Integrated Credit, Debit & Contactless Card Payments
Process credit or debit card transactions through your EPOS system using Octepos’ integrated card acquiring software.
The benefits of integrated card payments extend to both you and the customer; you see an increase in custom and customer spend per transaction, while the customer experiences increased transaction speed and superior customer service.
For those currently using a PDQ terminal, the Octepos integrated solution will see a vast improvement in your transaction speed, while other benefits include no longer needing to do a manual end of day (EOD) and far improved reporting functionality. Keying errors will be dramatically reduced as will demands on your telecoms.
Octepos also offers POS integrated contactless payment technology. Contactless payments are a fast growing method of payment for transactions totalling less than £10 - accepted at locations where you see the wave symbol.
Credit and debit cards are read either by a magnetic swipe reader or chip card reader which are directly connected to the EPOS system. Card details captured by either method are always accurate and not prone to operator error. Additional validity checks can be made by the EPOS system between the data captured from the magnetic swipe and embossed on the card - any mismatch will alert the operator that the card has been 'skimmed'.
The transaction amount is known by the EPOS system and is passed verbatim to the Octepos acquiring software thereby eliminating keying errors (accidental or malicious). These errors can cause merchants end of day reconciliation problems by taking time and potentially also costing money.
Transaction types can be restricted to 'sales only' for normal trading, thereby preventing refunds or reversals from being given without supervisor intervention and a full audit trail being recorded by the EPOS system. Reconciliation between card transactions and the EPOS system are inherent and need only be reconciled with the bank statements. This avoids three way reconciliation that is necessary for separate EFT terminals i.e. between EPOS, EFT terminal and bank statement.
Separate credit card receipts can be eliminated. Separate stocks of receipt rolls are not required which have both cost and logistic benefits. In the event of the transaction being queried by the card holder, all the details of the card and what was purchased can be on a single piece of paper.
Opportunities for collusion to defraud between a till operator and cardholder are significantly reduced as all transactions are recorded within the POS and must be reconciled at end-of-shift / end-of-day rather than at some time later.
Gratuities can be added more easily through an EPOS system by recalling a previous transaction from the transaction log file that is maintained by the Octepos acquiring software.
Hotel systems that operate pre-authorisation will also require top-up authorisation. The Octepos acquiring software handles these complex transactions, which many bank terminals cannot.
Chip and PIN transactions are handled by the Octepos acquiring software which supports both tethered and wireless devices.
The following functions are optional extras which may be added to the core EFT software functions and elements the need for additional software or terminals.
The Octepos acquiring software supports electronic E top-up and E-voucher services for pay-as-you-go mobile phones and is compatible with Paypoint and e-pay services. This allows the retailer to provide additional services to the customer, generate additional revenue and bottom line profit.
Electronic Gift Vouchers
The Octepos acquiring software allows electronic gift vouchers to be created, redeemed and topped up easily and securely. Electronic gift vouchers are inherently secure and significantly cheaper to administer than paper vouchers, consequently, these services are growing in popularity and can be operated by all sizes of retailer and also by retailers wishing to collaborate with strategic partners to strengthen their brand and increase foot-fall.
Multi-currency
The Octepos acquiring software allows the EPOS system to stipulate the currency in which the transaction is to be conducted - the CES acquiring software ensures the correct currency code is passed on to the bank and that the currency is present in the correct major/minor format.
- Mistakes are radically reduced ensuring no lost revenue and ease the reconciliation task,
- Opportunities for fraud are greatly reduced,
- Speed of operation is greatly improved – EFT terminals typically use modem technology, whereas CES ACQUIRING can use ISDN, Paknet, GPRS etc. Faster throughput of customers can lead to greater revenue.
- Having EFT at each point of sale reduces delays compared with users sharing a lesser number of EFT terminals.
- Specialised paper rolls for the EFT terminal are eliminated. The card and transaction details may be printed on the sales receipts / dockets.
- Transaction files can be submitted in bulk from head-office which eliminates polling fees and allows central accounts to be reconciled.
- The retailer also has the potential to use a managed service provider and thereby help ease some of the PCI DSS issues that many now face.