3 Ways CenPOS Beats Skipjack For Online Payments Gateway Review

This answer about payment gateways is specifically for an auto industry parts distributor shipping nationally, though many wholesale distributors have the same needs. After outlining the situation and concerns, we’ll explore 3 key differences. The object is not to dissect every difference, nor to even compare just to Skipjack, but to give merchants  information to help make educated choices about any credit card processing or check processing gateway.

SITUATION OVERVIEW

About The Company (merchant):

  • Wholesale, retail and recycled auto and truck parts
  • USA sales only
  • Retail storefront for the occasional local buyer- minimal walk-ins
  • Online parts inventory search, no ecommerce
  • Most customers buy one time only
  • Most repeat customers are on account and pay by check per terms

About The Current Payments Process:

METHOD 1: Most common

  • Customer selects a part from the live inventory online
  • Calls on the phone for a quote
  • Merchant faxes forms to complete including special ordering terms and a credit card authorization form.
  • Customer faxes back the forms
  • Merchant key enters all the bill to and ship to information etc.

METHOD 2:

  • Customer selects a part from the live inventory online
  • Emails request for a quote
  • Merchant emails response with forms to complete including special ordering terms and a credit card authorization form.
  • Customer faxes back the form
  • Merchant key enters all the bill to and ship to information etc.

METHOD 3: On account customers

  • Customer selects a part from the live inventory online
  • Emails request for a quote
  • Merchant emails response with forms to complete including special ordering terms
  • Customer faxes back the approval form
  • Merchant key enters order information on a stored customer (bill to & ship to, no payment data)
  • Merchant prints invoice and sends in the mail
  • Customer pays by check in the mail

Customers can also download the order forms on demand from the web site.

MERCHANT TOP CONCERN:

  • Time consuming- staffing costs are high,  customer satisfaction declines the longer the wait, sales may be lost due to wait time or inconvenience.

OTHER CONCERNS:

  • Security- To protect against future disputes, the forms with credit card information are stored proving customer had agreed to the terms. It’s virtually impossible to prove PCI Compliance with these procedures, and it presents substantial financial risk to the owner, plus personal risk of felony charges, with up to one year in jail, for the business owner if identity theft occurred. Most small businesses go bankrupt after a data breach.
  • Cost of adding any new services and the impact on profit margins

THREE WAYS CENPOS OUTPERFORMS SKIPJACK

  1. Human Resources: a) CenPOS empowers customers to make online payments for any outstanding invoice without any customization required. This greatly reduces sales time on the phone. b) The E-invoice option eliminates all activities related to stuffing envelopes with invoices, mailing, and tracking who’s paid so reminders can be sent, and faxing invoices that are lost.  Collections are automated and proven to increase cash-flow and reduce float. c) CenPOS reports includes HR planning tools by plotting transactions, by user, on a time grid to help management staff better.
  2. Security: CenPOS shifts all payment collection to Multi-channel payments with one hub AND automated presentment. Skipjack cannot change the transaction indicator from retail to MOTO or vise versa. All payments are sent with whatever the merchant account is set up for. CenPOS saves merchants money.
  3. Cost: CenPOS uniquely can lower the cost of credit card acceptance by reducing interchange fees, the bulk of credit card processing fees, charge-back fees and losses associated with fraud and or disputes. CenPOS is an intelligent gateway that alters actions based on a number of rules, including merchant created rules. a) CenPOS uniquely optimizes transactions for qualified interchange rates, and empowers merchants to make decisions about risk. For example, CenPOS will automatically prompt for level 3 data on a corporate or purchasing card. SkipJack will not. The interchange difference can be over 1%.  b) CenPOS will dynamically switch transactions from retail to MOTO for presentment to the card issuing bank, qualifying transactions for the best interchange rate for both methods. SkipJack cannot. c) CenPOS creates efficiencies for marketing, sales, and accounting that have a direct impact on internal costs. SkipJack does not have the reconciliation tools, HR planning reports, EBPP (electronic bill presentment & payment) and a long list of other solutions that impact business costs.

Skipjack is a registered trademark of Skipjack Financial Services, Inc.

CenPOS works with your existing processor. CenPOS is fast, easy, and requires no capital investment to implement. Call 954-942-0483 or click here for more information.