January 2020

Jodi Goddard In Build a Blog Community, Compliance, Retail

What To Look For In A POS (Point of Sale)

What To Look For In A Point Of Sale

If you are in the market for a new Point Of Sale here are a few things to look for to help you with choosing the best option for you.

First, you need to know what category you fit into. Do you own a food truck, a restaurant or a bar or a retail store? What about healthcare or hospitality/travel? Here is a quick list to help break up the differences.

What is POS system or POS meaning?

The Meaning of point of sale (POS) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but can also be dispensed with or sent electronically.

Foodservice & Restaurant Point Of Sale Features

Online ordering
Delivery apps
Check splitting/tip features
Ability to use kitchen screens
Back- and front-house communication tools
Table layout features
Loyalty programs
Advanced inventory with tracking for individual ingredients
Pay-at-table services

Retail Point Of Sale Features

eCommerce integration
Advanced inventory with matrix
Loyalty programs
Gift cards
Customizable SKUs
Shipping features

Service Point Of Sale Features

Advanced scheduling for people, rooms, and equipment
Calendar
Online reservations
Customer-facing booking tools
eCommerce integration
Loyalty programs
Gift cards

Each business type has different needs relating to that industry so knowing what category you fit into will help you. A retail POS provides retail-based solutions, while a restaurant POS does the same for the food industry, which is different from an all-purpose POS.

Your Point Of Sale system should include:

Inventory management
Accounting
Employee management
Customer management
Sales reporting

Why reports are so important

You should be able to get the information on all voided transactions, what’s product is selling vs what is not moving quickly, employee productivity and sales, percentage of labor against sales to calculate exact profitability, etc. Having these options built-in will save additional costs on a third-party CRM.

Cloud-Based POS Features

Data Protection

Having a cloud-based POS means that nothing is stored on your computer, meaning you can access your information wherever. Having the peace of mind that nothing can hinder keeping your business up and running. All information is encrypted and very secure.

Multi-Device Access

Cloud-based systems allow for access to data wirelessly from any device. Logging on to take care of orders, employee management or processing transactions is simple and can be done very quickly. Multi-device access is just as important, if not more so withing the actual establishment. Being able to take care of more customers quicker and at various locations will speed things up tremendously which leads to happier customers.

Online & Offline Functionality

If you are operating on a server and if it were to go down, your business goes down with it. Most POS companies are offering some type of offline functionality, when using the cloud you still have access to the needed functions. You still have the ability to take card payments, the encrypted data is held in a queue until the connection is restored.

Multi-OS Compatibility

Cloud-based POS options support either Android, Apple or web-based. You can integrate with pretty much anything you want to.

Low Initial Cost

POS systems come with a hefty price tag when you are adding everything together with your start-up costs or day to day operations. When using a web application there is a monthly subscription that is minimal where the benefits far outweigh the costs, but it is also allowing you to take cards as long as you have internet and a card reader. Once you have been operating for a while, you will have a better understanding of what features you would like and need to make an upgrade to better-suited equipment.

Integration With Companion Software

The list of software integrations is growing each day. Cloud-based POS systems can integrate with whatever other software you would like to use. There are also APIs and SDKs to enhance solutions.

Check out our POS options here.

Jodi Goddard In Compliance, Technology & Equipment

Safe-T – Why it matters to your business.

Cardholder data is a huge concern for everyone in the payment industry — consumers, merchants, processors, and even financial institutions. Merchants and the financial institutions will suffer the most from unanticipated expenses resulting from a data breach or the event of fraud.

Consumers want to know that each time they offer their card, whether it is with a POS, eCommerce, over the phone or via email, they need to know their information is safe.

The PCI Security Standards Council has developed their set of industry standards in place to protect such data, they also require service providers to maintain that the high set standard for security. The end goal being software vendors develop secure payment applications that do not store prohibited data. Some of those safeguards are a full magnetic stripe, PIN data and payment applications that are in compliance with the PCI Data Security Standard.

STATS

Honeywell stated consumers are willing to change their shopping behavior to safeguard their data if they personally suffered from a data breach. Seventy-six percent of consumers surveyed would forego credit and debit transactions and 38 percent said they would entirely avoid a particular retailer if they personally suffered from a data breach.

According to SecurityScorecard, more than 90 percent of retailers are out of compliance with the Payment Card Industry Data Security Standard. Penalties for non-compliance are as high as $100,000 every month or $500,000 per security incident.

