What is a Modern Payment System?
A modern payment system directly integrates to your point of sale and delivers a robust payment experience for both merchant and customer. It connects merchants to a total payment ecosystem, from merchant services to remote terminal solutions, to hardware procurement.
Benefits of a Modern Payment System
Read on to learn more about the benefits of today’s modern payment system.
- Complete Payment Flexibility
- Revolutionary Pricing
- Get Paid Faster
- Secure Payment and POS Integration
- Remote Terminal Management
- Lower Operational Costs
- Access to Premium Payment Services
1. Complete Payment Flexibility
In today’s fast-paced retail environment, the need to meet and exceed customer expectations is key to staying relevant amongst your customer base. Being able to accept all forms and methods of payment can be the difference between a sale and a walk-out. Luckily, a modern payment system ensures your business’ ability to accept all major credit cards, PIN debit, EMV chip, and contactless transactions such as credit/debit tap, Apple Pay, and Samsung Pay. Universal payment acceptance will keep your customers happy, coming back, and demonstrate your business’ drive to stay on top of payment trends.
2. Revolutionary Pricing
Although modern payment systems cannot reduce interchange rates as set by the credit card networks, they can reduce their own processing fee mark-ups. Contrary to most, modern payment systems do not compete on processing rates. Instead, they’re focused on passing through best pricing to guarantee their clients the lowest per transaction rates on the market.
iQmetrix’s Payment Connect distinguishes itself by providing clients with a hybrid Flat Rate and Interchange Plus pricing model. Clients access essential merchant services for a low pass through transactional price and then top up their payment system with value added enhancements for one flat rate.
3. Get Paid Faster
You work hard for your money, so why not get paid even faster? Modern payment systems run on electronic transactions which are much quicker to reconcile, batch, and collect upon over cash based systems. Updated system technology and faster internet connections make electronic transactions even speedier. In addition, modern payment systems allow merchants to add-on a next day funding option. Merchants can increase their cash flow by getting paid within 24 hours after batching.
4. Secure Payment and POS Integration
Although integrated payments (integration between your payment device and your cell phone store POS) is becoming more common, many merchants still use non-integrated payment systems. In addition to being more secure than stand-alone payment technology, integration saves you time and money by pushing the transaction directly to the payment terminal instead of having to enter the amount manually. Integration also automatically updates the invoice when a payment is tendered, allowing you more accuracy in your accounting and saving you time while reconciling at the end of the night.
5. Remote Terminal Management
Advanced payment systems offer impressive terminal management software that helps merchants manage all aspects of their payment devices from the comfort of their own office. With a real-time list of terminal inventory available online, merchants can ensure they meet PCI compliance standard DSS 9.9.1 and monitor device transactions across all retail locations. Remote terminal solutions allow merchants to detect and report payment device issues early for maximum uptime of their fleet, while security automation features block unknown terminals from entering your network as an extra fraud prevention measure.
6. Lower Operational Costs
Modern payment systems are always seeking ways to lower your operational costs. Another benefit to integrated payments and advanced terminal management is the system’s ability to communicate seamlessly with multiple payment devices and work stations at once. Shared payment device management allows the cashier to push a transaction from any workstation to a shared payment device. By sharing devices across multiple workstations, merchants can effectively save hundreds of dollars on the cost of purchasing new terminals.
7. Access to Premium Payment Services
In traditional payment systems, premium services are expensive or even unavailable to most merchants. Modern systems make shifting to EMV, accessing advanced security features, and updating your payment devices a breeze.
iQmetrix’s Payment Connect offers flexible enhancements to create a truly robust payments package. Some of the many enhancements include:
- Remote EMV firmware updates: a Payment Specialist will automatically push the latest firmware release to each device remotely.
- Advanced PCI: make PCI compliance easier with personalized PCI guidance.
- Remote Key Injection: make the transition to a new processor easier by having your payment devices remotely re-keyed.
With a modern payment system in your corner, payments can transition from being a cost center to a key competitive advantage for your business. Significant time and cost savings as well as advanced functionality such as increased security measures, next-day funding, and premium payment services all help to provide a superior payment experience for you and your customers.
Looking to know more about the benefits of iQmetrix's modern payment system, Payment Connect?