Many merchants mistakenly belief that they need to store credit card information for recurring billing, refunds, chargebacks, customer service, marketing & analytics. This is a mistaken belief based on legacy systems and financial capabilities, advanced eCommerce and tokenisation services negate the need for merchants to store financially sensitive credit card information while enhancing support, processing and administrative functions.
IP Solutions offers two solutions for recurring billing:
- The first being tokenisation, whereby clients replace all of the client side credit card data with non-financially sensitive tokens. Clients then send batch payment files to IP Solutions with the surrogate value or token to securely initiate payment. Please note tokens cannot be reverse engineered.
- The second option is to use our cloud based automated recurring payments engine, whereby staff create customer records, assign payment instruments to each customer and then set a recurring payment schedule for each customer. The system then securely stores all of the details in the cloud (Australia) and automatically processes the payments as per the pre-defined schedule.
Please note our services can securely store and tokenise a diverse range of data, the most common being BSB / bank account details and credit card data, others examples being business details, customer details and scanned forms…