Jodi Goddard, Author at Platinum Payments

Jodi Goddard In Merchant, Payment Processing Industry, Retail

2021 Payment Trends

Hindsight is 2020… but since we have PTSD from that’s 2021 Payment Trends!

Let’s focus on some 2021 vision instead.

Before we hit the 2021 Payment Trends. First things first, we need to address the big stupid elephant in the room that is the dumpster fire of 2020 and how COVID disrupted many things, but the largest economic impact was obviously ‘quarantine’ or ‘the shut down’. We had to adapt to our surroundings and power through, digging deep trying to understand and accept a new normal. One of the obstacles a majority of small to medium business owners experienced was finding a way to adapt. They needed a quick solution for a safer and more sanitary way to accept payments. Getting back to that 2021 vision, here are a few things we are expecting to trend for 2021.

Contactless Payments Dominate

Contactless payments was already a trending payment change but one day it was then blasted to the forefront due to COVID. 51% of Americas are using contactless payments, whether it’s tap-and-go, Apple Pay, Samsung Wallet. Many consumers in various reports state they are changing the places they frequent to a business that had proper payment methods. That same 51% of the US population reported cutting back on using cash down to only when necessary or not at all. In addition to this scenario, there was also a nationwide coin shortage so customers needed exact change, forfeit their change, or pay with a credit card.

Online Ordering Skyrockets

The curbside pick-up was considered a ‘thing’ at some of the larger franchised restaurants. While pick-up was always a good option, it became a way of life for so many of us. Online ordering and curbside pick up was, and most likely will continue to be the preferred and most used method of payment.

Improving Security

Rising fraud is always trying to hold hands with eCommerce, then it ruins the relationship for the rest of us. Rest assured, we are always looking for ways to add to the security and making sure that everything is up to date with the latest technology.

Schedule a time with a Payment Professional to help you with Online Ordering. It will only become more prevalent and business owners need it to stay relevant.

Curious as to how this compares to last year’s predictions? Read that post here.

Jodi Goddard In Business Services, SOCi Partners, Technology & Equipment

Simple Ways To Add Revenue

Want to know some simple ways to add revenue? Here are a few ideas that could help add revenue

Increase Customers

I am a firm believer that marketing is necessary. You can’t expect someone to use your product if they don’t know you exist. Small businesses are doing really well in the social media realm of marketing. Social media platforms have made it almost foolproof to utilize their services for advertising, with their additions you should be able to navigate the ads manager quickly and have some decent analytics to go with it.

Selling More to Existing Customers

It costs a lot less to retain a customer than it does to obtain new customers. This is where our gift and loyalty programs can really kick in with some great income. More information on that here.

Since 2020 had just wrapped up providing the newest statistics for spending. According to giftcards.com – 73.4% of Adults 18 and older intended to buy at least one gift card during the holiday season. On average, during a pandemic year, people bought 3.4 gift cards with a median value of $153.08

If it costs 5 times as much to acquire a new customer and 16 times more to build a long term relationship with a new customer vs an already existing one, why wouldn’t we want to look at a small boost of just 5% in customer retention and profits can increase between 25% and 95%?

Retailers can add a program of suggestive selling at the register or mail coupons to customers. A service provider can offer an upgraded product or simply raise its rates.

Going Omni-Commerce

Why not look at going Omni? Omni-Commerce is the ability to interact with your customers across all channels. This melts in personal retail with a digital online presence. Other options could be looking at a second location or franchise to other entrepreneurs in other areas. While franchising is a more complex, long game type of goal, it has the most potential for major growth.

Affiliate Sales

SOCi — Our rewards-based affiliate program is one of the best ways, but I also admit I am biased. Other options would look like selling one of your products in someone else’s store or working with a third party who would sell or promote your product. In “Trust-Based Selling,” sales guru Charles Green says “when people buy things, they would rather buy them from trustworthy sources”. Instead of spending money on cheesy ads, why not just become more transparent, helpful, and responsive. Those slight changes in things have the potential to increase revenue while boosting customer satisfaction at the same time.

Diversify Offerings

Add products and services that complement your current offerings. This can be as simple as tutorials on your product or adding installation services. One way to look at it is as if your business were a gas station. People would be coming in to fuel up, but while they are there they will also grab a drink and some snacks. The main job of a gas station is to provide gas, the rest is an added bonus for both of us. They are adding revenue and I have the ease and convenience of only needing to make one stop. What else could you offer that fits the same flow?

