- Monday - Friday 9 AM - 5 PM
- 43300 Southern Walk Plz #166 Ashburn, VA 20148, USA
- 515 Consumers Rd #210 North York, ON, M2J4Z2, CANADA
- (+1) (202) 902-6226
Printing Manufacture
Story
During our discovery meeting with the CFO, she sought improvements in efficiency and cost savings moving into the new year.
We recommended upgrading and implementing the following process after mapping out the client’s ecosystem. (2) 3 WIFI with 4G intelligent terminals, (1) with an online payment gateway, (2) with a virtual terminal. (33) Optimization of interchange on all platforms.
How we helped
In the absence of an online store, the payment gateway will allow 24/7/365 sales, the virtual terminal allows reoccurring payments and the ability to generate pay now invoices, and the 3 WIFI with 4G smart terminals allow deliveries to be made with Chip and Pin, greatly reducing the possibility of fraud.
The overall process is integrated into the client’s accounting system, providing detailed reporting to senior management.
The client has experienced a dramatic decrease in processing and rental fees, increased revenue, and, most importantly, higher customer satisfaction.
Result
Avrage Monthly CreditCard Valume: $3,600,000 CAD
Annual processing valume: $43,200,000 USD
- Annual saving $94,272 CAD
- NO rate increase since 2018!
- Reduced chargebacks by 99%
What we learned?
Over the past 24 month, online payment processing have increased by 800% due to the COVID19, which is created a fantastic opportunity for retailers. However, in the past 24 months, we have noticed fraudulent online credit card transactions have increased by 48%.
Online businesses tend to pay a higher rate because of the type of transaction they are receiving, which is known as CNP or Online transaction. There is also more risk associated with card not present transactions, which can threaten any online business.
Online businesses stay with their processor by average of two years more than any other industry because of the complexity and cost of integration and chance of downtime for the operation. This also results in a higher processing fee paid by the merchant.
