The financial viability of your business is at risk if you are using the common credit card authorization form and faxing to your customers. More than 80% of businesses that suffer a data breach will go out of business within one year.
PROBLEM 1: Security.
Whenever payment information is on paper and handled by people, there is risk of appropriation for identity theft. It used to be you could buy your way out of trouble if there was a breach, but now business owners can be held criminally liable, facing felony charges with one year in jail. Reputation damages will carry on for eternity on the Internet as well. It’s virtually impossible to maintain required PCI Compliance (data security) standards with paper credit card authorization forms that contain sensitive payment information.
As a best practice, authorization form design should include the capability to save signatures, but tear off and destroy sensitive credit card information. Better, accept payments via a secure online pay page, eliminating employee access to payment information.
PROBLEM 2: Inefficiencies
All payments sent on paper or made over the phone require human resources for both parties.
SOLUTION: Accept payments via secure online web page instead.
PROBLEM 3: Cash Flow
Some customers pay late because of inconveniences related to making payments.
SOLUTION: Online pay pages and or electronic invoicing with automated collection management are proven methods to significantly reduce receivables.
PROBLEM 4: Excessive processing fees
Business to business merchants are most at risk for overpaying fees due to ‘non-qualified’ transactions.
Due to complexities, using technology that automatically optimizes payments for lower qualified interchange rates is the ONLY way to manage credit card processing fees.
CenPOS offers a cost effective solution to solve the above problems and others.
All payments, including checks arriving in the mail, use the same web based hub. The central reporting solution makes reconciliation faster and reduces audit costs. There’s no capital investment and your company can be operational in about a week. CenPOS is a private cloud solution so there is never anything to update.
- Virtual Terminal (card swipe and key enter)
- Online pay page FREE
- Mobile app FREE
- Tokenization- securely store sensitive payment information on CenPOS servers, replacing with random alpha numeric characters for repeat sale customers. A PCI Compliant repeat sale form is automatically generated for signature, which you can keep in a file drawer and is useless if stolen.
- Electronic Bill Presentment & Payment
- Customer portal to view and pay invoices, update payment methods
- Merchant portal to view unpaid invoices or add offline payments
- No login needed to pay a bill- significantly increases likelihood for faster payment and easy to pass to other family members to pay
- Recurring billing- store multiple check and credit card payment methods
- Automated reminders for expiring credit cards and self updating
- Dashboard- Real time cash flow and hierarchal reporting by department, region or any other grouping
- Custom Reporting: Automate report creation and distribution on any schedule.
- PCI DSS compliant- reduces scope
If you’d like to improve efficiencies, cash flow, and security, our private cloud payment technology delivers. CenPOS works with your existing processor, and is fast, easy, and requires no capital investment to implement.
Call 954-942-0483 for more information.