Credit card processing is complicated. It doesn’t matter how good your deal is if you don’t have the best base price plan to start with. Your merchant statement has the critical evidence of whether or not you are even in the game, including qualifying for low regulated debit interchange rates (Durbin Amendment, part of Dodd-Frank).
Above image is example of one type of credit card processing rate structures.
This video uses ZOOM so it is not necessary to blow it up.
About the author: Christine specializes in providing merchants with innovative technology to manage the cost of accepting credit cards, without changing merchant accounts. With a primary focus on “card not present” payment processing solutions for mid-size companies, including manufacturers and wholesale distributors, merchants improve PCI Compliance and streamline the payment experience for both their company and their customers. It’s fast, easy to use, and requires no capital investment to implement. For sales call Christine at 954-942-0483 or click here for more information.
Dealerships that try CenPOS payment technology stay customers for life. Here’s three features CenPOS users will never give up, and that competitors can’t duplicate:
Interchange optimization– CenPOS removes people and outdated terminals from impacting the cost of accepting credit cards. Other cloud solutions have the same intelligence as old dial up terminals- NONE. CenPOS dynamically makes decisions in seconds based on risk and other merchant defined rules.
Token billing with online payments– CenPOS replaces fax credit card authorization forms and telephone orders. I don’t care what HQ policies are, every dealer has this going on whether upper management knows it or not; sometimes only accounting has permission to accept them but that’s stiil too many people. In either case, it’s a poor business practice. Making it easier for your customers to pay, while mitigating risks, can make all the difference whether a customer chooses to do business with you or not. CenPOS offers two secure online payment solutions. No employees ever have access to payment data- no one, ever. No payment data touches your servers, ever.
Reporting– whether one location or many, CenPOS creates numerous back office efficiencies, including reconciliation, transaction research, electronic receipt retrieval, and audit trails are just a few.
Bonus- Mobile payments- not quite a necessity for everyone yet, but there has been growing demand, especially in service departments. Why is CenPOS different? There is no additional effort needed to implement or for reconciliation. User permissions carry across all points of payment acceptance per rules merchants set up, and all the other benefits of CenPOS extend to mobile.
Token billing- charge any amount to stored payment method
Mobile apps – Droid, iPad, iPhone
About CenPOS: CenPOS is an innovative payment processing network that streamlines the payment experience for both merchants and customers. It’s multi-channel support and SaaS model, has catapulted a shift in payment technology adoption in a variety of industries. CenPOS is fast, easy to use, and requires no capital investment to implement. For CenPOS sales call Christine at 954-942-0483 or click here for more information.
In this training video, I show how to securely store credit card data so that no one can ever see it again. It’s virtually impossible to prove Payment Card Industry Data Security Standards (PCI DSS) Compliance if storing credit card authorization forms with full card data. This solution can significantly increase boost PCI Compliance and reduce losses due to disputes and resulting chargebacks.
The positive card verification checkbox is used to submit a zero dollar authorization transaction. This validates all rules in the merchant administration and on a user basis. For example, if rules require an address, zip code, and cvv security code verification, the items will be validated with the card issuer. The receipt is the merchant record of proof that the card issuer passed the verification.
Optionally send the repeat sale credit card charge form to your customer. Have the customer sign and send it back. This replaces credit card authorization forms that have full card data.
TIP: Include a cancellation and refund policy on all invoices, as required for all card not present transactions per card acceptance guidelines.
CenPOS works with your existing processor, and is fast, easy, and requires no capital investment to implement. Call Christine Speedy in sales 954-942-0483 or click here for more information.
Most merchants have printable authorization forms that don’t comply with the basic requirements to protect againstdisputes or don’t comply with Payment Card Industry Data Security Standards (PCI Compliance) guidelines. Download this Credit card authorization form template and modify as you wish.
