Payment solutions, when they work right, are a boon to the business, but what happens when something goes awry? Do you call the bank you’re working with? Or the gateway company? Maybe the technology platform? We have three mini case studies that underscore the complexity of getting payment processing systems right.
In our first case study, the client initially opted for a bank to manage merchant services. But it was expensive and the bank didn’t want to get involved with the integration of devices or manage necessary compliances. This left the client reaching out to their own IT group. There was some push back and confusion which eventually ended up costing the client more than what they presumed they would save working directly with the banking relationship.
In another case, in the discovery phase, we noticed the carrier was not EMV compliant. Their sales reps were entering the card numbers manually or using the magnetic strip readers, which lead to errors and costs. Fraud was a massive problem too as this opened every manual transaction to dispute. With B2B Soft Payments, EMV solution and access to Online Chargeback Monitoring tool, the client was able to reduce their chargebacks and increase their winning rate to 95%.
And in a third situation, a client waited for three days for a resolution to merchant issues during which time they couldn’t take any credit / debit card sales because they were using their existing banking relationship to accept payments. This would have been bad enough with one store, but the client had 50 stores! No one was taking the responsibility for the payments not being processed. Three different entities were involved – the Bank, the Payment Gateway Company and the Retail POS Company. All 3 were pointing fingers at each other with none taking the responsibility. After 3 days of troubleshooting it was identified that the Gateway Company had the issue. The Client lost 3 days of Credit/Debit Card sales in their 50 stores. They turned to B2B Soft Payment Solutions because they couldn’t take the chance of this happening again.
In all three cases, a consolidated approach to payment services could have averted these headaches and costs. That’s where B2B Soft Payment Solutions can come in. As a technology ISO, we understand technology, hardware and payments. And unlike a bank that may handle particular segments of the process, we have extensive experience in building and maintaining integrations across the entire payment process to accommodate any authorization workflow based on clients’ needs. Our payment services include secure integration, compliance, hardware fulfillment and 24/7 support as the single point of contact for everything end to end. This simplifies payment processing and keeps sales humming.