Executive Summary

Best practice approaches in business-to-business customer service should include those where the design, goal and benefit is focused equally, if not more, on our customer's customer. The Litle Vault is a web-driven, platform-integrated tokenization solution that enables card-not-present (CNP) merchants to safely remove sensitive cardholder data from their systems without disrupting existing card transaction-based process.  The service is delivered directly to our customers, and their customers, through the Litle payment processing platform.

Tokens replace credit card numbers for all payment transactions including authorizations, deposits and chargebacks.  Litle Vault is unique in that it is one of ONLY two integrated tokenization solutions on the market.  Litle Vault removes data security encumbrances put on the merchant so they can focus on selling, while shifting most of the data management burden to us (the only place our customers' customers' card data exists is on our offsite server specializing in handling payment data).

Industry statistics suggest that there were more than 900 data breaches involving more than 900 million records in 2009 alone, yet the majority of merchants still keep customers' credit card numbers on file.

Although the Payment Card Industry (PCI) standards for data security are still evolving as they relate to Data Loss Protection (DLP) technologies, Litle & Co. developed a forward-looking solution that protects consumer data. Litle & Co. believes that tokenization is the next step in enabling safe removal of sensitive cardholder data from merchant systems and will continue to proactively address vulnerabilities in the payment chain of card transactions ahead of other vendors in order to protect merchants and ultimately consumers at large.

The Vault makes electronic commerce more efficient, safe and profitable by:

- Reducing the scope of PCI Compliance - Whenever sensitive cardholder data is replaced with a token and used in association with operational areas such as acceptance of online payments, cardholder data storage and chargeback processing, it significantly reduces the scope of PCI audits and associated costs - often as much as 60% in select instances.

- Minimizing the risk from potential data breaches - Data breaches do and will happen. However, with the Vault, hackers cannot steal what merchants don't have - customer's credit card information. In the event tokens are compromised, "cyberthieves" will quickly find that the tokens are completely worthless to them.

- Centralizing credit card security, which reduces data exposure - Once registered, a single token can be used by anyone in an organization, mitigating the time-consuming and often costly process of having to encrypt, decrypt and re-encrypt each time someone touches a customer's credit card.

- Eliminating insurance costs - Tokenization is a preventive measure that minimizes the cost of a data breach risk. It also potentially enables a merchant to eliminate certain onerous insurance premiums that can often run hundreds of thousands of dollars. With tokenization, a component of the Errors and Omissions (E&O) Liability Insurance premium cost, typically $0.60 per card annually, can be eliminated.

Litle Vault is also available with our PayPage functionality, designed for small- and medium-sized businesses looking to outsource payment page functionality.   

Learn more about protecting your customers and yourself in the process:

Is Tokenization Right for Me?  (free downloadable consideration checklist available at Litle.com)

http://www.litle.com/what-we-do/processing-services/resources/pdf/Litle_Vault_Value_Checklist_1110.pdf

Product Data Sheet  (free downloadable background sheet available at Litle.com)

http://www.litle.com/what-we-do/processing-services/what-we-do/pdf/Litle_Tokenization.pdf

General Company Information

View Litle & Co. Company Profile