Sunday, January 27, 2019
As many of you may remember, we have been upgrading our payment systems for the past little while, this is the final step for top level security.
Do I need to do anything?
It depends. Anyone currently using pre-authorized payments for credit card needs to take action – so read on. This does not apply to PayPal users, or offline payments.
What do I have to do if I want to continue to use Pre-Authorized Payments?
Simply, either now, or before Feb 15, 2019 (you will receive reminders as always)...
A. To upgrade your stored payment information to the new security
B. If you currently don't store payment information, or don't want to
If you do forget to do this, we will have many reminders, help, and opportunities should your old payment information expire and you've missed updating it.
Remember: The final changeover date begins on Feb 15, 2019
Past stored payment information will be switched off and only the new payment system will be available from this point on.
Background stuff .....
Why do I have to do this?
For security reasons, the payment industry enhances its security protocols from time to time. Especially as chip-in-pin EMV takes hold, the use of CVD and EMV further helps prevent theft and fraud. CVD, in particular is required and even more tightly controlled than before which , in turn made it increasingly important to move to full tokenization to further protect your information. This information and process needs to be completed by you – as this is your secure information – and not iTMG.
What is tokenization?
This final part of our payment systems upgrades we have been conducting over the past year is completing what is known as "tokenization" of payments.
In short, tokenization further obscures your payment information behind an additional security layer; a token. It is that token that is passed along to initiate a transaction to the payment gateway, this replaces the card itself passing through. By itself, the token is meaningless and worthless.
Everyone. Tokenization protects against data theft, decreases opportunities for breaches, and further protects users, most importantly, in both managing their private information and removing it when no longer needed from an account. It also benefits businesses like iTMG as it gives us the ability to leverage the security infrastructure of the payment industry for actual payments.
Security is a serious focus these days, and with good reason. iTMG feels that a serious push in security and performance is already required and underway globally; we will be promoting business consciousness to not only make more money through improved performance, and also to protect your businesses and customers and their families.
But wait, there's more!
(tl;dr USD AMEX now works)...
With this upgrade in payment security and process we're now able to offer something new: US Dollar native AMEX transactions! Many have been waiting for a long time for this so we're excited to finally have this new payment option. To use USD AMEX cards, simply use the Credit Card USD option and use your AMEX as normal. No foreign exchange, no confusing errors. Nice.