Benefits of using tokenisation for payment security

Tokenisation is the process of generating a random string of values (known as a unique ID number or token) to substitute sensitive data like payment details. 

Using tokenisation, businesses can offer a smooth and secure method of taking payments that allows increased protection against payment fraud. 

So how does it work? In essence, cardholder data is stored in a secure token vault that can only be accessed by the payment provider; consumer data is tokenised immediately upon making payment so their actual card data never passes through payment systems. 

What’s the difference between tokenisation and encryption?

When talking about tokenisation, many people think of encryption. However, tokenisation offers significantly greater security than encryption, quickly becoming the industry-leading method of securing data for payment processing. Here are some of the key differences: 

Encryption:

  • Mathematically generates cipher text using an algorithm and key
  • Format preservation means lower security strength
  • Encrypted data leaves the organisation

Tokenisation:

  • Randomly generates a value for plain text
  • Format maintained without any loss of security
  • Encrypted data remains within the organisation, allowing heightened security

Benefits of using tokenisation for payment security

Reduced impact of a potential data breach

While we hope it won’t happen, data breaches are all too common in businesses and industries across the board. You don’t have to be a large corporation to become a target, either. In fact, SME’s are often recognised for their inferior systems security, making them a primary target for hackers. 

Using tokenisation, however, sensitive data like credit card numbers aren’t accessible during a  breach. This is due to the fact that data is stored as tokens, and are therefore unusable to anyone but your organisation. So while tokenisation may not be able to protect your business against a breach, the financial impact will be significantly reduced by using tokenisation for data security. 

 

Protect your reputation and build trust

As a business, your reputation is arguably your most valuable asset, one that can take years to build yet an instant to destroy. To ensure your reputation remains intact, building and maintaining trust among your customers is absolutely critical.

Particularly for online businesses, customers need to have significant trust in your ability to protect their data in order to feel comfortable making a purchase.  

Tokenisation helps businesses to build and maintain this trust by demonstrating a dedication to data security. As the most impenetrable method of protecting payment data, consumers feel confident that their card details are safe and your business maintains a reputation of putting customers first.

 

Compliance with the Payment Card Industry Data Security Standard (PCI DSS)

To ensure security of cardholder data, any business accepting, processing, or storing card details must be compliant with PCI-DSS regulations. 

There are 12 levels of PCI-DSS requirements depending on various factors of your business – primarily, how many annual transactions you process. Regardless of your requirements, striving for the highest level of compliance is always recommended and tokenisation is a great way to achieve this. 

Of course, tokenisation doesn’t guarantee compliance. However, partnering with a PCI-compliant payment service provider to offer tokenisation means you’ll also benefit from other secure services that help you to meet your compliance obligations.

 

Offer industry-leading security with tokenisation

Tokenisation is undoubtedly the most advanced way of securing cardholder data for payment processing. If the security of your customers is paramount to your business, learn more about implementing tokenisation with a PCI DSS Level 1 certified provider like Latpay.

Latpay Security

Protecting your customer data against fraud

In the financial year to 30th June 2019, card spending in Australia grew by 4.2% while card fraud dropped by 6.9%. This sounds like a great achievement, right?

Despite the decline, card-not-present fraud still accounts for $455.5 million in losses for Australian consumers. In addition, skimming fraud and lost/stolen fraud is to blame for $18.6 million and $43 million in annual losses respectively.

For businesses acquiring merchant services through a payment service provider (PSP), you expect that fraud management capabilities will be included. Yet many businesses are unaware of what they should expect from their PSP. More alarmingly, many businesses are unaware of what they’re actually receiving.

Regardless of the payment methods you offer, your payment processing systems should deliver a certain level of security to customers. This is essential to remain compliant and for your customers to feel comfortable shopping with you.

What to expect from a competent payment service provider (PSP)
Payment Card Industry Data Security Standards

PCI DSS is an information standard for businesses taking card payments – whether in person or online. This security standard is designed to mitigate the risk of credit card fraud and make it safer to process and store card data.

There are various levels of PCI DSS requirements depending on factors such as potential fraud risk and how many transactions you process per year.

You, as a merchant accepting credit card payment, must adhere to these guidelines, which can be quite significant and difficult to manage.