Improve Technology

A new up to date terminal that has the capabilities of standing up to the demands of COVID. The sanitizing requirements, or the ability to move around the store, customer-facing screens, contactless options,… everything is so important for our physical health as well as the financial health of the business.

COVID-Fraud, a new term coined for the extreme scams that business owners are being hit with on the daily. Anything that we can do to mitigate fraud, we really ought to be doing. One of our Payment Professionals can help you determine whether you are at risk for fraud and help you into the safe zone.

This is just a small sample of what our Payment Professionals can do. They attend monthly training to make sure they have the latest and greatest. Schedule a time to meet with one of them to go over ways to help you increase your revenue. We have many different options and will do our best to make sure that we meet each and every need your business may have.

At the forefront of any business owners mind, is usually ‘how can I add more revenue’

Interested in more things SOCi? Check out a few other posts about increasing revenue!

Jodi Goddard In Business Services, Finance, Merchant, Payment Processing Industry, Retail, Technology & Equipment

ACH Defined

Any business owner wants to improve their bottom line. One way to do this is by improving your credit card processing fees. Depending on your industry, one avenue is ACH or Automated Clearing House. ACH is a network for electronic payments from one bank to another, favored especially by those who need recurring payments.

What are ACH payments?

Customers allow the business to access their account information to automatically withdraw funds at a predetermined time. ACH payments are generally used for revolving things like mortgage and car loan payments, utility bill payments, and phone bill payments, or subscription services.

Benefits of ACH payments

Improved cash flow – No longer waiting for payments to come in or chase down past due accounts.

Convenience – Improving the consumers’ experience by lessening the hassle of customers needing to authorize or initiate each payment.

Improved Accounting – Gone are the days where you would struggle managing paper invoices. Each electronic invoice is created automatically, making the reconciliation of invoices a breeze.

Better Processing Fees – ACH Payment Processing is less costly than a credit card. There are a few options on ACH set up but businesses can expect to pay a small monthly fee with a per-transaction fee OR a set percentage with a per-transaction fee.

Easy Set-Up – Super easy to set up with the customers’ banking information. By adding their information, customers can pay invoices at any interval. The payment will be automatically taken from their account ensuring the payment is made on time. Customers no longer need to deal with invoices and manual payments.

No More Expired Credit Cards – Credit cards expire and usually, people are going to forget each account that is tied to that specific card, or maybe the card was stolen so new card numbers would need to be generated. By going the AHC route, there won’t be a need to track down updated information saving you time and money.

How Can ACH Payment Processing Help My Business?

When payment comes due, your bank will send a request to the customers’ bank to being the transfer the funds with automatic invoicing. ACH is great for recurring bills or setting up autopay, however, it can be used for one-time purchases as well. ACH not only saves your business money, but it also saves on time.

How Do I Get ACH Payment Processing?

Schedule with a payment professional to review your merchant account and find out where we can help your business be more efficient and profitable. We assist you from setting up to troubleshooting, we will make sure that everything is on point. The software will allow you to set up payments via online website, email, in person, or over the phone with ease. More payment options mean happier customers.

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

What Square’s Recent Changes Mean For You

What Exactly Went Down

In June 2020, Square made recent changes in its rolling policy regarding the handling and processing of customer transactions. They can now hold up to 30% of the money a customer pays for as long as four months before crediting it to merchants. That’s more than a whole financial quarter’s worth of time. Even worse, Square enforces the holding period on a select number of sellers, but does not specify who or on what condition would justify the holding besides vague descriptions of “risky” transactions and the selling of “goods or services more prone to disputes.”

How Square’s Policy Change is Impacting Small Business Owners

The policy change comes as a surprise for many small business merchants. Contractors, plumbers, and even local legal firms felt significant impacts on the customer fund holdings. Enacted with little warning, Square’s move is disappointing, to say the least, and flies in the face of previous measures that the company promised to help small merchant consumers during the onslaught of the pandemic. Square claims it began the policy changes earlier last year. But with this recent change in transactional holdings, small business owners are concerned that the transactional holdings will usher more local businesses to close down their doors for good. Square claims that only 0.3% of merchants were impacted by the change, but over 2,715 individuals have already composed and signed a petition on Change.org, calling out Square’s policy change as an “unethical business practice.” The number of signatures continues to climb at the time of this writing.

