One of Spreedly’s core features is the ability to generate a universal credit card token that will work across any of the 100+ endpoints that we support today. This helps platforms and marketplaces create a frictionless payments experience by separating tokenization and card data storage from the gateway processing the transaction. This is powerful because it allows buyers on your platform to purchase from different sellers without re-entering their card data.
When a new merchant signs-up to a Spreedly-powered platform or marketplace, they’ll typically ask their third party vault to do a one-time export of their existing card data and we then re-map that data to a universal Spreedly token. But what about cases where that’s not possible? Perhaps the third party vault doesn’t believe in data portability or charges prohibitively expensive fees for a merchant to get their data out. Previously there was no good solution, but now with our ability to support third party tokens a merchant can continue to process transactions using their existing gateway-specific tokens from within their Spreedly environment. Then, as new customers are acquired (using our PCI compliant payment forms) or existing ones update their payment details, the merchant can progressively move their entire customer base to Spreedly’s universal token solution that will work across any of our supported gateways or API endpoints.
While the third party token will only work against a specific endpoint, it’s a great way for Spreedly customers to rapidly onboard new merchants to their platform that are happy with their existing gateway for the foreseeable future. Support for third party tokens is available for the list of gateways where we support third party vaulting.