Security is critical for businesses in the Hospitality industry, specifically hotels. A study by Trustwave’s Spiderlabs, an information security company, revealed that hackers and fraudsters are focusing their attention on the hotel sector more than any other.
According to the study, “Out of the 218 data-breach investigations from 24 countries the company studied, 38 percent of the attacks occurred on hotels. And once the attack occurred, it took an average of 156 days for the business to realize it.”
This study proves how vital it is for hotels to be mindful of what payment system to use and who they choose to do business with.
Tokenization for Protection
How can your hotel protect themselves from credit card fraud? Tokenization is just one of the many weapons that hotels can use to protect themselves from fraudsters. But what is tokenization and how does it work?
Tokenization is a technology used in payments systems to protect information from infringement. When someone inserts their card, it assigns the transaction a string of random numbers and letters to protect cardholder information.Here are Benefits of Tokenization for the Hospitality Industry:
It Ensures Security and Protection within Your Business
When your business is a hotel or restaurant, connections are a big factor of your success. But having a big group of partner establishments, suppliers, and vendors, can also entail danger for your business. The more transactions you have with different entities, the more your personal information is exposed. The benefit of tokenization is that it protects personal information from your employees or anyone who makes transactions with your company.
It Makes Your Business Digitally-Secured
With tokenization, your business is digitally-secured. Tokenization is specifically designed to combat online and digital infringements. Having EMV and tokenization technology as part of your payments system makes it holistically-secured both in physical and digital transactions.
It Lessens PCI Scope in your Business
Since your payment system doesn’t record personal information, this lessens PCI requirements for machines that protect customer information. This makes it easier for your hotel to be PCI-compliant. The money you save on these machines can be used towards other investments in your company.
It Gives Customers Payment Convenience
With tokenization, customers can pay whenever and wherever they want without having to worry about information infringement. Tokenization is compatible with a variety of payment options.
As a hotel owner, it is your responsibility to protect customer information.
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