Transparency in Changes, Advocacy for Small Businesses

At Platinum Payments, we are transparent with our products and services to our customers. There are no term fees attached, there are no margin increases, and we never change our policies without warning. Small business owners can rest assured that they’re getting the service they expect and deserve to keep focusing on their own customers.

There are also no term contracts with Platinum Payments, so merchants can pay for the equipment and services they need, and skip what they don’t. We also provide COVID safe transactional options and a customer support staff that’s open 24 hours a day, 7 days a week.

Small businesses are the backbone of America, and we’re here to support them every step of the way. Don’t be square, be more well rounded.
Contact our staff today to see how we can help your business get back on your feet. We offer afree analysis service to help get you started.

Jodi Goddard In Business Services, Poynt, Technology & Equipment

Perks of the Poynt

Start Taking Payments On One Of The Most Beefed-Up CONTACTLESS Smart Terminals!

Just how beef-ed up you ask?

For starters, some of the most popular perks of the Poynt is that it comes equipped with

dual touchscreens ( 7″ and 4.3″),
an 8-hour battery life,
a built-in printer,
an EMV card reader,
AC input,
a 5 MP front camera and a
2 MP back camera.

The Poynt is Wi-Fi and 4G enabled as well as ready for NFC contactless payments like Apple Pay and Google Pay.

To really show how sweet the Poynt can be, this guy will even be friends with all of your favorite accessories!

What accessories do you ask?

That list includes…

wired and wireless printers
cash drawers,
and barcode scanners!

There is even a QuickBooks Plug-In to boot!

Now you can keep track of everything in one place and seamlessly with your QuickBooks account.

Other perks and benefits of this hand-hand terminal includes Poynt HQ, the most user-friendly dashboard you have ever seen, it’s a “true love at first sight” kind of dashboard. Accessible from any smartphone, tablet, Poynt terminal, or internet browser. HQ provides real-time sales data, remote account management. There is an additional messaging feature that allows merchants to communicate with clients.

It is fully customizable to allow for organizing your inventory to your heart’s content, whether you prefer by price, color, or size, you have all the control. As an added bonus each category can support up to 500 different items!

PCI compliance is a big deal around here and with Safe-T Solo already built in, it’s guaranteed that all sensitive card information is encrypted and tokenized. We make sure you are PCI compliant to avoid a data breach, allowing you to heave a sigh of relief knowing you’re protected against fraudsters. Each and every payment is end-to-end encrypted keeping your customers’ card data safe and secure.

So, to basically summarize, this piece of equipment is top of the line and so simple to operate, add on our Platinum Guarantee and you will be asking yourself why you didn’t make the switch earlier.
In the market for a new point of sale or interested in upgrading?
Give us a call at 1-866-921-2982

Jodi Goddard In Uncategorized

What is a Surcharge: 3 Things to Know

What is a surcharge? You may have heard of them before. A surcharge is an additional fee that a business places on the purchase of a product or service. Surcharges are generally used to help cover fluctuating costs, like oil fuel prices and real estate. They help the business to pay the cost that involves delivering a particular product or service that is provided.

Business owners are well aware of the costs they have to pay to provide services to customers like credit card purchases. Add on top of that the daily overhead costs of running the business, and it can be overwhelming. Here’s how surcharges work in a nutshell if you’re thinking about implementing them.

1. Surcharging Offsets Your Credit Card Expenses

If your business is bogged down with service bills from credit card companies, surcharges to your customers can help shoulder the cost. They’re essentially paying a little extra for the convenience of using a credit card. Surcharges are a common practice for many businesses. There are other types of surcharges that can be implemented, too. Ask your point of sale provider what your options are in regards to what makes sense for you and your customers.

2. Some States Don’t Allow Surcharges

Before you decide to surcharge your customers, make sure to do some basic legal research. Surcharging is legal in most areas of the United States, but not in 11 states. If you are in this type of situation, you may be able to implement other types of charges in creative ways. If you’re not sure where to begin, you may want to contact a firm that has in-depth knowledge of how to surcharge and where, such as Platinum Payments.

