Tokenization Specifications Reveal the Plans for Mobile Payments | Adult Processing from EMB

Oct 22, 2014

The long-awaited first version of the EMV Payment Tokenization Specification is now available from EMVCo. The report describes how MasterCard, Discover, JCB, Visa, American Express, and UnionPay transactions will safely occur via mobile phone. The framework attempts to lay rest on some of the security and technological concerns that many have about consumer information transferring between their mobile devices and merchant terminals.

To begin, the report delves into how tokenization works, the types of organizations that need to buy in on mobile payments in order for tokenization to be successful, and the benefits of a unified approach. Taking up a significant portion of the framework is the role of specification in convincing important players that a payment token is indeed a viable substitute for a conventional card account number. Most importantly, the framework discusses how consumer data security will be improved by limiting tokenization to specific environments.

The report also addresses the concerns of banks and merchants who may feel that tokenization will infringe on their territory, as it assures all entities involved that tokenization will maintain compatibility with the current infrastructure. It will also be complimentary to EMV chip specifications.

At the heart of the specifications is the message of the need for a consistent approach to identify and authenticate payment token requests in a fast and safe manner. This will require massive cooperation between all industry members who must agree on acceptable channel controls. Consistency, the report insists, is the key to preventing data breaches. The end goal for the specifications is a globally aligned technical framework for tokenization.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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