What is a Customer Credit Card Vault?

credit card vault art

What is a Customer Credit Card Vault? 

If you accept credit card payments, you can use a customer credit card vault to boost your sales, speed up your payments, and boost your security while reducing your exposure to PCI.  

So, what is a customer credit card vault?

A customer credit card vault is a tool that stores customer credit card numbers securely. Gone are the days of using clumsy spreadsheets or notebooks to store customer payment information and manually finding card numbers when it’s time to get paid.

In most cases, when you accept a card number from a customer, the sensitive data does not enter your device, computer or network when you enter it into the card vault. That’s because the software creates a protective barrier between the financial data and your equipment – storing the information in your processor’s secure servers.

We’ve created a video explanation, for a more visual understanding of a credit card vault:

How does a customer credit card vault work?

You only need to collect credit card information from a customer once, then store the card details in the vault. The next time you want to invoice a customer, you can use the stored card information.

Who is a credit card vault best suited for?

Credit card vaults are great for professional businesses that have a lot of repeat clients. Accountants, lawyers, marketing agencies, dentists are all businesses that would especially stand to benefit from securely storing their customer information on file for repeat billing. Clients appreciate not having to divulge their credit card information over and over again, and it makes billing your clients much faster and easier for you. The best part is both you and your clients can rest assured that their sensitive information is safe, as it is stored on secure servers, and not your own. 

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Three Reasons You Need A Customer Credit Card Vault

Having a customer credit card vault helps you run a modern business by pulling together all of the information you need to sell and get paid. Here’s how.

1. Increase Your Sales

It’s easier for repeat customers to buy from you because you already have their payment information on file. It’s like offering customers the convenience of an old-fashioned line of credit, except you can invoice them and get paid immediately.

Since customer credit card vaults are modern, you can offer customers flexible payment options such as partial payments or recurring billing that runs on a regular schedule. Your customers will appreciate the speed and convenience of payment, hopefully prompting them to shop more often and buy more!

2. Faster Payment

A credit card vault allows you to get paid easier and faster. Payment is sped up because you already have the credit card information. This means you can invoice, or bill customers, with ease. The vault also allows you to automate recurring billing and subscriptions.

3. Security Boost

The credit card vault helps you stay secure in several ways. You lower your risk of being targeted by fraudsters since you have no payment data to steal. Financial data is not stored in your devices or networks; it’s encrypted and stored on your processor’s secure servers.

This lowers your liability (and your PCI compliance obligations) since your processor takes responsibility for storing sensitive card data. Processors are required to stay up-to-date in meeting the highest industry standards for security. 

The Bottom Line on Customer Credit Card Vaults

A customer credit card vault helps you store customer financial data securely so you can sell more, get paid faster, and streamline your repeat billing, which is good for both you and your clients. The vault is an excellent tool to have in your modern business toolkit – that’s why every Helcim account comes with a fully functioning card vault for free.

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New to accepting card payments? Many of our merchants are first time business owners who are unfamiliar with the industry. We take the time to help you understand how it all works as well as how to avoid common pitfalls.

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