CenPOS Brings Payment Innovation to Latin America with Evertec Certification

PRWEB.COM NewswireMiami, FL (PRWEB) July 22, 2014logo cenpos latam merchant gatewayToday CenPOS announced a new certification to Grupo Evertec Panama. The certification includes card present, card not present, ecommerce and mobile processing. In addition, CenPOS also signed a referral agreement with Banesco. Merchants domiciled in Panama utilizing Banesco’s merchant acquiring services will be able to utilize the CenPOS processing platform and its full suite of services including but not limited to Mobile processing, Electronic Bill Presentment and Payment, integrated shopping carts, tokenization, integrated business solutions and Point-to-Point encryption.

“We continue to expand our network of acquiring services internationally, this will help our current and future clients alleviate their logistical challenges with their treasury management services,” said Jorge Fernandez, Chairman and Co-Founder of CenPOS. “The LATAM region is very diverse and very complex, very few ERP’s and POS systems are integrated with the local merchant acquirers, we at CenPOS are working hard at solving these issues by connecting to the local acquirers in each country and providing our clients with a single source solution globally,” added Fernandez.

Today CenPOS is certified to processors that are connected to financial institutions in the following countries:

Anguilla
Antigua and Barbuda
Bahamas
Barbados
Belize
Canada
Dominica
Grenada
Guyana
Montserrat
Panama
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines
Suriname
United States
Western Europe

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

cenpos LATAM sales

3D Merchant Services Powered by CenPOS
2633 NE 26th Ave Metro South FloridaFL33064 USA 
 • 954-942-0483

3 Reasons A Desktop Credit Card Terminal Is A Poor Merchant Solution

Last week I visited multiple merchants that sell products and services  business to business, most of them whom never see their customers. They all had desktop terminals.

FD100ti

The FD100ti by First Data is a good quality retail terminal, but I wouldn’t recommend for business to business, card not present merchants.

3 Reasons A Desktop Credit Card Terminal Is A Bad Solution For Business To Business Merchants

  1. PROFITS REDUCED: It doesn’t support level III processing, critical for business to business merchants to save money on merchant fees.
  2. INCREASES RISK: It cannot store and tokenize credit card numbers for repeat billing so either card data is stored on paper forms or employees get the number over and over again, either way exposing the card number repeatedly.
  3. INEFFICIENT:  Employees have to key enter full card data every time for repeat customers; data records are limited to whomever has access to accounting software, or waits for reports to be generated and disseminated.

Tip: There are no desktop terminals that support level III processing. Merchants need a virtual terminal or integrated payment solution that supports level III processing.

Top 10 Credit Card Processing Companies revisited 2014

Since the last official list of top 10 credit card processing companies, based on 2004 data, not much has changed with our updated list.

The Ten Largest U.S. Merchant Acquirers in 2012, ranking by processor volume, including partnerships and alliances.

  1. First Data  (includes Wells Fargo)
  2. Chase Paymentech Solutions
  3. Vantiv (Fifth Third Bank)
  4. Elavon (acquired Nova Information Systems)
  5. Global Payments
  6. Total System Services Inc
  7. Heartland Payment Systems
  8. WorldPay
  9. Transfirst
  10. iPayment

2012 Data Source: The Green Sheet. This list includes acquirers and ISO’s, or independent resellers.

The Ten Largest U.S. Merchant Acquirers in 2004, Excluding Partnerships and Alliances, RANKING by DOLLAR VOLUME
1. Chase Merchant Services
2. BA Merchant Services (Bank of America)
3. First Data
4. Paymentech
5. Nova Information Systems
6. Fifth Third Bank
7. Global Payments
8. Wells Fargo
9. First National Merchant Solutions
10. Heartland Payment Systems

2004 data Source: Nilson Report

5 Level III Processing Requirements To Reduce Merchant Fees

Business to business merchants seek processors that support level III processing, however, not all solutions are equally effective at helping merchants qualify for level 3 interchange rates.

interchange management

Automated interchange management combined with level III processing maximize merchant profits.

  1. The merchant must have merchant account with a processor that supports level III data. Processors often have multiple platforms and not all their platforms support level III data.
  2. The merchant must also have a qualified MCC code, the business type that goes on the merchant application. For example, manufacturers, distributors, automotive new car dealers, parts retailers have qualifying MCC codes.
  3. The merchant needs a system to submit level III data. The two common types are desktop software and payment gateways. Cloud payment gateways provide numerous benefits vs desktop software.
  4. The authorization and settlement amount must be equal.
  5. The settlement must occur within the required time. The initial authorization is valid for 24 hours for retail and 72 hours for MOTO (mail order, telephone order key entered) and ecommerce. After that, while the transaction is usually honored by the card issuer, it does not qualify for the lowest interchange rate because the authorization is invalid.

Merchants should seek payment solutions with automated interchange management tools, in compliance with payment acceptance rules. Additionally, if using an integrated payment gateway solution, ask a payments professional with expertise in interchange rates to review interchange qualification. Errors or omissions that impact interchange rate qualification are common, however, once fixed, non-qualified transactions generally do not reoccur.

 

American Express Merchant Settlement and Surcharge information

If your business accepts American Express, you may have recently received a Notice of a class action settlement. Learn more about the settlement and applicable surcharge options on the official court authorized web site.

american express merchant settlement

Click for Official court-authorized settlement website.