USE AND DISTRIBUTION
This form contains language suitable for businesses where all of these elements apply:
business to business
card not present – phone, fax, email, or other order (not ecommerce)
repeat customers with sales of variable amounts; need to bill customers on an occasional or regular basis for varying purchases
sensitive card data is stored via a PCI compliant solution that replaces card data with a ‘token’ ; the token is linked used to charge the card
How could this business to business vendor error have been prevented? How could everyone have saved time? Let’s review what happened, the resolution, and the repercussions for all parties, both time and money.
Business “A”, an equipment seller for business to business only, issued a PO to a vendor, a wholesale distributor for the trade only.
The vendor, “merchant”, created an invoice.
The accounting department uses the invoice and pulls the credit card information to charge the card. Business A credit card information is on file with the merchant, sent via fax some years ago. Where is that information stored?
The business asked that the equipment ship in 2 days, which is also when the card will be charged.
WHAT HAPPENED NEXT:
Two days later, merchant called business A to report that the card declined.
The Business reviews their credit card account online and does not see any pending transactions or any reason for a decline and calls back the vendor to report same.
Vendor runs the card again, and again declines.
Business calls the credit card issuer, pressing voice prompt keys, finally gets ‘press 3 now’ to be connected to an operator, and then is promptly disconnected. DON’T YOU HATE IT WHEN THAT HAPPENS?
Business calls card company back and spends 5 minutes reviewing what they already checked online- the account is in good standing and there is a sufficient credit line.
After further review, it’s determined there is a large charge from the vendor that is pending, but not yet funded. It would be 5-7 days to remove the hold if the transaction is disputed.
Business does not want to dispute – this should be worked out with the vendor.
Business calls back vendor, who realizes they made an error and had charged someone elses invoice to that account.
Vendor issues a refund to the business for the difference between the original charge and the amount that is really owed. (Difference between actual invoice and some other customers invoice. )
LOST TIME. How much time did everyone waste? At least 15 minutes for each party. Both operations were disrupted.
NO ACCESS TO FUNDS. The business does not have access to credit card funds availability until the refund goes through.
EXTRA FEES. The merchant pays multiple transaction fees.
HOW THIS TRANSACTION COULD HAVE BEEN MORE EFFICIENT:
ERROR FREE. The vendor could send the business an email confirmation the PO total is correct and the business self-pays via a secure online payment page.
ERROR FREE AND SAVE TIME. The vendor could have used electronic bill payment and the business would click and pay the invoice.
ERROR IDENTIFIED FASTER. The vendor could have sent a copy of the transaction receipt immediately. The business could recognize there was an issue and notify the vendor. The transaction could then be voided, or preferably a reverse authorization could have been requested, if their credit card processing vendor supports that transaction type.
AUTOMATE TO SAVE MAXIMUM TIME FOR BOTH PARTIES AND ELIMINATE ERRORS. EBPP- CenPOS automatically email the invoice for payment. Business clicks the email link, chooses how they want to pay, and the merchant ships upon payment completion.
ERROR FREE, SAVE A LITTLE TIME. Merchant sends email with their invoice or other method to confirm bill amount owed. CenPOS Free online payment page and business would have self paid with their payment of choice.
ERRORS FOUND FASTER. Merchant could have key entered the transaction in the virtual terminal and emailed a receipt. The cardholder would have known instantly of the mistake.
SAVE TIME. Merchant could have securely stored payment data with the business saving keystrokes to process the transaction.
HARD DOLLAR SAVINGS
I know that this merchant uses a desktop terminal and a virtual terminal (authorize.net). Neither of those requires the user to enter data into fields that could qualify transactions for lower interchange rates. Additionally, neither of them support enhanced or “level III data”, required to qualify certain transactions for extra low purchasing card rates. Sending the right data could save a merchant up to almost 1%, a big deal when margins are tight.
The merchant will pay auth fees for one sale, two declines and a refund, 3 more than they should have.
See something relevant to your business? Contact us for more information.