Tokenization

It’s not a new problem; no-shows are the well documented scourge of hospitality. The difference now is that technology exists that will allow restaurateurs to safeguard against the lost revenue of no-shows.

What is Tokenization?

Tokenization is the process of securely taking a customer’s credit card details and holding them as a non-sensitive equivalent, referred to as a “token”.  A token has no extrinsic meaning or value, thus making it a safer option than storing the actual credit card details.  You don’t have to take a payment or deposit up front; instead you can opt to hold a token as security for the reservation. If the customer does not turn up, or cancel their reservation, you have the facility to charge to the token via Stripe through your ResDiary back office.

What is Stripe?

Stripe is the payment provider ResDiary Guarantees integrates with to offer the tokenization functionality in your diary. Stripe is a leading international payments service with a commitment to a flawless user experience and PCI compliant security. Using Stripe offers a secure and straightforward solution for online tokenization and deposits with no token charges.  You can find out more about security here.

Is Tokenization available in my area?

Currently Tokenization is supported in: Australia, Canada, Denmark, Finland, Ireland, Norway, Sweden, Belgium, France, Germany, Luxembourg, The Netherlands, Spain, Austria, Italy, United Kingdom and The United States. More countries are added regularly by our provider Stripe, so please contact us if you’re interested in using ResDiary Guarantees in a country not yet supported.

Is it safer than holding actual credit card details?

Definitely. The security and risk reduction benefit of tokenization is minimized exposure of sensitive data. In turn, this reduces the risk of compromise or accidental exposure and unauthorized access to sensitive data.

What does it cost?

There is no charge whatsoever for using Resdiary Guarantees as powered by Stripe tokenization. However, There will be a small charge at agreed rates where a Stripe token is charged for a no show. ResDiary will only deduct a small transaction fee – 1% plus VAT – for any tokens actually charged. View Stripe charges.

When will I receive my funds?

The money will go into your account within 7 days of the transaction being processed.

Will I have access to reports?

You will have full access to the Stripe reporting and the full Stripe dashboard.

What are the requirements?

You can use tokenization with any ResDiary version: Intro, Express or Pro. There’s no contract or arduous sign up for a third party account. Simply activate a Stripe account from within your diary, with account details of where you wish your funds to be sent. It really is that simple.

You’ll require a clear cancellation policy for your restaurant to charge cards – to protect both your business and the customer. We’ll help you communicate this via your email notifications, and your diary terms and conditions.