3. They’re Different from Convenience Fees

Believe it or not, surcharges and convenience fees are not the same things. Surcharges can be added to any type of good or service that is being sold. Convenience fees, on the other hand, are only applied to payment methods that are not considered standard. For example, a college may apply a convenience fee to a tuition cost if it is being paid with a credit card. Most tuition balances are paid with cash or a check.

Curious to see how surcharges for your services can impact the financial health of your business? Contact our expert team at Platinum Payments today. We can perform a free analysis of your business to help you determine your point of sale needs. From hospitality to retail to healthcare, Platinum Payments has helped a variety of clients with solutions for their business transactions. Let’s get started today. We look forward to servicing you!

Jodi Goddard In Compliance

How to Become PCI Compliant

A guest post from Sarah Doyle at CR-T.

Do you know what it means to be PCI compliant? Or why it’s important? As technology evolves, a lot of businesses are struggling to maintain high levels of security. This article will teach you why PCI compliance is important and how you can take action now to protect your business.

What is PCI?

Payment card industry (PCI) compliance refers to the standards that businesses must follow in order to secure credit card data. The PCI Security Standards Council (SSC) creates and manages these standards.

The PCI Data Security Standard (PCI DSS) applies to all entities that store, process, and/or transmit cardholder data. If you accept process payment cards, PCI DSS applies to you.

Each of the PCI SSC’s founding payment brand members (American Express, Discover, JCB International, MasterCard, and Visa) have their own PCI compliance programs. These programs are designed to protect their affiliated payment card account data.

Why Should You Become PCI Compliant?

PCI compliance is mandatory, but for good reason. It protects businesses from data breaches and prevents fraudulent activity. If cardholder data is stolen, the business may be subject to fines, legal fees, and a damaged reputation.

In 2019, Verizon released its annual payment security report, in which an entire section was dedicated to PCI compliance. The report revealed the following statistics:

Only 36.7% of organizations reported full compliance in 2018.
The Asia Pacific region had the highest percentage of compliant organizations.
The hospitality industry reported the lowest percentage of organizational compliance.

Taking the necessary steps to become PCI compliant will help you avoid data loss while keeping your sensitive information protected.

How Can You Become PCI Compliant?

Becoming PCI compliant means adhering to the standards set forth by the PCI SSC. It’s six major requirements include the following:

Build and maintain a secure network and system
Protect cardholder data
Manage ongoing vulnerability
Implement and maintain access control
Regularly monitor and test utilized networks
Clearly document all policies

Meeting with a financial advisor or another expert will help you learn what additional steps need to be taken in order to achieve PCI compliance.

Partner with a Business that Values Compliance

As you work to implement and maintain PCI compliance, partner with other businesses that share your same values. You can work together to accomplish a higher level of security with those that offer more than just a product. Look for those that actively seek to consult and guide you to a better solution for your business growth.

For example, Platinum Payments is an organization whose mission is to protect merchants from rate increases and unnecessary equipment, while helping them remain PCI compliant. Platinum Payments offers 24/7 customer support and promises no termination fees, contracts, or margin increases all while guiding your growth through their platform.

In addition to PCI compliance, Platinum Payments utilizes artificial intelligence (AI) to improve the customer experience. The front end of a transaction looks and feels the same to customers. However, on the back end, an AI will auto-populate the needed contact points for card networks. This will reduce risk and save you time throughout the transaction process.

Platinum Payments’ level of experience and attention to detail will take your PCI compliance to the next level, helping you to achieve greater security and provide a better experience for your customers.

By partnering with us, you are able to help your clients become secure and protected in the ever-moving landscape of financial threats and disasters.

Here at CR-T, we take pride in providing enterprise-level IT services at prices that work for small businesses. Our team of experts can become your IT support department, responding to issues quickly, often before you even know about them. Covering everything from your servers and network infrastructure to your computers, workstations, and mobile devices, we provide end-to-end solutions for all your technology needs.

Time and experience have helped us develop best practices and workflow procedures designed to keep your focus on your business, not your technology.

Jodi Goddard In Compliance, Merchant

Considering Venmo For Business?

Once upon a time, Venmo could not legally be used for business transactions. In its terms of service, it states, “Business, commercial, or merchant transactions may not be conducted using personal accounts.” Things have since changed. Venmo will allow limited business use with explicit permission after completing the application process.

