Tokenization has introduced a world of opportunities and new features to the payment industry. However, tokenization’s rise in popularity comes with its own challenges. Tokens are created faster and more frequently than regular payment cards and thus lifecycle management is more important than ever. This change of pace can cause unexpected resource drains for businesses. Luckily, there are tools that can both help manage tokens and gather insight into how, and when they are used and created.
We have outlined the most important criteria that we recommend you factor into your decision.
Efficiency
The lifecycle of tokens was designed to be more adaptable than that of physical cards. This advantage can also require more work and time spent on frustrating and unnecessarily complicated features – a pain point for your team! The tool needs to fulfill your internal and customer needs for the various use cases that are currently expected and potential future ones. The management system needs to be simple and simple to use and deliver real-time results. That’s why a tool you expect your customer service team to frequently use needs to be simple, intuitive, and fast.
Transparency
New tools can introduce uncertainty. Having a good overview of the token-related data in your lifecycle management tool gives you the confidence to provide excellent customer support. Partially or completely, this information should be made available to your customers, so they can make choices based on facts and not assumptions.
Analytics & reporting capabilities
Tokens are as new a concept for businesses as they are for customers. This brings up a host of questions a good analytics tool needs to be able to handle and provide management for. For example:
- What is our most popular token-related service and why?
- How many tokens do our cardholders have and how?
- What are cardholders using their tokens for, when, and where?
Simplicity
Tokens generate notoriously large amounts of data. Realistically, not every business can or wants to deal with complex, data-intensive products. An outstanding portal abstracts data complexity for you, providing clear insight, and the ability to drill deeper with the help of filters.
With these propositions in mind, we created the Mea Service Portal – your one-stop shop to meet your customers’ needs. You can customize Mea Service Portal to fit your needs, manage users, and access lifecycle management and reporting services. If you would like to have a look at the different functions in detail, please have a look at our dev portal.
Naturally, we’re constantly improving Mea Service Portal, so if you want to keep track of what’s hot in the world of tokenization management tools, subscribe to our blog, bookmark our roadmap, and keep an eye on our website.