How to access payments intelligence without risking data security
Security is critical when it comes to payments. Merchants that store customers’ payment information for future transactions such as recurring billing and subscription must be particularly mindful. Fraudsters are targeting these types of merchants in particular, and the number of breaches is increasing every year.
To protect their businesses, most merchants turn to security solutions that mask the payment details and Primary Account Numbers (PANs). The downside is that, while offering protection, many of these solutions limit a merchant’s access to critical payments data.
Most token solutions mask all or most of the customer’s PAN number which provides the BIN, i.e. issuer and the account range or card product. This information is crucial for understanding payment trends and characteristics; for example, spending capability and buying intentions can be inferred from the card type.
From an operations standpoint, the performance (card approvals) measured by each issuer and card product could be invaluable for a card optimization strategy (recycling, for example). How can merchants get the benefits of payments data while ensuring PAN data is not stored and all systems are secure?
Worldpay’s eProtect solution has introduced a new capability that allows businesses to leverage issuer and card data to improve payment acceptance efforts. Issuer Insights provides access to business-impacting payments data that increases your ability to increase customer lifetime value and reduce payment breakage. Issuer Insights provides you with access to data for more than 270K card products and 70K issuers -- including performance with benchmarking, card characteristics, and account updater data -- delivered in real time and batch.
eProtect provides a unique value in the token response called Account Range ID – a unique identifier for the account range, the first nine digits of the card number – and uniquely denotes a card product. This same value is provided in the Issuer Insights report and is mapped to over 30 different data points.
As a Worldpay merchant, you can leverage unparalleled security with eProtect and deep analytics with Issuer Insights. To learn more, watch our short video.