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?

Perhaps you don’t want to charge your customers upfront but need a way to deter no shows. Tokenization gives you the ability to store customer card details securely, informing the customer you will charge their card for a set amount if they don’t turn up.*

Tokenization works as a deterrent, encouraging customers to inform you if they can’t honour their reservation.

 

* Your terms and conditions should refer to cancellation charges. By accepting these, the customer accepts your cancellation policy. ** Please note, Stripe checks available funds at the point of booking but cannot guarantee they will be available at a later date. If you wish to guarantee revenue, we recommend you take non-refundable deposits or full pre-payment.

tokenization

FAQs

Answers to the most common questions relating to tokenization

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?

Unlimited ResDiary transaction charges are included in the flat-fee ResDiary Ultimate package. Alternatively a pay as you go option is offered in all other packages at 1% + VAT/relevant territory taxes & Stripe’s own 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 account. There’s no contract or arduous sign up process for Stripe. Simply activate an account from within your diary and link to the registered account you want the funds to be sent to.

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

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