Merchant Processing Specialty: Retail Industry
Resources
CenPOS Sales Sheet : Select benefits, overall capabilities 3 pg pdf
Sales: 954-942-0483
Update: Cenpos Check processing now certified with TTech, CrossCheck, United TranzAct (formerly National Check Trust). ACH, Check 21, and check guarantee.
Typical Problems
Retailers are paying higher than necessary processing costs because of inefficiencies:
- Cashiers largely are in control of your EBITDA - internal and external fraud, interchange qualification (97% of your credit card processing fees), checkout efficiency.
Retailers are paying higher than necessary processing costs because of their billing plan design. There are multiple scenarios:
- Merchant statements show detail, but controller needs a PhD to keep up with which interchange rates are actually the lowest qualified rate for the type of card presented.
- Merchant statements have the headline "Your association rate is 1.5%". There is no specific data about what types of cards are used, but you can divide your costs by the total sales to come up with an average (it won't be 1.5%) effective rate.
- Merchant statements have 3-6 'buckets' for fees. These usually include mid-qual credit, non-qual surcharge, and mid-qual debit.
Retailers assume higher risk due to inability to convert customers to pin debit, with only a 14 day customer dispute period.
Solution
The most important benefit we provide is automatically removing cashiers from making decisions that affect your payment processing fees.
Second, our fraud prevention tools mitigate the risk of internal and external fraud. If you think you're immune, you are wrong. Fraud has been revealed at virtually every operation after adding CenPOS, regardless of the sophistication of their existing POS system. In multiple cases internal fraud had been going on for years by long-term trusted employees.
In all cases of billing plans above, the retailer is not getting the benefit of a solution to truly manage their processing costs. In one, they might have no data — always a horrible situation that demands an immediate change. In another, costs are bundled into 'average buckets' and whenever that happens, the processor is always going to pick a higher average to protect themselves. We offer a completely open solution so customers benefit from every level of interchange rates plus comprehensive reporting- and it's all managed automatically, removing cashiers from making decisions that can impact your EBITDA.