Payment Standardization Tools for Merchants

2015 merchant survey standardizationAccording to a new 2015 ETA member survey, lack of standardization is one of the top pain points for merchants, relative to payments. CenPOS industry leading payment standardization tools are often cited by merchants and developers as a top reason for choosing the merchant centric payment engine.

Partial list of standardization tools that help merchants increase efficiencies, EBITDA, and reduce PCI Compliance burden:

Two powerful items to meet stricter PCI 3.0 Compliance rules are restricting user functions and access to data by job function. Conversely, when new features are added, user permissions can be updated in an instant simply by updating the role.

  • Role management – create unlimited roles, restricting permissions by job function from cashier to 3rd party accountant.
  • User management – Easily manage users and assign roles. Someone got a promotion? Just reassign to a new role. Employee no longer with the company? Remove access, but not the audit trail of their prior interactions and transaction records.

Scalable hierarchy: Whether one or one thousand locations, CenPOS provides standardized reporting, user management, role management, a suite of risk management tools, including customized fraud mitigation tools, and more. This enables merchants to not only better manage payments, but standardize training but also internal and external customer experiences.

Flexibility: Payment acceptance rules can be updated in an instant. This is especially important due to rapidly changing regulatory, PCI and other payment related rules. For example, when California passed a law about prohibiting collecting consumer zip codes, it went into effect immediately, and the fines were stiff for violating the rule. CenPOS merchants were compliant overnight.

 

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

CenPOS certifies with Visa Accelerated Connection Platform

cenpos payments logoCenPOS enables direct connection to Visa for merchants by certifying with the Visa Accelerated Connection Platform

Miami, FL (PRWEB) April 07, 2015

CenPOS, a payment technology provider, announced today that it has certified to Visa Accelerated Connection Platform (ACP). These continued efforts enable CenPOS merchants globally to take advantage of Visa’s transaction authorization and capture services, end-to-end encryption, tokenization and integrated redemptions; thus, bypassing the existing core bankcard processors for these and future Visa services. This connection not only enables merchants to connect to more than 2 billion Visa cardholders worldwide, but also connects them directly with the rest of the card brands as well. A direct connection to the card brands creates value and reduces PCI cost for merchants by encrypting data at every point of the transaction. More importantly, merchants now can leverage Visa’s technology infrastructure and achieve better financial results while providing their customers with an enhanced payment offering.

“We at CenPOS believe that this new connection creates significant value for our merchants and gives them the control they have been seeking for years, especially their ability to freely choose financial providers without the fear of any business disruption and/or changes in their daily workflow. It makes business and financial sense for merchants to go directly to the card brands and bypass their acquirers for these services,” said Jorge Fernandez, CenPOS’s Co-Founder and Chairman. “We at CenPOS are always on the cutting edge of payment technology. As evidenced by our recent EMV certification in the US, we are committed to delivering innovative solutions for our clients globally”, added Fernandez.

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.

Updated Card Absent Chargeback Rule – 540 days

Business to business, automotive  and parts dealers, are especially stung by chargebacks for disputes relating to the quality of merchandise or services received. Effective for transactions processed on or after April 18, 2015, is a new clause that can increase the chargeback period from 120 days to 540 days for US and Canada.

Both Visa and MasterCard have implemented the new rule. I didn’t find a similar rule in a quick research of Discover and American Express, but my research was not exhaustive.  The rules are not identical and readers are advised to read the rules thoroughly, as this article does not include the full context for when the rule applies.

Visa Core Rules and MasterCard Chargeback Guide October 30, 2014:

  • Visa Chargeback Reason Code 53 – Not as Described or Defective Merchandise
  • MasterCard Reason Code 4853—Cardholder Dispute—Defective/Not as Described

One goal of the MasterCard rule appears to be providing customer recourse for ongoing interrupted services. The customer paid for something, they complained and worked it out within 120 days, but then there were recurring quality issues.

They both make it clear that a customer does not have to return goods and services in order to dispute at a later date. This is a change from the old rule.

How can merchants protect themselves in a dispute for these reasons?

