Tokenization gives merchants the ability to securely store payment information for future use. By saving a customer's payment method as a token, merchants can schedule card-on-file (CoF) charges and set up recurring payment plans. Tokens protect sensitive data, simplify PCI compliance, and never expire. Each token retains the customer’s address and other details to help reduce transaction declines caused by mismatched information. You can also store multiple tokens per customer to support multiple payment methods.
View the following articles for details on implementing payment method tokenization and CoF payments:
The movement of funds between a customer (cardholder or eCheck account holder) and a merchant to purchase a good or service.
The process of replacing sensitive payment method information, such as card numbers and checking account numbers, with a unique Payrix Pro platform token to enhance security for transactions and streamline future customer purchases or recurring payments.