Merchant Maverick conducted a study and found Two-thirds of cyber breach victims are small to mid-sized businesses. 55% of smaller merchants reported a data breach for the year before. A significant cyber breach could cost a small business upwards of $80K or more. Due to bad press and cost, 60% of small businesses close shop permanently within six months of a cyber attack.

WHERE TO GO FROM HERE

Platinum Payments offers many different types of encryption and security options.

With Safe-T’s layered approach to security, small to medium-sized businesses and their customers can feel more confident that their payments are secure.

Safe-T Solo — Reimbursement up to a maximum of $50,000

Safe-T Silver — Reimbursement up to a maximum amount of $100,000

Safe-T Gold — Reimbursement of up to a maximum amount of $250,000

With each transaction the primary account numbers are encrypted; however, it is imperative that as a business owner you are making sure that your hardware is compatible with your software. For example, if you were trying to process a payment using a POS with Elavon approved software, the information would not go through if the POS failed to encrypt the Primary Account Numbers.

NOW WHAT

First off, there is no reason that anyone should be non-compliant. Think of it as an additional insurance plan for your business. Being compliant helps to defray card network fines, fees or assessments associated with breaches, in addition to your customers feeling safe and secure.

The information is there, the knowledge is there, the technology is there, awareness is increasing, now it is just a matter of what a responsible business owner will do with it. Remember, you are fine, until your not. So, why risk it? The help and resources are there, so use it.

** The SAFE-T for SMB Services only apply to card-present Transactions (the

processing environment where the Payment Device is physically presented to the Company

by the Cardholder as the form of payment at the time of Transaction) and mail

order/telephone order transactions, and do not apply for Electronic Commerce Transactions.

For mail-order/telephone order transactions, information must be hand-keyed into the POS

Device for SAFE-T For SMB Services to apply.

Jodi Goddard In Merchant, Technology & Equipment

Traditional Merchant Account VS Payment Service Provider – Which is best?

Whoever is offering the lowest credit card processing rates and fees probably isn’t really the cheapest option and may not be the best fit for your business. Here is why:

In order for a company to offer those types of perks, corners must be cut elsewhere. Customer service may be horrible, or nonexistent altogether, hidden costs to make up for the upfront visual loss, or being locked into a contract or even “free” equipment. Those costs WILL be made up elsewhere. There is no such thing as a free lunch or processing in this case.

In order to tell the difference, we need to break down the two types of providers

You have the option of a traditional merchant account provider, or a payment services provider. Payment Services allow for credit card processing but will not have all the features of a full-service merchant account. As a business owner, you need to understand the differences between the two options.

Payment Service Providers (PSPs)

Payment service providers allow credit card transactions, but you will not have your own unique merchant ID number. Instead, your account is grouped in with other accounts and other merchants. This will take down the costs for monthly fees and PCI compliance, but it will also leave you open to the possibility of having your account shut down from a tiny hint of fraud. Since you opted for a service provider, who cut corners with customer service it will then become the bane of your existence to get your account up and running again.

We understand that small businesses find this type of model very alluring because it seems less expensive but you need to take into account a few things such as security and being fully aware that the loss of revenue from a frozen account is quite common. Some of the top payment service providers are PayPal, Square, and Stripe. Often people think they are the same as a traditional merchant account and that is not the case.

Traditional Merchant Accounts

The main thing that you will get with a merchant account is your own merchant identification number that is specific to your business. Having your own ID number will lower the risks of a fraudulent occurrence. The odds of having your account frozen or shut down are significantly less. When working with a traditional merchant account the added benefits offered are PCI security scans, payment gateways, ACH, eChecks, and more. With the added benefits, there is an added cost, which is very minimal for the services provided when working with Platinum. In addition to these perks and benefits, you can land a better rate by utilizing interchange-plus, interchange optimization and other special pricing structures. A traditional merchant account is actually less expensive than a service provider, plus with the added features, why wouldn’t you want to go the safer and more secure route.

Platinum Payments can set your account up completely customized to meet your needs, US-based customer service 24-7/365, interchange optimization, all the bells and whistles that you can think of that will make your merchant account experience and not the headache you’re used to dealing with. We want to help, not hinder, we want success, not stress.