To help minimise the scope of compliance obligations, many merchants turn to a PSP.

As a base measure, you should expect your payment service provider to be adhering to level 4 PCI requirements. However, a good PSP will offer you level 1 compliance – the highest and most comprehensive level of protection.

On a transactional level, your payment service provider should be conducting fraud screening to identify any fraudulent transactions. This helps to mitigate suspected skimming fraud or other large scale online attacks’ so that it puts some focus on this at a lower level.

If you’re not sure what level your PSP offers, it’s recommended that you discuss this with them to ensure you’re offering the greatest protection to your customers.

Tokenisation

While PCI-DSS is mandatory, tokenisation is an optional (yet recommended) fraud mitigation process that you should expect from your PSP.

Tokenisation is a form of encryption, whereby sensitive or personal information (such as a debit card or credit card number) is substituted with a unique ID number known as a token. As this token sequence is randomly generated, it is much more difficult to crack than standard methods of encryption.

The benefits of tokenisation are substantial. Essentially, your customer data could be compromised but deemed unusable without the proper detokenisation system.

For obvious reasons, tokenisation offers a highly secure method of preventing fraudulent activity and should be expected of your PSP.

Authentication processes

When assessing your payment service provider for fraud prevention capabilities, you should also be looking for additional authentication processes.

Good PSPs offer additional services such as automatic and human-driven analysis, ensuring they pick up suspicious activity before processing payments.

These types of measures should analyse online behaviour and purchasing patterns and compare them with available data to identify negative data matches.

To be effective, we complete this process in real-time to minimise loss to your customers.

These authentication process should also include alerts for potentially fraudulent transactions and include a support team who can assist you with denying suspicious purchase attempts.

At Latpay, your data security is our priority. To learn more about how our secure payment gateways, chat with our team today.

The best payment systems for clubs and associations

Does your club still accept cash payments, money orders and cheques?

While these payment methods might have served your organisation well in the past, electronic payments have long surpassed them as your members’ preferred way to pay.

It’s no secret that Aussies are carrying less cash on them, less frequently which means that expecting them to pay in cash can cause a disjointed payment process for both you and your members.

The answer? Go digital. To encourage quicker, more reliable payments for your club, let’s take a look at why digital payments are the way to go and how you can implement them into your club.

 

Why scale up your payment processes?

As well as offering members a fast and familiar way to pay, electronic payment systems deliver a range of other benefits for associations, organisations, clubs and societies.

Stop chasing payments

Think about how much time you spend following up members for their annual fees, uniform costs and other associated expenses. With digital invoices and reminders sent directly to your members, you’ll spend less time following up payments and more time dedicated to serving your club.

Improve cashflow for your club

Faster payments means increased cashflow for your organisation. As the primary source of income allowing you to offer your services to the community, having consistent collection of payments allows you to distribute more funds where your club needs it most.

Reduce admin time

With a streamlined online payment system, doing the books becomes a breeze. All payments that come through your electronic system will be automatically logged and tracked using an online dashboard. This means you can spend less time pouring over the figures while retaining total clarity over your club’s finances.

Hold less cash on site

 Transferring your payments to digital allows you to keep less cash on site. It also means there’s less chance of money going missing or miscalculated with everything done automatically through your payment portal. Easy! 

 

Top 3 payment systems for clubs and associations:

 

 mPOS

mPOS (or mobile point of sale) solutions are a really simple way of taking payments for busy clubs and associations. Especially for those who don’t have a website, or whose website lacks eCommerce functionality, mPOS allows you to take simple credit card payments by scanning with your mobile device.

mPOS also has really stringent security parameters, meaning your members payment details will remain safe at all times. So regardless of whether you’re in the office or walking around the grounds, taking payment via mPOS is quick, simple and most importantly, secure.

Benefits of mPOS to clubs and associations

  • Take payments on the go – no need for wires or desktop portals
  • Reduce time and resources collecting payments
  • Offer streamlined payment options to your members
  • Store less cash on site
  • Protect member payment details with the highest level of card security

 

Payment Links

As the name suggests, Payment Links allow you to collect money from your customers through a digital link. These links may be sent via text or email and even through social media accounts like Messenger, WhatsApp and Viber.

