IRVINE, Calif., Oct. 27, 2015 /PRNewswire/ -- Award winning merchant services provider, Century Business Solutions, has announced plans to increase its tokenization processing capacity twofold by the end of Q2 2016. Tokenization technology, currently offered by only a handful of payment processors, substitutes sensitive customer payment-card information with securely generated digital vouchers, or tokens. The advanced payment solution prevents card information from being stored in its original format, rewarding would-be hackers with only unusable tokens as currency. An early pioneer in the development of tokenization, the California based credit card processor provides integrated payment processing solutions for ERP accounting systems.
The announcement is seen by U.S. industry analysts as an aggressive step towards combating security shortcomings associated with the recent introduction of Europay (EMV) smart cards. Based on Europe's prior experience with EMV, security experts are predicting a dramatic fraud increase in ecommerce and other "card-not-present" (CNP) transactions as the new technology is implemented across the country. Scott King, V.P. of Sales at Century Business Solutions, commented on the timing of the announcement, "There is no doubt EMV technology is drastically reducing credit card fraud at your local retailer. Unfortunately, crooks are adapting and quickly migrating towards areas where (EMV) chips provide little protection, such as online and other card-not-present transactions. Tokenization eliminates that vulnerability."
Aside from drastically reducing fraud, Tokenization also provides an additional financial benefit to merchants. With tokens stored exclusively within the Century Business Solutions payment gateway, the legal burden of security shifts entirely from merchant to credit card processor. Consequently, this liability switch lessens strict Payment Card Industry (PCI) requirements imposed upon merchants, resulting in substantially lower payment processing costs without sacrificing security to the consumer.
About Century Business Solutions:
For over ten years, Century Business Solutions has developed and provided technology based merchant services solutions to businesses across the United States and Canada. Century Business Solutions' merchant services offer fully integrated payment processing solutions for all major ERP/Accounting systems, including QuickBooks, Sage ERP products, SAP b1, Microsoft Dynamics, NetSuite, as well as major online shopping carts, including Magneto and Woo-Commerce. A pioneer in the credit card tokenization technology field, Century Business Solutions has launched EBizCharge, a proprietary payment gateway designed to drastically reduce fraud exposure for U.S. and Canada based merchants via exclusive tokenization technology.
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SOURCE Century Business Solutions