CAUTION BEFORE YOU SURCHARGE: 

While all the card brands have recently announced similar benefits, state laws and other regulations often prohibit merchants from surcharging customers. Before implementing a surcharge policy consult with your merchant processor relationship manager.

SETTLEMENT KEY ELEMENTS:

You’re not required to take any action to receive the benefits of the settlement. If the settlement is finally approved, you will be bound by the Court’s Final Judgment and the release explained in the Class Settlement Agreement.

Subject to other terms, members of the settlement class will receive benefits from the modification of American Express card acceptance agreements applicable to United States Merchant Locations, including the following.

a. The American Express NDPs shall remain unchanged and shall continue to prohibit discrimination against the use of American Express-Branded Cards, except as expressly set forth in the Class Settlement Agreement.

b. Any surcharge, whether expressed as a percentage or flat fee, that a merchant imposes on American Express-Branded Credit Card transactions must not be any higher than any surcharge imposed on transactions effected with any other Credit Card, payment card, payment method, products, or services accepted by the merchant, after accounting for any discounts or rebates offered at the point of sale, except for (i) Debit Cards; (ii) cash; (iii) checks; (iv) transfer of funds to merchants via bank wire transfer or via the Automated Clearing House of the Federal Reserve System; and (v) Proprietary Store Cards. The phrase “after accounting for any discounts or rebates at the point of sale” shall mean that to the extent the merchant offers a rebate or discount at the point of sale for the use of any other Credit Card, payment card, payment service or payment method (except for Debit Cards, cash, checks, funds transfers as described above or Proprietary Store Cards), any surcharge, whether expressed as a percentage or flat fee, that the merchant imposes on American Express-Branded Credit Card transactions must not be higher than the net amount of (x) the surcharge imposed on transactions effected using such other Credit Card, payment card, payment service or payment method, offset by (y) such rebate or discount.

c. In addition, no surcharge imposed on an American Express-Branded Credit Card, whether expressed as a percentage or flat fee, may be higher than the lowest of (i) the amount of the American Express Merchant Discount Rate charged to that merchant for American Express acceptance for the specific transaction; and (ii) any surcharge that the merchant is permitted to impose (which may be zero) on transactions effected with any other Credit Card, regardless of whether the merchant actually surcharges transactions effected on such other Credit Card in excess of the permitted amount..

d. The American Express NDPs shall continue to prohibit any discrimination against American Express-Branded Debit Card transactions (including without limitation American Express-Branded Traditional Debit Card transactions) as compared to any Other Payment Network’s Debit Card transactions.

 

OpenBravo POS terminals with signature capture

Looking to use signature capture devices with your OpenBravo POS? Ingenico and Equinox terminals are compatible with our integrated payment gateway.

equinox L5200 signature capture terminal

Equinox L5200 is a feature rich signature capture terminal among the lowest cost and high reliability. Equinox was formerly known as Hypercom, the number one terminal brand in US.

ingenico isc350 signature capture

The Ingenico isc350 has a large glass screen and bigger footprint than other units. Stand with angled base is recommended.

  • Ingenico touch ISC 250
  • Ingenico touch ISC 350
  • Equinox L5200
  • Equinox L5300

Older products supported but end of life has been announced include the Ingenico i6580, Ingenico i3070, Hypercom Optimum L4250, Verifone Pin Pad 1000se. Other compatible options include Magnetic Card Swipe reader and mobile card readers.

Virtual Terminal Compatible with Signature Capture devices: Multichannel vendor selection checklist

signature capture payment gateway solutions

Moving your POS to the cloud? Many payment gateways have been adapted to work with more sales channels, while others were built for omnichannel needs from inception. Often, less sophisticated gateways accept mobile payments, but do not support signature capture terminals with pin debit. For those that support signature capture terminals with pin debit, here’s a checklist of vendor selection criteria to help distinguish between payment gateways: POS Services required:

  • Merchant Account
  • Payment Gateway & Virtual Terminal

Vendor Selection Checklist:

    Product Features

  • How will the gateway help manage interchange fees? (impacts EBTIDA)
  • Does the gateway support level 3 data? (impacts EBTIDA)
  • Does the gateway support signature capture terminals with pin debit?
  • How do merchants manage multi-location store settings such as user access, user permissions, and fraud prevention settings? (impacts efficiencies, EBIDTA, PCI Compliance)
  • How do merchants manage user logins for multi-location operations? (impacts efficiencies)
  • How frequently does the gateway roll out new services or features? (impacts efficiencies, EBIDTA, PCI Compliance)
  • How does the gateway help prevent internal & external fraud?
  • Product Support
    • With what methods can merchants contact support? Hours of operation?
  • Scalability
    • What is process for adding additional locations?
    • How easy is it to update all locations with new or changed user permissions or store settings?
  • Flexibility
    • How are operations disrupted when the retailer changes merchant account processors in the future?
    • With what frequency does the vendor roll out new platform updates?
  • Experience
    • What is the vendor experience with multichannel / multi-location operations, using similar hardware and software?
    • ROI
      • Hard Costs
      • Efficiencies
      • Reduced losses
  • Payment Gateway Services required
    • Does the gateway support all current sales channels?
    • Will the gateway support future anticipated sales channels?

    For answers to these questions by payment gateway, contact us for more details.