Making Payments Strategic: Three New Products for Card Lifecycle Management 

Finding the perfect payment service provider, one with low rates and fees that offers every capability you need, is a thing of the past. For businesses looking to optimize their revenue, strategic payment processing has never been more crucial. At TokenEx, we know diversifying payment channels isn’t as simple as it may sound; using multiple payment service providers can add complexity and create compliance issues. That’s why we’re leading the charge with a series of groundbreaking updates to our Universal Tokenization Platform. These enhancements promise to revolutionize card lifecycle management, elevating merchant security, ensuring PCI compliance, and ultimately boosting revenue. In this blog, we’ll look at the leading research on strategic payment processing and then outline three TokenEx tools designed to support success.  

The Importance of Strategic Payment Processing 

Recent insights from both Gartner and MRC highlight the importance of treating payments as a strategic focus, presenting opportunities to not only enhance customer experiences but also increase profitability and acceptance rates. According to Gartner ®, digital commerce payment technologies should “Treat payments as strategic, and create opportunities to increase revenue and profit by managing the payment experience and increasing acceptance rates.”¹ 

Part of this strategic approach involves leveraging multiple payment processors, a trend which is on the rise for many merchants. According to the Merchant Risk Council (MRC) 2023 Global Ecommerce Payments And Fraud Report, merchants now leverage an average of 3.9 payment processors.  

How Card Lifecycle Management Enables Strategic Payments 

While the desire to diversify payment channels is clear, the resultant complexity can stifle growth and present compliance hurdles. This is where TokenEx Universal Tokens shine, eliminating the need to juggle multiple tokens from various providers. Moreover, they shield payment card information, preventing any exposure of primary account numbers (PAN) during internal analysis or in the unfortunate event of a data breach. The upshot? A potential 90 percent reduction in the scope of PCI compliance. 

Hetal Giaimo, SVP of Product & Technology at TokenEx, underscores the significance of developing these strategic tools: “As payment experts, TokenEx understands that the success of our customers starts with a payment strategy focused on security, compliance, and revenue. Market trends require merchants to work with multiple payment providers, which can be time-consuming and expensive, but TokenEx alleviates this complexity to ensure our customers maximize their authorization rates and revenue while minimizing the burden of PCI compliance.” 

Fernando Flores, IT Director at VIVRI, attests to the transformative power of TokenEx: “Using TokenEx gives businesses an opportunity to increase revenue, open new markets quickly, grow their businesses, have better market share, control their payment processing, and partner with a safe technology company that covers all the different security standards.” 

Three Products for Card Lifecycle Management 

Proactive Card-on-File Updates 

The TokenEx Account Updater empowers merchants to stay ahead of the game by proactively updating expired, lost, or stolen payment card information on file. This not only maximizes the profitability of recurring transactions but also ensures customers are spared the frustration of unintended service interruptions. 

With TokenEx Account Updater, you’ll send TokenEx a CSV containing the cards you want to check for updates. TokenEx will route them to the appropriate card brands and send you the refreshed payment data. 

Optimized Transaction Routing 

With the TokenEx BIN Lookup, critical payment card data is provided to streamline payment transactions. The result? Increased authorizations, reduced fraud, and lower processing costs. 

Reduced Interchange Fees and Enhanced Authorization Rates 

TokenEx Network Tokens revolutionize the game by provisioning network tokens directly from card issuers. This translates to reduced interchange rates and amplified authorization rates. 

TokenEx requests network tokens on behalf of their customers to prevent the exposure of raw cardholder data in their systems. Then, when clients need to use network tokens in transactions, they send them back to TokenEx to be delivered with the cryptogram to the clients’ gateways for authorization. 

See for Yourself: Complimentary Access to The Account Updater Calculator 

To further empower merchants, TokenEx has also introduced the Account Updater Calculator. This invaluable tool allows businesses to assess the revenue potentially at risk due to outdated information. 

Account Updater Calculator

Start your Strategic Payment Journey Today 

TokenEx products can optimize your payments and ultimately increase your revenue. If you’re interested in reducing interchange fees, increasing authorization rates, or maximizing revenue from recurring transactions, TokenEx products can help you reach your strategic payment goals.  

If you want to learn more about strategic payment processing, you can start by reading about the TokenEx Account Updater Tool here. If you’re interested in discussing our products with a member of the TokenEx team, see our products in action and start your strategic payment processing journey with TokenEx. 

1. Gartner, Market Guide for Digital Commerce Payment Vendors, Dayna Radbill, Akif Khan, 2 December 2022. ↩︎

Disclaimer: GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.