Shift4 Hits Lucky Number Seven (Billion) Tokenized Transactions
Las Vegas-Based Inventors of Tokenization Achieve Unprecedented Milestone in Secure Transaction Processing — No Luck About It
LAS VEGAS — Oct. 12, 2016 — (PRNewswire) —
Payment gateway provider Shift4 Corporation today announced that it has achieved an unprecedented milestone of seven billion tokenized transactions, a testament to the company’s extensive track record of providing the most secure payment processing.
Shift4’s TrueTokenization solution supports merchants’ business objectives by:
- Replacing cardholder data, which has a universal value, with a surrogate that is only valuable within specific parameters and in a particular environment (much like an arcade token) — rendering any payment data in storage meaningless to hackers and protecting merchants from the devastating effects of a data breach.
- Preserving merchants’ day-to-day business processes while securing and storing sensitive cardholder data off site in Shift4’s secure, PCI-compliant data centers — transferring the burden of storing and protecting this data from the merchant to the data-security experts at Shift4.
- Working together with Shift4’s MetaToken to support merchants’ loyalty and analytics programs without sacrificing security.
- Providing increased security for the merchant’s environment and systems by securely tokenizing the consumer-based payment “tokens” available from mobile wallets and card-based token services.
- Combining with EMV and point-to-point encryption to protect merchants from card-present fraud and reduce their PCI scope, saving them a great deal of time and money.
Shift4 introduced TrueTokenization, the first payment data tokenization solution, in 2005, helping to shape a new era in the payments industry. The company’s commitment to providing best-in-class payment security solutions for retail, spa, hospitality, food and beverage, e-commerce merchants and more is underscored by a decade of 245 percent growth.
J.D. Oder II, CTO and SVP — R&D, Shift4, said:
“Shift4 created tokenization as a simple solution to a complex problem, where merchants were struggling to secure the sensitive card data they relied on to carry out their daily business. We took much of the burden of storing and securing that sensitive payment data off the merchants’ shoulders and placed it squarely on our own. With hackers’ tactics growing more advanced, our tokenization solution, which replaces payment card data (instead of just disguising it), is all the more important.”
Dave Oder, CEO, Shift4, said:
“Seven (billion) might be a lucky number, but when it comes to our customers, we’d never take a gamble. Shift4’s priority has always been to develop payment solutions that not only meet merchants’ short-term needs (like defending against the latest security threat), but that empower them to optimize their operations for the long term. Tokenization was invented out of this commitment, and we are thrilled with the impact that it has had on the industry. We look forward to achieving more milestones as we continue to develop and provide the fastest, most secure and reliable payment solutions in the industry. You can bet on that.”
To learn more about TrueTokenization, visit www.shift4.com/tokenization.
About Shift4 Corporation
Shift4 stands alone as the last major player in the payments space to remain independent, self funded, and merchant focused. Our DOLLARS ON THE NET® payment gateway comes with all the bells and whistles: pre- and post-settlement auditing, fraud controls, support for new technologies like EMV and mobile, secure connections to nearly every major bank and processor in North America, and 350+ certified integrations to leading POS, PMS, and e-commerce platforms. Shift4 invests heavily in payment security — we invented tokenization and own eight payment-security patents. We empower our 33,000+ merchant customers with the flexibility to customize our secure payment processing solutions to fit their business. Learn more at www.shift4.com.
Jessica M. Pasko
Nadel Phelan, Inc.