A payment vault is an encrypted storage solution that securely stores credit and debit cards and other payment information for a customer’s future transactions. This feature helps speed up checkouts while keeping key consumer payment information secure.
With India’s eCommerce market booming, merchants are looking into checkout experiences that provide their customers with opportunities for speedy and secure online payments. Secure online checkout solutions enable your customers to make purchases safely and securely. Smart merchants continue to look at secure checkout solutions like Shiprocket Checkout, which allows their customers to pay via vaulted payment methods.
This blog will examine the practical aspects of a payment vault, how they function, and why including one in your eCommerce store’s checkout process is necessary in today’s environment.
Understanding the Fundamental Idea Behind Token Vault
A payment vault, or token vault, is a digital service that securely retains sensitive payment data, such as credit or debit card information. Alternatively, secured payment vaults retain payment information as a newly created token, a random string that replaces sensitive information. This token may be used for subsequent transactions without revealing the original card information.
Payment vaults depend on a process called tokenisation. When a customer enters their payment information, it is encrypted and sent to a secure vault. The vault then provides a token to represent the original information. The token is stored on the merchant’s system, while the payment data is locked in the payment vault.
This means that if a breach does occur, hackers cannot use the tokens, as they provide no value, unless they have access to the vault.
How Businesses Implement Vaults for Smoother Transactions
Integrating a payment vault into platforms is essential. Follow the steps listed below to integrate the vault:
● Customer Consent and Entry: Customers are asked if they would prefer to save their payment information during the first transaction. Upon consent, the payment information is sent to the vault.
● Tokenising Payment Info: The vault takes and tokenises the payment information, providing the merchant a unique identifier or a ‘token’.
● Securely Stored Token: The merchant stores the token but does not store the payment information (also called protected payment information (PCI)) and complies with regulations like PCI DSS.
● Easy to Complete Repeat Transactions: The next time the same customer makes a transaction, the vault will use the stored token to retrieve their original payment information and enable one-click checkout.
Shiprocket Checkout also makes completing your vault integration easy by providing clear use-case-driven APIs that make it quick to put together the first implementation.
This makes the onboarding of the payment vault a straightforward process for online sellers and allows them to spend more time focusing on successfully growing their business instead of worrying about tedious implementation work around templates, and worrying about security.
Real-World Benefits of Payment Vaults for Merchants
Adopting a payment vault system provides eCommerce merchants with several benefits:
● Faster Checkout Experience: For returning customers, purchasing takes only a few clicks and does not require re-entering card details on repeat purchases, reducing cart abandonment.
● Enhanced Security: Because the merchant’s servers do not retain sensitive data, the threat of a data breach is greatly reduced.
● Customer Trust and Loyalty: Safe and quick checkouts promote a pleasant shopping experience and encourage repeat purchases. Users are less likely to return to companies that make them worried about the safety of their data.
● Regulatory Compliance: With a payment vault, such as Shiprocket Checkout’s PCI DSS-compliant solution, becoming PCI DSS compliant is easy and convenient for businesses, not to mention necessary to avoid hefty fines.
● Reduced Operational Costs: Safeguarding sensitive payment details is not cheap, and organising the security infrastructure is quite costly. Payment vaults help merchants save costs on the same.
Why Indian Businesses Prefer Shiprocket Checkout for Secure Payments
India’s exploding digital economy requires versatile, safe, and hassle-free payment products. Shiprocket Checkout is a preferred choice for Indian companies looking for these features.
- Seamless Integration
Shiprocket Checkout offers easy-to-use APIs and plug-ins allowing quick integration with leading platforms such as Shopify, WooCommerce, and Magento.
- Built-in Payment Vault
It features a state-of-the-art payment vault for tokenised payments, which can handle repeat customers and subscriptions without sacrificing security.
- Multi-Payment Options
Shiprocket checkout offers various payment methods, including UPI, wallets, credit/debit cards, and net banking, to provide wider choices for Indian consumers.
- Localised Support
With an Indian merchant’s focused, dedicated customer service and technical support, businesses get immediate assistance as and when required.
- Scalable and Cost-Effective
Whether you’re a startup, a new online seller, or a growing brand, Shiprocket Checkout grows with you and gives you the best price without any extra special costs.
Through a mix of security and convenience that scales, Shiprocket Checkout allows Indian merchants to offer a top-tier payment experience devoid of hassle and complexity.
Conclusion
With the expansion of the eCommerce industry, customer demands are growing. Customers expect faster deliveries and secure payment options. The payment vault is essential to cater to these customers and to boost your business’s success.
Payment vaults strike the ideal balance of ease of use and security, reducing friction and liability during payment. They contribute to increasing conversions, establishing customer trust, and maintaining compliance with worldwide payment standards. For Indian eCommerce companies, Shiprocket Checkout is an end-to-end solution, enabling businesses to handle their payments through a seamless payment flow and advanced vault technology.
Provide customers a better shopping experience while keeping their information secure with payment vaults.
