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.

 

 

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.

Multichannel Sales Initiatives – Are consultants too self serving?

According to the 24th annual Retail Info Systems technology study, expanding multichannel initiatives is the biggest action item over the next 18 months, followed by a mobile enterprise / store strategy and security. 2014 and 2015 are expected to be years of hyper innovation and with the EMV October 2015 deadline looming, CIO’s and IT are right in the thick of it.

2014 Retail Technology Study

Data excerpt from the 2014 Gartner Research 24th Annual Retail Technology Study: Major Action Items Over the Next 18 Months. To get the study, go here http://risnews.edgl.com/retail-research.

For merchants, checking with peers and current vendors about potential partner solutions may be inadequate. The stakes are extremely high for many of the parties that hope to capitalize on the huge investment companies will be making. Whether they have the best product or not- or even a working product- many vendors will serve their best interests first.

For example, a prospective customer was very interested in my omni-channel payment gateway and wanted to check with his current merchant processor, one of the top three largest US processors, for his input. The current vendor knew nothing about my product but concluded after a 10 minute conversation there was little value in a product like mine (no price was discussed) and would relay that to his customer. He completely dismissed there was any value in:

  • Eliminating stored credit card numbers on paper forms
  • Using tokens to recharge customers in a few clicks vs key entering every time
  • Level 3 Processing (100% B2B merchant)
  • One reporting system for all payment sources (reducing PCI burden and creating back office efficiencies for research, reports and reconciliation)

The consultant concluded that if the customer wanted to change, he had a ‘similar’ product, though admittedly not as good, nor comprehensive enough to address all the customer needs. In other words, the guy was too lazy to help the customer before, but if pressed, he was willing to sell him an inferior product. Worse, he completely failed to recognize that his own customer did place value on solving business problems.

In conclusion, so many vendors have ‘a product’ to sell in which they have a vested interest, that they will readily dismiss anything they can’t make money on. Consultants are often getting their information from the same sources so they just don’t know any better. CIO’s might be better off seeking experts outside of their current vendor resources to find the best solution for multichannel initiatives.