Through sending invoices directly to your member’s device, you’ll be able to collect funds faster. Payment links also have the ability to send reminder notices for unpaid invoices, reducing time and energy spent following up late payments.

Benefits of Payment Links for clubs and associations

  • Send invoices to a platform your members use everyday
  • Experience faster payments with a simple payment process
  • Reduce time and resources collecting payments
  • Offer multiple online payments that your members are comfortable using
  • Store less cash on site
  • Protect sensitive payment info with the highest level of card security

 

Hosted Payment Page

Hosted Payment Pages allow you to take payments through your website without the hassle of developing a shopping cart or checkout process. Instead, your members are redirected to a secure page to pay their fees.

With the ability to fully customise the page with your club’s colours and branding, members will never even notice they have left your site.

Hosted Payment Pages also offer top-level security and a range of familiar payment options including credit and debit cards, e-Wallets and more, making them perfect for clubs that have a website but don’t have the development capacity to build an eCommerce checkout.

Benefits of Hosted Payment Pages for clubs and associations 

  • Offer eCommerce functionality with the costs of developing a checkout system
  • Offer around-the-clock payment systems for members to pay when it suits
  • Provide a variety of online payments that your members prefer to use
  • Store less cash on site
  • Protect payment information with the highest level of card security

 

Accept club payments with the most reputable payment methods 

  • Visa
  • Mastercard
  • Direct Debit
  • BPAY
  • American Express

Ready to move your club into the future of payments? Learn more about the best payment methods and merchant services for clubs and associations today 07 5515 0402.

How to increase traffic to your eCommerce store

Increasing traffic is important for every website.

However, you don’t want just any old traffic – you want the right traffic; users who are interested in your offerings, who want to keep in contact with you and who are ready to buy.

Unfortunately, there is no such thing as a quick-fix or magic button when it comes to attracting traffic. It’s something you need to work at over time and from multiple angles.

And while it might take a bit of energy and hard work, the results far outweigh sitting back and waiting for customers to (hopefully) find you on their own.

If you’re up for the task, let’s take a look at 5 of the most tried and tested strategies to increasing traffic for ecommerce stores.

 

Build your databases (and utilise them)

Lists and databases are one of the simplest and most effective ways to increase traffic to your online store. Regardless of whether they’ve purchased from you or not, people in your lists are interested in your brand. They’ve told you this by opting in to receive communications from you.

Contact lists don’t just necessarily refer to your email contacts, either. These days, brands are forming lists on things like Facebook Messenger to keep the conversation open on platforms that matter most to their audience.

Having these lists not only keeps these prospects engaged, but it also helps you to nurture them through your sales funnel.

To help build your databases, try implementing some of the following lead generating tactics:

  • Include a form or pop up on your home page. These should include special offers like a discount or free shipping and request an email address to receive the deal.
  • Offer referral incentives to current subscribers for referring a friend
  • Offer ‘bonus’ content (like a video or how-to guide) relevant to your industry that users need to enter their details to access
  • Promote chatbot subscriptions on Facebook by running a competition or encouraging users to ask questions
  • Create a blog subscription

 

Create content for your website

Boosting your content marketing strategy was one of the most important marketing trends to come out of 2019. It’s also a really effective way to achieve better SEO, establish your authority in your industry and keep users coming back to your online shop.

When creating a blog series, it’s important to think about what your users want to know about – not what you as a business want them to know.

What is interesting or relevant to them, yet still in some way linked to your product offerings? How could you answer a question your customers have about your product while still providing value?

For instance, if you sell work out gear, you could write a blog post about staying healthy with the right food or offer the best short workouts using equipment they can purchase from you.

Not only will people looking for this type of content be more likely to find you in search engines, but you’ll also be able to share it across your social media accounts and drive your social followers back to your web store.

Guest blogging is another really cool way to keep your blogs interesting. Essentially, a guest post is written by an authority figure within your industry (such as an influencer) and posted to your website.

Promoting a blog written by a figure your audience follows is a great way to boost organic traffic to your ecommerce website and encourage users to form a deeper connection with your brand.

 

Try influencer marketing

Influencer marketing essentially means collaborating with people who influence your audience.

Beyond blogging, influencer marketing can be really effective for increasing traffic to your store. Your users see a person they look up to promoting your brand and take it as a personal recommendation about your products.