  • Written return policy and proof of acknowledgement
  • All guarantees in writing acknowledged
  • Signed sales orders; include specific deliverables and policies at the time of agreement
  • All written communications, including emails, prior to and after the sale as part of the dispute process.
  • Save a log of phone calls with who, what, when, to submit as evidence.
  • For online payments, require check box to acceptance of your terms of sale

Note: the 540 day rule has been in existence, however, the rules have been updated with more specificity, certainly for Visa.

Worlds Only 3rd Party Omnichannel Payment Gateway Meeting Big Ticket Needs

Businesses with some element of B2B and retail sales of high dollar value goods, have unique omnichannel needs. CenPOS is the only omnichannel payment gateway that meets them. The critical needs are level III processing, interchange management, tokenization, EMV, 3Dsecure, tokenization, online payments, processor neutral, PCI Compliant credit card authorization form, signature capture, pin debit, and payments segregated from applications for PCI Compliance. 

Level III processing

Level III processing is nearly impossible to find for retail, however merchant savings are huge, and when battling low margins, it’s critical.

Example of a wew low interchange rate a merchant transaction qualified for.

Example of a low interchange rate a merchant transaction qualified for vs 2.65% without CenPOS.

Interchange Management

Interchange qualification is extremely complex, and the only way to manage it is via an automated system, which must be in the cloud to be current. It’s impossible to train or rely on employees to make the right decisions to mitigate risk and fees. For example, when a merchant key enters a transaction with other solutions, the transaction is ‘non-qualified’ because mag stripe data isn’t sent. CenPOS dynamically identifies the transaction requirements, and prompts for actions to ensure the merchant qualifies for the lowest card not present rate, which is usually lower than the non-qualified retail swipe rate.

Tokenization

Variable recurring, fixed recurring, installment, and scheduled mixed payments are all available. Customers can manage their own tokens via the internet, which are instantly available to those with permission to the Virtual Terminal.

EMV and 3Dsecure certified

A lot of equipment is available that’s EMV chip card ready, but very few others can actually accept EMV today. As EMV picks up steam, online fraud is expected to increase and 3Dsecure will help merchant mitigate that risk. Can you name how many independent gateways are certified for both?

emv smart card

EMV chip smart card.

Online Payments

Per Visa Core Rules October 2014, merchants cannot request CVV2 on any paper form. To mitigate risk, merchants need CVV2 (for the first transaction if stored). Online payments via a hosted pay page or electronic bill presentment and payment (EBPP) are the most secure way to validate a card so that card data is never accessible by employees.

Processor Neutral

Companies want flexibility to choose their own financial processors, including merchant account processor. CenPOS is certified to processors globally.

PCI Compliant credit card authorization form

Credit card authorization forms have been a critical part of B2B process to ensure they won’t get burned with a chargeback at a later date. The problem is they’re a PCI nightmare and CVV2 can’t be on them. CenPOS automatically generates a PCI Compliant recurring billing authorization form that merchants can ask their customers to sign.

Multilane Signature Capture

Signature capture is mandatory for back office efficiencies for customer service, defending disputes to prevent chargebacks, and reducing audit costs.multi-lane signature capture terminal l5200

Pin Debit

  • Reduces dispute time from 120 days to 14 days
  • Reduces fees, even for regulated debit, by avoiding dues and assessments
  • Mitigates risk of merchant losing fraud disputes

Payments Segregated From Applications

CenPOS solutions can be used standalone or integrated. Many connectors, modules and integrations are available as well as easy to implement API’s.

CenPOS is uniquely the worlds only gateway to offer every solution above, critical for merchants to mitigate risk, reduce PCI compliance burden, and increase EBITDA. HVAC, building supply, electrical, industrial supply, truck, automotive, parts dealers, and appliance dealers are examples of high dollar ticket merchants that want the above solutions and more.

 

 

Chip-enabled point of sale system American Express Reward

american express reward emvI just received email saying I qualified for the Chip-enabled point of sale system terminal rebate program. With the April 30 deadline approaching, American Express is being proactive. I don’t actually qualify because I don’t have a retail store. If I tried to collect later, it would be denied because they verify the type of merchant account you have, and mine is ecommerce.

emv smart card

EMV chip smart card.

VX520 emv NFC verifone terminalCheck out our Chip-enabled point of sale terminal buyers guide.