December 2019

Consumer Trends

We know that brick and mortar stores are struggling in competition with eCommerce. The internet is taking over more and more each day, with the technology of location tracking and analytics, brands are able to watch the trends of shoppers, engage with them and in return, they see an increase in their revenue.

Shoppers are using multiple websites to get detailed information on a product and read countless reviews to help them make a final decision on whatever product they are considering purchasing. Retailers ought to be looking into online options to meet the needs and expectations of how shopping trends have changed.

Multichannel shopping, or Omni commerce, is a must for retail business in this day and age. It is known that places who are single-channel are not even close to bringing in the revenue that Omni commerce can, and does. It’s like casting a wide net off of a boat for fish, and a single small handheld net off the dock, it’s not hard to figure out who will have a greater return, it’s not even a close comparison.

It has been shown that customers will allow tracking of their shopping trends, which turn into ads, which leads to a more personalized shopping experience. Most shoppers don’t mind to share their information if it leads to loyalty points, coupons or some type of special offer.

Platinum has a point of sale software with analytics that will help track the trends and success of similar businesses in your area which helps them to understand the best way to do their marketing and help them change up their business plan to something that will be more successful. Without this, they don’t know whether they are doing bad, just ok, or excelling. Without that information, you don’t change things up to fit the trends and market to the right demographic.

Contact us for more information on the Talech software and learn more about how valuable it will be for your business. It applies to every single Merchant out there and is a huge benefit to help grow and expand.

Platinum Payments will help you stay ahead of the game, or catch up, and put your brand on the map.

Jodi Goddard In Uncategorized

Recurring Billing

I would be willing to bet my life’s staple of tacos that when you thought about starting your own business, collections would be something you gave any thought and attention to.

Unfortunately, that is a reality that everyone faces on one side or the other. The best way to avoid it and make sure you are paid on time, every time, or not to worry about remembering to pay a bill each month, is by recurring billing. Being able to offer this type of service adds a huge sense of relief for both parties involved.

Sometimes life happens and you need to extend payments. Being able to work with a customer and offer some type of a payment plan, not only is it good for payee to be able to take care of an account balance, the Merchant is also going to get the money owed and not have to deal with the hassle of involving a third party and paying the fees to send it to collections, where things could possibly run the chance of a settlement for a lesser amount, or no payment at all. Recurring billing ensures that the full amount due will be paid and avoiding all of the excess hassles.

It is also a great tool for other types of businesses, like construction for instance. A supplier can keep a company card on file and run a payment at a specified time each month, while the contractors are still getting the supplies that they need.

It’s great for a parts store that is sending merchandise out to other mechanics and shops as needed.

Repeat customers account for 40% of a business’ revenue. Subscription-based services that are set to bill customers monthly are more appealing than having to come up with a lump sum all at once. It is easier for consumers to budget in a smaller amount in an installment plan and better for the business because it helps ensure that they will be paid. A business may take a risk for non-payment if the customer needs to make payments not set up through reoccurring billing.

If you think that this would be a benefit for your business, contact one of our Professional Consultants, to start a positive business experience and get started in the right direction with the best options in a business plan.

Jodi Goddard In Compliance, Payment Processing Industry, Retail

What’s your rate?

A lot of people always ask “What is your rate”, unfortunately, it is not that simple. There are over 800 different options.

If we break down the fees one keyword to know is Interchange.

Interchange is a set of fees that have been added by the card issuer. The network will collect the fees and pay them directly to the bank that issued the card.

When someone uses a card to make a purchase, Visa and other card companies do the transfer process from one bank to the other. In order for them to do that they add their fees, which are referred to as Interchange, or dues, fees, and assessments. The card companies then pay the bank and collect their network fees.

So, look at it this way, you need to take the subway from A to B, you have to pay the fare. If you had forgotten something important at home and had to go from B back to A, you again, pay the fare. Once you have gotten the things you needed and head back to the subway to go from A to B again, you still have to pay the fare.

That is the easiest way to explain what interchange is and how it works. Each time the banks transfer money, there is a fare charged to send and receive that information. If you are not taking cards correctly, that process starts all over again and it charges another fee. This is why it is so important that Merchants are doing their best to make sure they have all the correct information and running the cards the correct way to minimize all the transfer fares.

The card issuers determine what those rates will be, which vary from card to card. They also decide which type of card goes through at a higher rate, such as; debit, credit, rewards and corporate cards. So, knowing how to take cards correctly is a big deal when it comes to security and savings.