So, how do you define which influencer would be most appropriate for your brand? Research.

One way to do this is to conduct some market research to see who your audience believes to be most influential to them.

Another option is to create a list of keywords related to your products and search online for popular bloggers and related brands you could collaborate with.

If you’re taking the social media approach, search hashtags and social media accounts related to your products.

When searching for influencers, keep in mind that accounts with the largest following won’t always have the most engaged audience. If you’re not sure, have a look at their likes and comments to see who interacts with their audience the most.

 

Offer referral incentives 

Another way you can increase traffic is to utilise social proof and the word of your existing customers.

People trust the recommendations of their friends and family above all else, so it makes sense to reward your customers for promoting your brand to others.

When developing a referral program, it’s important to offer an incentive your customers are likely to value. For instance, offering a $10 discount is unlikely to encourage action if you’re selling luxury bedspreads for $500.

In short, make sure your incentive is relative to a) your product offerings and b) to the amount of effort you’re asking of your customers.

 

Run a Pay-Per-Click (PPC) advertising campaign  

Did you know that, on average, a quarter of all online traffic for online retailers comes from Google Ads?

Organic traffic through SEO and paid advertising like PPC are two really important strategies for increasing traffic to your website. However, unless you know what you’re doing, both of these things can be really hard to master.

If you’re serious about driving ready-to-buy customers back to your site, consider onboarding a digital marketing specialist who can help you audit and improve your SEO, set up your ad campaigns and track your performance through Google Analytics.

 

Beyond traffic 

It’s all well and good to attract traffic to your site, but this will mean next to nothing if you don’t provide them with a good experience while they’re there.

Click here to learn more about providing a seamless checkout experience to your customers.

Getting paid with payment links

What is a payment link?

Payment links (or PLINKS) allow you to send payable invoices straight to your customers mobile, social media account, email and other comms applications. With the ability to accept credit cards and debit cards, online banking and digital wallets through the simple click of a link, your customers will be thanking you at every bill with on-time payments deposited directly into your bank account.

Why use payment links for your business?

PLINKs are an incredibly versatile yet streamlined payment method that allows you to improve cash flow by collecting payments 24 hours a day, 7 days a week.  As well as processing transactions and accepting online payments, PLINKs have the following advantages for your business:

Get paid on time

Sending SMS PLINKs to your customers is an easy and efficient way to get paid on time, every time. All your customer needs to do is view their invoice and simply click a link to pay. No getting lost in the inbox, just a straightforward, simple process that gets you paid sooner.

Take payments from more people

Asking your customers to log in to an application or online portal to pay your invoice can be a hassle, often resulting in late or missed payments. Using latpay’s simple PLINKs, you can offer a better system that everyone can access with the tap of a button – easy!

Offer better security

As well as being an easier way to pay, our PLINKs come with world-class security backed by the highest-level PCI DSS compliance (Level 1)  as well as our revered tokenization process to ensure that all your customers’ data remains in the right hands.

Get access to a personalised dashboard

Partnering with latpay, your business will gain access to a comprehensive dashboard that allows you to create and share personalised links with your customers. With complete clarity and control of your invoices, you’ll also be able to better manage your finances and know exactly when and where the money’s coming in.

The biggest advantages of using payment links

  • Send invoices immediately via simple links
  • Receive transaction management via SMS & email notifications
  • Accept all payment types & currencies from around the world
  • Maintain PCI DSS Level 1 Compliance
  • Customise your checkout to match your business branding
  • Protect your customers with real-time fraud management

Who are payment links ideal for?

While PLINKs are fantastic for just about any business, they’re particularly beneficial for businesses looking to step into the future of digital payments without completely reinventing the wheel. Some of the businesses that benefit the most from incorporating PLINKs include:

  • Clubs, associations and organisations
  • Gyms and sports centres
  • Businesses requiring joining fees
  • Monthly subscriptions
  • Phone & utility providers
  • And heaps more!

Why partner with latpay?

Offering a truly complete and integrated payment platform, Latpay can help you discover the real value of innovative technology for everyday business. As a leading Payment and Merchant Service Provider in the UK, Australia and Canada, we deliver superior transactional, fraud management and data tokenization services to businesses all around the world.

If you’re ready to take your invoicing capabilities to the next level, chat with us today!