June 25, 2009
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News: BluePay Goes With Tokenization
Businesses BluePay, a full service Tier 1 merchant processing servicer based out of Naperville, Illinois, has instituted the tokenization process in their credit card and electronic payment processing system. The company which boasts to provide the "highest level of data security in the industry," has moved the bar even higher with the new system. Tokenization is an electronic credit card processing system that utilizes a string of unrelated characters to represent the card information during the exchange of data over the internet between merchant and lender. Tokenization takes security of credit card processing to the next level and minimizes costs. The process extends beyond the Payment Card Industry's (PCI) requirements which have standardized consistent data security across the globe. Tokenization provides the highest level of security in storing cardholder information during a single transaction or recurring billing.
During the credit card transaction, an initial request is made with card number which is converted to a string of characters, the token, and the last four digits of the card number. The token represents personal cardholder information and data specific to the current transaction. When the transaction has been either approved or denied, the token is returned to the point of sale (POS) with the authorization code without the credit card information. Since the card information is not stored in the data system, it makes it virtually impossible for hackers to gain access of sensitive card information. The process provides customers' with greater peace of mind while offering merchants maximum security at lower costs.
BluePay complies with all PCI requirements with continual updates to remain an industry leader. Tokenization moves BluePay's data storage security above and beyond the PCI standards. The company provides a wide range of products and services to assist clients with credit card and electronic check processing, recurring billing, payroll management, and electronic billing. BluePay will assist clients in integrating their current processing and accounting procedure with the new upgrade.