There are a few different areas of compliance, PCI is one of them. Merchants really should make sure that they are compliant with their own protection. If they are not compliant, the liability all rests on their business if fraud were to happen. I have heard from so many people, “Oh I’m fine, it rarely happens, no one I know has been affected” etc. Well, the problem with that is you’re fine until you’re not. Why take the risk when being compliant is a very simple process and needs to be done once a year.

It’s a huge risk for a business to take on, in the chance that there is a breach or fraudulent card, most businesses’ would not be able to recover from that devastation. In addition, risking the chance of a penalty by the card issuers for not being compliant.

At Platinum, we offer a monthly protection plan and account monitoring to make sure that our clients are always protected from the increasing instances of fraud and data breach. Talk to one of our Professional Consultants today on how we can help!

Jodi Goddard In Business Services, Merchant

Platinum Guarantee

Treat others the way you want to be treated, a basic philosophy that every single employee adheres to. Treat others the way they want to be treated is one that Platinum Payments adheres to.

The electronic payment industry can be unchartered waters for a merchant. Merchant Services are necessary for running a successful business, but it is also overwhelming and quite frankly, a major pain for most people.

We have professional consultants to make things go as smooth and simple as possible. They take all the guesswork out of the equation so you, the merchant, can focus on what is most important to you.

The Platinum Guarantee was founded by industry veterans who wanted to offer the best possible solution to their customers. They were tired of worrying about the next rate increase being passed down from the big processors and banks.

Platinum Payments offers programs where businesses and merchants need not fear extra markup constantly being added to their account and they can focus on growing their business instead of managing fees.

What exactly is the Platinum Guarantee?

The Platinum Guarantee is a series of guarantees that protect you, the merchant, from any rate increase, buying unnecessary equipment, term based agreements or termination fees when you sign up with us as your electronic payment processor.

One of the important takeaways from the guarantee is being protected from any rate increases. What most Merchants don’t think to notice is the small disclaimer from their current processor that states a portion of the rate, or the rate in its entirety will be going up. They most likely had signed an agreement with a spectacular rate, but may not realize that those rates will increase over time. Most processors will do a slight increase twice a year. When a Marchant continues to process after they had received a notice, it is taken by the processor as an agreement to their new terms and conditions.

How will the Platinum Guarantee help my business?

We GUARANTEE that we will not raise those rates. That being said, we cannot control what issuers will do with their rates, but our margin will never increase. We like to have a custom plan for every merchant to best meet their needs. After a few months of processing, we do a reevaluation of the account to make sure the merchant is in the best position we can offer.

If our merchants are happy and doing well, we are happy and doing well. Our success is built upon the success of our clients and we are in it for the long haul. We want to build long-lasting professional relationships, be able to offer the newest technology, products, and services as well as making sure our clients are following the rules and regulations to make sure that they will be protected. We monitor our accounts to make sure that the Merchant is in compliance and taking cards the right way to maximize fraud protection and savings.

Jodi Goddard In Business Services, Merchant, Retail, Technology & Equipment

Omni-What?

How amazing would it be to have an online order, someone in a retail store, while there is also something going on at a tradeshow or mobile location and another order coming in over the phone all at the same time?

Offering Omni-commerce increases your customers’ chances to purchase, easily, simply and anywhere. With this, you can provide a flawless experience for customers across multiple locations and payment methods.

With the popularity of online shopping, the opportunity for your customers to check your website and see if a specific item is in stock, then have the choice to either order it so an employee can set the item aside for pick up at a later time, or if the item is not currently in stock, customers would have the option of having it shipped to their door, or to the store for pick up.

The up and coming generation is connected across multiple devices and platforms, so being able to reach them across multiple channels adds the potential for increased revenue and also new customers finding your merchandise. Consumers are accustomed to this option in most areas of their life including big box retailers. It isn’t far fetched to think that they would appreciate and almost expect the same from smaller retailers.

The matter of the fact is, if you want to appeal to the younger generations, you need to be easily accessible and on the same platforms that they are on, if not, you risk losing business and not being a recognized name or brand. Bob Dylan said it best, “The times are a changing”, it’s up to the rest of us to keep up or be left behind.

Jodi Goddard In Business Services, Merchant, Retail, SOCi Partners

Customer Loyalty: Revenue Included

Have you ever stopped to think about the different rewards programs that you participate in?

I would bet there are at least a few; the coffee shop, at least one fast food place, or three or five if you’re anything like me and rely on taking out. There are some of the sit-down restaurants that you’ve had some experience with, whether it was a free appetizer for dessert for your birthday. Most likely there are a few retail stores that you are participating with, a pharmacy and probably a grocery store, even the credit card rewards. Then there is the gas station who offers a free drink or car wash after so many gas tank fill-ups.

