Third party payment
The term "Tokenization" may sound confusing but it's a fairly simple concept. It's to do with the storage of credit card numbers. More specifically, it refers to having a company store the credit card numbers for you, so that you don't have to store the sensitive data yourself.
A "token" refers to a credit card number that is being stored somewhere. Tokens can be stored by your credit card Payment Gateway, or can be stored by a tokenization service provider such as Spreedly. To use it you will setup your website so that a 3rd party company will store the sensitive card information for you. Whenever you want to bill that card you just reference the token associated with that card. Your system will have no credit card numbers stored within it. Instead you'll have a list of token numbers (which isn't sensitive). Those token numbers can be used in place of a credit card number when submitting payments. If that isn't quite making sense yet we should take a step back and consider the transaction flow.
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December 2018
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