How does tokenization work?
Tokenization often begins it's life as a normal regular credit card transaction. For a moment, consider a normal online purchase where you go to a website, add things to your cart, and then go to the checkout to pay. You will be asked to type in your credit card Payment Gateway information. At this point it's the exact same as any online / e-commerce sale.
The differences start once the transaction is submitted. After the sale is completed you might want to store that card for future use, and this is where credit card tokenization begins.
In other situations you might not want to process a credit card upfront, but want to tokenize a card for other reasons. For example, you might be signing up for an online service in which the first month is free. In these cases the customer will type in their credit card number during the sign-up process to create a token that can be billed later. To do this you would submit a $0 transaction is processed which is often called a "verify request". Behind the scenes your payment processor will contact the issuing bank to ensure the card is valid, but no charge will be placed to the card.
Once a card is confirmed to be valid it can be tokenized. Regardless of whether it's being tokenized from a regular e-commerce sale, or if it's initiated from a verify request, the ultimate point is to get a response back from the card issuer to determine if the card is valid.
Once the credit card is confirmed a token will be created. The token is a number that is linked to that specific credit card. For clarity, the token number isn't a credit card number. It's just a reference number to that credit card. The company that is tokenizing your data (storing your credit card numbers) knows which token numbers refer to which credit cards.
Any time you want to bill that card in the future you can reference the token number. You've managed to store credit card numbers without actually having the sensitive information on your system!
The differences start once the transaction is submitted. After the sale is completed you might want to store that card for future use, and this is where credit card tokenization begins.
In other situations you might not want to process a credit card upfront, but want to tokenize a card for other reasons. For example, you might be signing up for an online service in which the first month is free. In these cases the customer will type in their credit card number during the sign-up process to create a token that can be billed later. To do this you would submit a $0 transaction is processed which is often called a "verify request". Behind the scenes your payment processor will contact the issuing bank to ensure the card is valid, but no charge will be placed to the card.
Once a card is confirmed to be valid it can be tokenized. Regardless of whether it's being tokenized from a regular e-commerce sale, or if it's initiated from a verify request, the ultimate point is to get a response back from the card issuer to determine if the card is valid.
Once the credit card is confirmed a token will be created. The token is a number that is linked to that specific credit card. For clarity, the token number isn't a credit card number. It's just a reference number to that credit card. The company that is tokenizing your data (storing your credit card numbers) knows which token numbers refer to which credit cards.
Any time you want to bill that card in the future you can reference the token number. You've managed to store credit card numbers without actually having the sensitive information on your system!
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