What Is Tokenization?
Security is paramount when dealing with customers’ payment and personal data. Between growing concerns over security and the legal standards in place, many restaurants now rely on tokenization to lock down sensitive information. Basically, this technology turns private information, like payment details, into virtual “tokens” that have no intrinsic value. However, they do translate into meaningful data points when they arrive at their destination.
Tokenization is part of an industry shift toward cloud computing. The cloud gives you easy access to your files no matter where you are, so businesses love the convenience. Cloud-based systems also cost less in labor, operational and maintenance expenses. That’s why the cloud is one the biggest users of tokenization; it offers fast and reliable service, always. Yet as more people shift toward digitization, customers worry about the safety of their payment data. That’s where tokenization comes in, by replacing their information with a secure token that protects from hacking. Even if someone did hack the token, it doesn’t mean anything by itself in the cloud.
Organizations also need to be PCI compliant and abide by HIPAA privacy standards to secure private information. Tokenization keeps you worry-free by doing both.
What It Does for Restaurants
From payment security to account authentication, transactions are all-around safer when you use tokens. That’s why it’s becoming so popular, since it benefits customers and the business too. Moreover, it frees up mental space for overhead since you don’t have to worry about keeping data secure or staying up-to-date with outside services that protect your storage. Instead, your focus goes to running a better business.
Meanwhile, the whole restaurant operates smoother. You can auto-charge credit cards on file, or alternatively the guests can more easily reorder their favorites if they connect a contactless payment method to their account. Essentially, tokenization makes it less arduous to comply with necessary regulations and allows for digital signatures, as well as making the whole process more secure—for everyone.
For cloud-based security, you need the smartest in cloud-based Point of Sales. Advanced systems protect customer data while creating and analyzing their profiles, to give the restaurant crucial insight into what’s selling and when the most loyal guests stop by. All this helps you make better business decisions to create a stronger restaurant moving forward.