Loyalty reward programs are everywhere we go, so why not add one to your business? It’s not just for the soda stand or taco truck anymore. Any business can find a way to benefit from a program like this. Our Professional Consultants and office staff are full of ideas and are eager to help you get started with a custom-tailored program. There is always something to offer entice shoppers to come back and spend more money.

Loyalty rewards are an amazing way to show your current customers how much you value their business and actively engage your customers with a deeper connection.

Many people will frequent certain restaurants because of the rewards and perks.

I’m a sucker for online shopping and anyone who offers certain perks for members automatically has my business, so what if I end up spending an obscene amount of money, I got that one item for half price or something small for free so I’m happy with it.

Getting notice for an expiring reward will have people hurrying in to use it before it expires, and in turn, find something else they didn’t know they needed.

Expanding to a rewards program doesn’t have to be hard to overwhelming. Our Professional Consultants have all the information and the best route to take to get you set up with a loyalty rewards program and start building new clients and keeping the current clients coming back time and time again.

Jodi Goddard In Business Services, Merchant

Contracts and Dinosaurs: Dead

Contracts, a thing of the past, no one wants them.

Just ask Netflix or Hulu how many people left their satellite tv contracts for streaming.

Everyone has moved mobile phone providers or updated plans once contracts expired just to escape being locked in while others try to sell their lease to get out from under a rental contract. Merchant services are in the same category if you are working with other providers.

With Platinum Payments, there are no contract term agreements. It’s part of our Platinum Guarantee, we just don’t do it. I noted that other merchants will take your continuing use of their services as an acceptance to their new terms and conditions. You most likely didn’t even see those new terms and conditions. Most contracts will have some extreme conditions, like a 3-year term agreement and high cancelation fees. One of our founders has come across one that not only had a 3-year agreement, it also had a very steep early termination fee in ADDITION to having to pay for lost revenue. That means if that company were to leave, they would have to pay the entire month’s processing amount. If they were processing 30k a month, it would be 30k a month until the contract was sent to the end.

That’s just shady, we are not shady. We have integrity and morals. How can someone be successful and grow their business when they are being penalized? How can someone make the best decision for their business? What happens if they go out of business? They are strapped with a huge life change, loss of their livelihood. They signed a personal guarantee when they entered that contact and will be held liable for that debt owed to their processor.

Many things have switched to a monthly or annual subscription. Steaming providers, online radio, even the gym has walked away from contracts.

It makes sense to do your processing with a contract when there is an amazing company that just doesn’t. With all of life’s uncertainties, it is another way to protect yourself and your livelihood.

Our consultants know some tricks of the trade and can help get others out of their contracts, or a few months of our savings will cover the termination fee and it’s onwards and upwards from there!

Why not talk to one of our Professional Consultants today about getting into a better business plan.

Jodi Goddard In Partnerships, SOCi Partners

Becoming a SOCi Affiliate

What are the reasons to become an SOCi affiliate marketer?

SOCi affiliate – Passive income

Having a “regular” job means having to go to work to make money, SOCi affiliate marketing makes you money while you sleep, or shop, or during family time. When you invest in a campaign, you will see returns when consumers purchase the product over the following days and weeks. You receive compensation for your work long after you’ve finished it. It is incredible to watch your account grow with a steady flow of income from the skills and time you invested with initially.

SOCi affiliate is Convenient and flexible

Because you are essentially becoming a freelancer, you have the independence to set your own goals, take any direction your path leads you down, picking products that interest you, and one of the best perks -determining your own hours. By doing so, you are able to diversify your portfolio, or focus on just a few campaigns, restriction-free and not having to be part of a team that you don’t jive with.

SOCi affiliate is Cost-effective

This is one opportunity that does NOT require you to buy in with expensive inventory, pay any start-up fees or finance any product. Affiliate marketing is a low cost, no hassle program. Starting in this line of work is extremely simple.

No customer support

Customer support is vital for every company. When you are an affiliate marketer, your entire job is to link sellers to consumers. It is the companies job to ensure its customers are happy and satisfied. The seller deals with any complaints or problems after you have received your commission.

Performance-Based Rewards

If you are on salary you are earning the same regardless if it was a 40-hour workweek or 80- hours. Affiliate marketing is strictly based on performance. If you put the work and energy into it, you get the same return. If you only do the minimum, your return will reflect that.

The more work you do, the more you perfect your skills, the more your return increases!

Work from home

If you want to avoid the daily commute, save on transportation costs, or just plain hate going to the office, this type of work is ideal. You are able to launch campaigns, be paid, build relationships all while working from your own home, where pants are optional.