Jodi Goddard In Partnerships, SOCi Partners, Uncategorized

SOCi + Revenue

SOCi

What better way to start 2020 off than to have a few ideas to add more revenue. After watching some of the upcoming trends for this year, there are a lot of really cool things that will be happening. Platinum Payments has an amazing affiliate program called SOCi

How To Maximize SOCi Benefits

We are flexible and will do things on your comfort level and speed, with that being said, there are ways to maximize the benefits with SOCi. The best way is by allowing us to focus on what we do and take it to the next level with our dedicated team.

You provide your customers, we provide the sales team and all needed supports and material, while you receive a new revenue stream all while still putting all of your time into your own day-to-day operations.

Here is what YOU get out of SOCi

A dedicated partner team – having your own personal account manager that will take care of everything. The internal partner team is focused on making sure the partnership is successful and profitable. Working with the sales force and your customers to create a long-lasting Platinum Experience for you and your customers.
Real-time customer status access – All it takes is logging into your assigned portal account will give you access to the information about your customers and their status with us. You will see first hand the NEW REVENUE being produced.
New revenue stream – As discussed earlier, SOCI adds a new revenue stream to your company using your customer relationships combined with our expertise to produce residual income.
Customer retention – SOCi gives your customers access to our products and solutions to enhance their experience as a business owner with the perks of being with Platinum. Your benefits with us also benefit the which in turn increases customer loyalty. It’s a win-win for everyone.
Protection from competitors – Because of the benefits and relationships that we have established competitors will not be able to offer the same value or come close in comparison which means customers will not want to leave.

This is one of the thousands of ideas for creating additional revenue for your company. Get started with us today to see what else we can do to boost your revenue.

Jodi Goddard In Humanitarian

Platinum Cares: A Mission Of Giving

This Christmas season Platinum Payments had the awesome opportunity to be able to assist a local high school. Many of the students going to this high school come from very hard backgrounds, some work jobs every day to support their families and some don’t have enough to eat without the school pantry filling in. This is one of their last chances to get a high school diploma.

This school helps them graduate and strives to prevent them from dropping out. We have never met such dedicated teachers and staff. They truly give their hearts every day to help these kids be successful.

We were thrilled to help them by providing stockings for each student, filled with goodies and surprises for the holidays, along with a donation to their food pantry.

We wish you all could have seen their face as we dropped off the stockings, food, treats and stuffers for them. It wasn’t as much as we would have loved to be able to do, but to them it was exciting!

A couple of the students asked what all of the stuff was for? The school librarian told them it was for them – a little Christmas fun and cheer! They tried to act all cool, but you could tell they were incredibly excited, you could see it in their faces. It was so humbling to witness and we are so lucky to be a part of what they do.

We don’t share this to paise the small effort we made, but to acknowledge that there are simple opportunities to serve and love all around our community. At Platinum Cares, this is our goal, as a fantastic team and company – To help and assist where we can. You are such a huge part of that! Thank you from the bottom of our hearts for being such fantastic ambassadors and helping us help others!

— Jill Smith, Platinum Payments

Jodi Goddard In Merchant, Retail

Trends coming in 2020

businesses will need to transform their payments and go digital!

Businesses will need to transform their payments and go digital. Last year Millenials and Gen Z accounted for $350 billion of spending in the U.S. alone, by 2020 Gen Z will account for 40% of global consumers. These generations grew up with the internet and connected devices, businesses will need to transform their payments and go digital. Here are a few trends to watch out for;

Contactless payments are IN

One new thing to roll out this year is contactless payment cards. NFC (near-field communication) technology allows consumers to use the tap and go option or wave their card within the range of the terminal.

Obsolete Tech Is OUT

Merchants who haven’t upgraded their equipment really ought to because that same piece of hardware will also allow more mobile wallets, Apple Pay, Google Pay, Samsung Pay, or payments made from wearable devices such as smartwatches and fobs. With all the changes for payments and eCommerce consumers are watching their digital payments very closely.

Consumers are far less likely to turn a blind eye to an outdated or choppy experience caused by older tech, and the friction caused by outdated systems will play an even more critical role in customer engagement in 2020.

Increase in regulations

Tech is ever-evolving so working closely with your rep is even more important to make sure that you are covered with PCI in addition to any new laws that may apply.

