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Tokenization is a process which offers security to sensitive data with an algorithmic generated number. It involves using random string of characters that helps to prevent frauds or breaches. Businesses willing to safeguard the payments of buyers should consider following PCI compliance techniques. This will help a lot to prevent data from potential risks.

Here are some reasons why tokenization is important for online merchants.

Reduces data breaches
Nowadays, criminals target customers who use credit and debit cards for online purchases which lead to data thefts. Therefore, it is necessary to implement PCI compliance measures to lower data breaches. Tokenization enables online stores to minimize negative financial impacts significantly to experience peace of mind.

Builds trust among customers
Consumers want safety and security when shopping product or service online. Tokenization lets online merchants build trust among customers that will help get high leads while promoting a product or service.

Helps to meet PCI compliance standards
Retail stores and online shops should ensure that they implement PCI compliance measures to avoid storing of sensitive credit card data. Tokenization provides methods to secure the passwords, customer accounts, and employee files. Moreover, it contributes more to prevent a business from identity thefts and other threats.

Allows online businesses to avoid fines
Online stores that are not following PCI compliance have to pay heavy fines and penalties which affect their growth. With tokenization, merchants can maintain compliance with industry regulations which give ways to obtain optimal results.

It is more secure than encryption
Businesses earlier used encryption technique to secure credit card data. At the same time, it will store the original data on the server which results in hacking and other problems. Unlike encryption, tokenization removes the data from a network to prevent thefts and hacking. .

Grows business in the markets
Tokenization is one of the best ways to protect sensitive data from breaches. Besides that, it paves ways to grow business in the markets thereby helping to generate more income.

The procedure of availing Gold loan

The method of obtaining a gold loan is quick. In times of need, a Dena Bank Gold Loan can be valuable. The procedure of availing Gold loans are

Application process
Document verification or Documentation
Purity Test of Gold
Loan Approval
Application protocol

The application is a process where one has to appeal to the respective authority for granting certain things. The application for a Gold loan can be completed in the bank in-person visit or digitally by visiting Dena Bank’s official website or app. An application contains some personal information along with gold information and other details.

Documentation

This is the most crucial process for acquiring loam. A simple background check is conducted to avoid fraud. KYC documents, along with two passport-sized photographs, are asked to be submitted.

One can submit any one of the Aadhar Card, Driving licenses, Voter IDs, PAN Card as Identity proof. Aadhar card, Ration card, passport, utility bills, or renter agreement for people residing on rent can be submitted as Address proof or residence proof.

The Borrower has to visit the Bank for this procedure. A bank representative will assess your KYC Documents.

Purity test of Gold

Bank authorities do the Purity test of Gold on the premises of the Bank. The purity test of Gold is an evaluation of Gold for its composition, weight, and impurities present in it. The loan amount is sanctioned based on the evaluated gold rate per gram. A purity test is a mandatory test.

Loan Approval

After completing all the procedures and meeting the Eligibility criteria, a Gold loan is sanctioned. A Sanction letter is issued in the name of the Borrower. A sanction letter contains details about the lending bank, loan scheme, gold rate per gram, interest rate, processing fee, prepayment options, tenure period, repayment options, etc., along with the Dena Bank’s terms and conditions. After depositing the evaluated Gold in the Bank, the loan amount is reflected in the Borrower’s account quickly.

Safety of Gold

The Gold deposited in the Bank is placed in the bag and marked by a unique application no. This is placed in the lockers present in the Bank. Lockers are present inside the Bank’s vault. It is safely guarded and kept under surveillance. Bank authorities only enter this room. Each locker has its specific keys. The keys are with one of the Bank authorities.

Repayment options

These choices are given for the fulfillment of the Debt. The loan amount has to be paid over the tenure period chosen by the Borrower. If the Borrower misses repaying an installment, he/she can renew or extend their tenure period, but this has to be done before the expiry of the tenure period.

The three options given for repayments are Bullet repayment scheme, Overdraft repayment scheme, and EMI option.

Bullet Payment Scheme
One has to repay towards month-end, and the principal amount is due at the end of tenure.

Overdraft Scheme
This scheme can be available for colossal loan amounts, and the interest is only charged on the amount disbursed by the Borrower.

Equated Monthly Instalments (EMI)
In EMI, an indicated amount by the Borrower gets deducted towards the end of the month. EMI can be calculated using EMI Calculator. Choices have been given to the Borrower for making a suitable EMI choice.

Standing Instruction (SI)- It is For Dena Bank account holders. The repayments are made towards month-end on the amount indicated by the borrowers.
Electronic Clearing Service (ECS)- It is for Non-Dena Bank account holders to digitally transfer the amount.
Post-Dated Checks (PDC)- to enable non-Dena Bank accounts to submit post-dated EMI cheques have to be submitted.