The Power of SEO

IF you do SEO correctly, you are able to generate a lot of organic traffic. Original content and a better website for visitors is really all you need. If someone is looking for information on something they will automatically look for it online therefore; learning the basics of SEO, keywords and link building will help you to be at the top of the list.

Jodi Goddard In Partnerships, SOCi Partners, Uncategorized

Platinum + CR-T

We are excited to announce that Platinum Payments and CR-T have recently combined our business services with a partnership to benefit both entities’ customers. We are so happy to be able to have them as an ally to assist with security.

About CR-T

CR-T has been providing professional IT support for businesses in Utah since 1991. Their team of experts can become your IT support department and will guide you through the complexity of technology to help better your security.

CR-T Provides

CR-T

Managed IT Services – They strategically, optimize and protect your infrastructure while performing day-to-day maintenance that keeps users from experiencing downtime.

Hardware & Software – Covering everything from your servers and network infrastructure (both on-prem as well as in the cloud), to your computers, workstations and mobile devices.

Advanced Security Software – By using their Security Operations Center (SOC), you can get back to business, with the peace of mind that you are protected. Utilizing SOC decreases the risk of threats to your sensitive information.

Budget-Friendly – Monthly fixed-rate options catered to your specific infrastructure.

Monitoring – With constant 24/7 overwatch, they will be aware of any signs of trouble. If problems arise, they will identify the problem, determine what’s needed, and resolve it.

IT Support – Their TrueHelp desk is there for you 24/7 with their dedicated phone line or online through TrueHelp Ticketing System.

CR-T is one of the few locations in the United States that have high tier technicians who are well equipped and certified to handle and projects. They are able to use their experience in the industry to cater to their clients’ needs VS a cookie-cutter model.

Platinum Payments

You can benefit from:

Electronic payments – Credit, debit, check, ACH, and gift card processing.

Customized solutions – Our payment professionals will work with each merchant finding the ‘right’ solution for their organization and analyze their processing statements for a customized proposal created specifically for them.

Invoicing and billing – Direct invoice customers giving them access to a ‘pay now’ page.

Reoccurring payments – Setup regular interval payments using any time period.

Batch processing – Sending many transactions all at one time.

Integrate with major shopping carts – Authorized.net, BigCommerce, Magento, 3dCart, Lightspeed, WooCommerce, cubecart, PinnacleCart, UltraCart, Shopify.

Interchange Optimization – For business-to-business entities, we will ensure merchant accounts will be paying the lowest interchange available for all Business Purchasing and Commerce cards taking advantage of level 2 and 3 interchange categories.

Solutions for all environments – Retail, restaurant, health care, government, e-commerce, mobile, kiosk, charity.

Fast-Track Funding – Same day payment funding.

Software Integration – Using Commerce SDK, fully integrate our payment processing into the merchant’s application. Takes as little as 2 weeks to complete and makes EMV, PCI, and pinned debit easy as they are all integrated with Commerce SDK.

Global payment acceptance – Accept cards from anywhere around the globe.

Jodi Goddard In Business Services, Merchant, Retail, Technology & Equipment

Batch Processing – Why It Matters

What is “Batch Processing”?

Once a transaction is made, the card-issuing bank sends an authorization code to the merchant, which is when the processing starts. It is called a batch because the transactions are settled at once.

How the Batch is Processed

After each transaction, the merchant receives the authorization codes, which are compiled into a data file on the terminal, software or gateway. When the merchant is ready to batch out, the codes are uploaded and processed at the same time.

Settlement

Once the merchant has settled for the end of the day, the best time since there is a fee per settlement, all of the authorization codes are then sent to the payment processor, who will then sort and deliver the data to the issuing bank. The bank has usually placed a hold on the funds to cover the transaction. Once it has been settled, the bank will release the funds to the processor, who turns around and deposits it into the merchant’s account. If there are no pending transactions when it’s time to settle the batch, nothing is processed and no fees will be assessed.

Batch Processing Electronic Payments

Batch processing through Converge, our customizable payment gateway requires no special equipment or software. Transactions are processed in real-time with an internet connection that is fully PCI compliant and utilizes most fraud protection measures.

Platinum Payments offers an auto-batch service that will settle the transactions at the same time every day. Batch processing for automated recurring billing, subscriptions or membership fees is a convenient option that can be set up by uploading a file containing customers’ transaction information for billing.

Why does this matter to you?

There may be times your business needs cash quickly, or maybe there’s a holiday coming up and you need to free up some cash that’s been processed. The needs and uses to this are limitless and very unique to your business needs, but one thing is for sure, Batch Processing sounds like something very “defaultey” on your merchant account.

To grab more information reach out to us.