Companies like Visa are updating their free trial billing rules to benefit businesses and consumers with chargebacks while implementing more transparency.
The Wayfair Act will take effect in the U.S. in 2020. This allows states to tax a company that operates within the state borders regardless if they are located there or not. Retailers will need to figure out local taxes and regulations to continue their business uninterrupted.
Because merchants are going to have a harder time keeping up with the regulations, it makes even more sense for them to partner with the payment industry, that way they have someone watching over their merchant account and keeping things on the up and up while they focus on running their business.
Tokenization will expand; Brian Cole, head of North American products at Visa, says. “The scope of fraud in tokenization is cut off because the token itself only works for that consumer, on that device, at that merchant.”

It is so important for merchants to be aware of changes and stay up to date, the best way for that to happen is keeping in contact and having a good relationship with their representative. Our reps attend weekly training to ensure they have the latest information.

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

Why Field Service Needs Mobile Payment Options

If your business is still playing the paper invoice and wait game, it’s time to look into upgrades. Mobile payment processing is rapidly taking over because of the convenience for everyone. There is no use for a point of sale when your work is done in the field. This is ideal for those who are in the construction industry or field service industry, such as concrete, roofing, cleaning, plumbing, electrical, restoration, and HVAC.

WHY DOES IT MATTER?

It all comes down to cash flow. Are you a smaller business that relies on payments in order to cover your supplies? Either way, expenses won’t stop coming in. Suppliers, employees, resources, building materials, and other expenses will continue to pile up regardless.

Having to wait for a previous payment on a job in order to get the needed materials for the next job is detrimental to doing business and is likely hindering your profitability. If you are mailing paper invoices it can be anywhere from days to weeks until that payment hits your account.

This is a very cost-effective and simple addition to your business with rewards reaped outweighing the fees that you would have. Think of it as an eco-friendly way to replace stamps, stationery, and accounting/bookkeeping costs.

BENEFITS FROM MOBILE PAYMENTS

The best option is to utilize mobile payment options. Being able to collect payments while out in the field not only ensures payment but also helps you get into a better cash flow position, which in turn will bring about many benefits and stability.

Instant payment at the time of service which allows for better planning on future jobs
You will save time — It is easier to keep track of everything if you have it in one location.
Makes collections simple — It will become less of an issue with payment collected at the time of service.
Digital records — Having automated records of job completion and other information at your fingertips
Less time between completion of the job and payment which means more work in the future
More sales
Mobile invoicing apps integrate with accounting software
Being able to take multiple payment types
The ease and simplicity mean happier customers, and happy customers give referrals.

MOBILE PAYMENT OPTIONS

Platinum Payments has a few different options for mobile payments that will keep you up to date with the latest technology trends.

Ingenico Move 5000 wireless terminal
ICT 250G wireless terminal
Verifone Vx 680 wireless terminal
Converge software on your cell phone or tablet
Poynt wireless point of sale system

In short, there is no reason that you should NOT be taking mobile payments. If you would like to read more, here is an article by Honeywell that will have a breakdown of more of the benefits of the mobile payment processing VS paper invoice model.

Contact us for help with deciding which mobile payment option would be a good fit for your business. Let our Payment Professionals show you the ins and outs of mobile processing and other services that may be helpful to you.

Jodi Goddard In Retail, Technology & Equipment

How Interchange Affects Your Business, and Why It Matters

REDUCING THE RISK TO REDUCE THE FEE

If a merchant can reduce the risk of a dispute or chargeback, they will, in turn, get a lower interchange cost and keep more money as profit.

HOW DO WE REDUCE RISK?

Card issuers want as much information as possible. Level 2 and 3 require more information from the merchant which in turn will reduce the risk to accomplish the lower fees. Most merchants collect Level 1 data, which is the basic information about the transactions such as date and amount. Level 2 and Level 3 require the merchant to collect more detailed information from the transaction which can become a hurdle for businesses because they may not have the information to enter, the correct equipment or a processor that can process the information.

WHAT TYPE OF INFORMATION IS KEY?

Level 2

Tax Amount

Customer Code

Merchant Postal Code

Tax Identification

Merchant Minority Code

Merchant State Code

Level 3

Ship from Postal Code

Destination Postal Code

Invoice Number

Order Number

Item Product Code

Item Commodity Code

Item Description

Item Quantity

Item Unit of Measure

Item Extended Amount

Freight Amount

Duty Amount

This is where interchange optimization comes in to play.

Elavon helps merchants identify Level 2 and Level 3 payment processing opportunities and provides recommendations that can help lower interchange fees, improve cash flow, and enhance reporting. Elavon’s Level 2 and Level 3 programs populate the necessary data for the merchant with no up-front cost.