Is Venmo Safe?

Pre-2015 scammers were using Venmo to defraud people out of thousands of dollars. If it was considered a “business transaction”, the user had no recourse. The security page of Venmo’s website currently states:

“Venmo is designed for payments between friends and people who trust each other. Avoid payments to people you don’t know, especially if it involves a sale for goods and services (like event tickets and Craigslist items). These payments are potentially high risk, and you could lose your money without getting what you paid for. Venmo does not offer buyer or seller protection. Business usage of Venmo requires an application and explicit authorization.”

Venmo and its users have experienced:

Payments reversed without authorization
Frozen accounts
Money is withdrawn from their banking account.

Venmo’s terms now allow for business transactions BUT, there is no protection for buyers and sellers which is alarming. Unfortunately, that is par for the course when you use a service provider as opposed to a true merchant account.

Venmo + Small Businesses: How to Make a Decision

If you complete the application process and if you are approved, here’s what you need to know before you make a decision with such potential repercussions.

PayPal itself is PCI Compliant, the disclaimer on their website states that they are NOT responsible for PCI in YOUR store.
PayPal is not responsible for PCI compliance if you store, transmit, or process payment card information. Its PCI compliance can be validated at http://www.visa.com/cisp
It’s not a matter of IF, but WHEN. 67% of Business owners have no security in place. Fraud was already on the daily rise, now with COVID, the huge shift to a more cloud-based and online presence has just added fuel to the fire.
Venmo has a prohibited list, like everyone else in the industry. By using its payment service for prohibited items, you are going against the terms and conditions. The prohibited list is long, but you can view the complete list here. * (FYI there are 49 categories that are not allowed). If they won’t acknowledge PCI for those they allow to use their services, what do you think they will do for those who went against their rules? It’s a scary thought. Next in line is the Fraud Maintenance Tools — an optional fraudulent transaction management tool made by Braintree Payment Services. If you want to activate or inactivate the Fraud Maintenance Tools, it is your responsibility to determine which settings you need and which filters to apply. If you were to select the wrong one, you lose out on volume since they decline payments on your behalf. Let’s hope you know what you’re doing.

“It is your sole responsibility to provide any necessary notices and disclosures, obtain any required consents, on the use of the Fraud Maintenance Tools to your Customers on your website or mobile application”.

“You acknowledge and agree that PayPal does not represent or warrant that the Fraud Maintenance Tools are error-free or that they will identify all fraudulent transaction activity. In addition, PayPal shall not be liable whether a Transaction is accepted or rejected using the Fraud Maintenance Tools. You are responsible for your optional use of the Fraud Maintenance Tools, including any filters or settings you enable.*

*Edited/Shortened for length.

I Don’t Have Explicit Permission, What Can Happen?

If BrainTree/PayPal/Venmo believe you may have engaged in any violation of their terms and conditions, they could (with or without notice to you) take whatever actions that go against the agreement. This could include:

Blocking the settlement or completion of one or more payments;
Suspending, restricting or terminating your access to and use of the Payment Services
Terminating our business relationship with you, including termination without liability to Braintree of any payment service agreement between you and Braintree.
Taking legal action against you
Contacting and disclosing information related to such violations to (i) persons who have purchased goods or services from you, (ii) any banks or Card Networks involved with your business or transactions, (iii) law enforcement or regulatory agencies, and (iv) other third parties that may have been impacted by such violations
Assessing against you any fees, penalties, assessments, or expenses (including reasonable attorneys’ fees) that we may incur as a result of such violations, which you agree to pay promptly upon notice.

What Are My Other Options?

If anything above concerns you, we can skip all of that to help you process with Platinum Payments. Have the peace of mind that all of your PCI issues are handled, you have liability protection, plus everything else in our Platinum Core.

Our Payment Professionals can help you navigate the process and make everything seamless, all while providing you with white-glove treatment.

Let’s get started today with a free audit.

Jodi Goddard In Technology & Equipment

What is Talech and Why Should You Use It?

Since 2012, Talech has been providing point-of-sale systems to restaurants, bars, and other service-industry businesses. Like many modern POS solutions, Talech is designed to run on an iOS or Android tablet, with support for both iPad and Android devices. As of 2020, Talech serves over 8,000 locations. For those who are looking for a slick, modern point-of-sale system optimized for service businesses, Talech is an excellent choice.

