Home > Say “No” to Any Payment Processing System that Doesn’t Do These 5 Things Well

Say “No” to Any Payment Processing System that Doesn’t Do These 5 Things Well

An electronic payment processing system needs to do 5 things really well to adequately serve the merchant:

  1. Guarantee PCI Compliance and Protect the Merchant from Fraud
    PCI compliance is serious business, with steep fines and penalties for non-compliant merchants. Every single application on your payment network that “touches” payment data, must frequently undergo software updates, vulnerability testing, and auditor assessments to re-confirm compliance.

    Any payment system software that is not PCI-DSS validated and PA-DSS-certified is not worth buying.

    The PCI-DSS validation seal of approval protects merchants from fraud, by ensuring their customers’ and vendors’ data is secure.

  2. Grow with Their Business, and with the Payment Industry
    The payment industry is constantly on the move. When new payment options and security-focused enhancements enter mainstream market, the merchant’s payment processing system should keep pace.

    Alternate payment forms benefit merchants, because they help decrease debt ratio and improve order to cash. Despite the obvious benefits, not all vendors guarantee they’ll update their payment processing systems when new payment types gain industry acceptance.

    The merchant’s best defense is to future-proof their business, by investing in a payment system that advances with the industry.

  3. Be Ready to Process Payments Whenever the Business Is Open
    A sudden surge in payment transactions may be great for business, but it can wreak havoc on your network and payment processing system.

    On a peak sales day, the last thing you need is for your payment system to crumble under the load.Congestion, database corruptions, and application failures are all real-world problems that a payment system should be fully prepared to handle.

    Revenue is what keeps the merchant in business, so a fail-safe, auto-correcting payment system is paramount.

  4. Reduce the Merchant’s Payment Processing Time, Costs, and Errors
    Payment processing complexity increases each time a merchant expands their business through acquisitions, new stores, or other shopping venues.

    Additional payment applications, payment options, and merchant accounts take more time to settle, and more manual resources to consolidate and reconcile.

    The payment processing system should alleviate time, costs, and errors, by centralizing and automating the entire payment process. Besides, isn’t that why you buy software in the first place?

  5. Support the Merchant’s Accounting Functions and Practices
    Accounting is responsible for tracking every dollar that flows through the merchant’s business. A transaction processing system that doesn’t support their needs decreases the overall profitability for the business, because tasks that in theory should be automated and simple, can take days (or weeks) to complete.

    A transaction processing system that doesn’t support their needs decreases the overall profitability for the business, because tasks that in theory should be automated and simple, can take days (or weeks) to complete.

    Centralized, enterprise-wide financial reports, audit trails that support Sarbanes-Oxley, and automatic reconciliation between the merchant and their processing banks, all add up to lower operational costs, and better information with which to manage the merchant’s cash position.

Now what if there was a payment processing software that did all this, and offered additional benefits like:

  • Lower TCO,
  • The ability to track — in real-time — sales generated by in-store or kiosk-based promotions, and
  • The ability for B2B partners to pay their bills electronically, with options like electronic draft payment?

TranScend’s payment processing system does this, and more.

Take a few moments to learn more about how TranScend helps merchants, by providing:

 

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