancements in financial technologies along with new cutting-edge payment methods like cryptocurrencies, e-wallets, ad mobile payments apps are taking the lead.

These non-cash payments are not only popular in businesses but also among the young population as they are more tech-savvy. An older generation is realizing the convenience, and so, they are shifting to non-cash payments as well. 

If you are still dubious about choosing an alternate payment gateway, here are some benefits:

• It increases your conversion rate. When you offer a variety of payment methods to your customers, they are bound to stick to you.
• With more and more payment options, you can expand your online presence. Choose a good alternate payment provider and it will help you expand the horizons of your business.

If you need more help, talk to us.