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credit card tokenization

Payments Tokenization Explained: How It Works and Key Benefits for Merchants

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According to Nilson Report, credit card fraud losses reached $28.65 billion worldwide in 2019. On top of that, the U.S. is the most card fraud-prone country in the world, accounting for more than a third of the total global loss alone.

To combat credit card fraud, merchants need a foolproof way to make payments secure and protect cardholder data. They need to ensure that the data is never captured or transmitted within the systems in a human-readable format, no matter the payment method.

Common Issues Merchants are Facing and How OLS Payments Can Help

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In recent conversations with merchants they are often dealing with one or more of the following situations. A provider that either cannot provide something they need, their timeline to deploy it is lengthy, the solution is very expensive, or the solution would lock the retailer into the relationship with the provider.