Maximizing the Impact of the Advanced Vault

In today's rapidly changing payment landscape, businesses are under pressure to obtain strong, flexible, and secure solutions that will enable the explosion of instances of payment data to be managed. Advanced Vault is one such application that helps businesses enhance security, optimize their transactions' success rates, and improve their customers' overall experience. Now let's deep-dive into the details of Advanced Vault: lifecycle management, network tokenization, active vault management, and enriching vaulted data.

What is Advanced Vault?

It is not just another tokenized vault. Instead, it is robust payment data storage that presents a way for businesses to store and manage even their most sensitive payment data in a safe, flexible, and compliant manner. Advanced Vault ensures PCI compliance and enables advanced features like network tokenization, automated account updates through insights, and enriched data. Advanced features not only open up opportunities for businesses to optimize the process for payments and save costs but also offer superior customer satisfaction.

Lifecycle Management

Proper payment data management is crucial to maintaining security and operational efficiency. It handles the management of the payment method's lifecycle fully through advanced vaulting, eliminating any possibility of rejection. Arkadiusz Gac, Staff Engineer at Brainly, also discussed the feature of lifecycle management in another context during a recent webinar:

“This feature is very useful for subscription-based businesses. For subscription renewals, merchants use previously stored payment methods in the form of tokens. But what happens if those details, those cards that are hidden under those tokens, change because the credit card is lost, destroyed, stolen, or expired? If not updated, this results in failed payment, leading to subscription interruptions, customer frustration, and potential loss of customers.”

This results in customer delight, as the service is not halted. For predictable revenue streams, the System of Record will only lose a few clients to involuntary churn if the payment methods on account are current. Automated updates through Advanced Vault help automate the manual interference so that the teams can focus on strategic tasks rather than routine ones.

Network Tokenization

At the crux of revenue stream growth is improved security and increasing efficiency in the payment process. It substitutes critical card information with network-issued tokens, enabling transactions seamlessly for use across the entire payments ecosystem. As Arkadiusz Gac from Brainly pointed out:

“For businesses like Brainly, because we are offering subscription-based services, tokenization is crucial. It allows us to run recurring transactions, and those recurring transactions occur automatically. And because of that, it's enhancing customer satisfaction because we offer that hassle-free continuous service without manual payment approvals.”

Even more importantly, the network-issued tokens are secure and much more flexible in enabling interoperability among different platforms and payment service providers. It allows businesses to maximize payment routing flexibility while maintaining high authorization rates.

Active Vault Management

It is not mere storage of payment data; rather, it is the active management of a vault, using that data's knowledge to drive superior business outcomes. The Advanced Vault puts in businesses' hands the capabilities of dynamic routing, intelligent retry strategies, and detailed analytics when making upper-echelon business decisions.

“In regards to declines, those are incredibly, incredibly important. Thankfully, with advanced vaulting and with the auto card update, we can keep those to a minimum,” said Anabelle Frank, CCO at Loyalzoo.

Dynamic vault management ensures that companies can route transactions based on various criteria, such as card type or geographic location. This infusion of flexibility means better optimization, more successful transactions, and consequently more earnings.

Vaulted Data Enrichment

The Advanced Vault enhances the functionality of tokenization. This means that more data would be available to provide context about how much better payments are optimized and supported to improve the overall customer experience.

“We are ensuring that compliance with standards like PCI-DSS and GDPR is met,” noted Arkadiusz Gac. “Meaning that there are no additional compliance burdens on our side, which is great for integration complexity.”

Rich data helps businesses understand payment behaviors for strategizing. Trend analyses, predictive performance, and perceptions of future needs become valuable for strategic decision-making linked with enriched vaulted data.

Conclusion

The Advanced Vault is a potent business tool that combines the benefits of payment processing, security, and customer satisfaction. Here, lifecycle management, network tokenization, active vault management, and data enrichment combine to place a business in an enviable position to lead comfortably in an increasingly competitive payments landscape. For instance, Daniel Scagnelli, Senior Vice President of Client Services at Spreedly, said:

“By being able to deploy more strategic vaulting strategies, merchants can propel business growth. It is a revenue generator, whereas maybe in the past merchants would've looked at it as a cost center.”

The Advanced Vault empowers companies to step confidently into increasingly rugged terrain.

Interested in Learning More?

Check out MRC's brand-new eLearning course Payments Orchestration and Optimization: Smart Routing & Advanced Vaulting to learn how smart routing optimizes transaction pathways, bolsters authorization rates, and reduces costs in payment processing. Simultaneously, they explore advanced vaulting, addressing the critical imperative for secure data storage and management. Through hands-on activities and practical exercises, participants acquire the expertise to implement and optimize these strategies, ultimately driving efficiency, security, and compliance in their organizations' payment operations.

About Spreedly

Spreedly's Payments Orchestration platform enables and optimizes digital transactions with the world’s most complete payment services marketplace. Built on Spreedly’s PCI-compliant architecture, our Advanced Vault solution combines a modern feature-set with rule-based configurations to optimize the vaulting experience for all stored payment methods. Global enterprises and hyper-growth companies grow their digital business faster by relying on our payments platform. Hundreds of customers worldwide secure card data in our PCI-compliant vault and use tokenized card data to enable and optimize over $45 billion of annual transaction volumes with any payment service. Spreedly is headquartered in downtown Durham, NC.

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