Low Barrier to Entry and Great Support

Download the Talech app, set up an account, and you can start using your new point-of-sale system right away. Talech is an easy-to-use system that has been designed intuitively, so it doesn’t require a significant amount of hands-on training with staff. Rounding this out is the excellent customer support, which can be accessed for free 24/7. Businesses are able to launch the app and start processing payments on-the-fly — a system that can even be used at trade shows, conventions, and other events

An Affordable and Flexible System

Many other point-of-sale systems have specific hardware that you need to use, but Talech can be downloaded onto most iOS or Android devices. This makes the system as a whole more affordable and flexible, as you don’t need to invest a lot in the hardware itself. Solutions are tailored to cafes, quick service, restaurants, retail, and sales, so organizations are able to hit the ground running with a system that will work for them.

Advanced, Customizable Features

In addition to working great out-of-the-box, Talech has a number of advanced features: weekly specials and discounts, loyalty programs, timesheets, online ordering, and table management. These advanced features can help you promote your shop and provide bonuses and benefits to your customers. Products provided by Talech include:

Online ordering.
Gift cards.
Email marketing.
Appointment booking.

And more. Talech can also integrate directly with Xero, Sage, QuickBooks, Epson, and FreshKDS.

Optional Hardware and Payment Devices

Talech doesn’t require hardware. But it does provide it, for those who want to improve their functionality. Talech‘s line includes payment devices, stands, receipt printers, kitchen printers, cash drawers, weight scales, and barcode scanners. With this hardware in place, a business can streamline its sales processes and pipeline.

Talech is designed primarily for restaurants and bars, but it can be easily customized to suit retail and other service-industry companies. With such an intuitive platform and broad accessibility, it’s an ideal place to start for any organization looking for a point-of-sale system.

Get Your Payments Now with Platinum Payments

Platinum Payments partners with Talech to make it easier for business owners to hit the ground running. Through Platinum Payments, you can get everything your business needs right now to start processing payments — whether you’re interested in Talech or another point-of-sale system. At Platinum Payments, we’re standing by to help you get started. Get 24/7 customer care and term-free contracts by contacting us today.

Jodi Goddard In Poynt, Technology & Equipment

What is Poynt and What Do I Need to Know About It?

What is Poynt?

Poynt is a credit card processing terminal that has unique design and functionality. The way that people pay is continually changing and Poynt is considered future-proof because it is the first smart technology in this industry that is built with flexibility. It not only currently accepts all forms of payment but also is designed so it can support 3rd-party apps to keep changing as customers and their habits change.

What Payment Types Does it Support?

Poynt currently supports all types of payments. This includes Near Field Communication (NFC) such as Apple Pay and Android Pay, EMV or chip payment, cash, magnetic swipe, QR code, barcode scanning, Credit, Debit, Signature Capture, Multi-Tender, Manual Entry, Electronic Benefit Transfer (EBT). These options can only grow as more apps are developed.

Where Can I Use It?

One nice thing about Poynt is that it can be used anywhere. It connects via Wifi, Ethernet, or 3G. Not only does it fit on any counter but you can use it remotely as well. It’s perfect for curbside pickup, to take to local pop-up shops or fairs, to use for inventory in the backroom, for waiters to take directly to customers and everything in between. Poynt provides you the flexibility that you need.

What is Unique about Poynt?

Apps

As we mentioned earlier, Poynt offers both their own and third-party apps so you can be sure that you have everything you need to run your business in one place. There are a variety of apps including invoicing, virtual terminal, QuickBooks integration, employee management, and more! Check out Poynt’s website to see an infographic that explains some of the apps that they offer.

Monitor Transactions Remotely

Another benefit of Poynt is that you are able to check your transactions from any iOS, Android, or web device. If you’re not in your place of business but still wondering how things are going, it’s a simple process to be able to check on all things for your business.

Dual Screens

Poynt is designed to decrease your hassle. Say goodbye to swiveling credit card processing machines that are difficult to use and provide little customer or employee privacy. Instead, Poynt has two screens: one that faces the customer and one that faces the employee. It’s much easier to use.

Jodi Goddard