Reduce Your Chip & Pin Losses

Card processing

Modern retail is all about customer experience. As retailers we can build and control most things in store but not our Credit Card terminal(s) and card processing. This, along with the Retail system (EPOS), is normally outsourced and supplied by a 3rd party. Getting this combination right is imperative to achieving that all important customer experience. Making the EPOS and Card processing talk to each other is a no brainer, but still I come across multiple retailers operating slow clunky separate card terminals.

I will list the pros and cons shortly but the journey to discovery for me came from an audit of my own stores back in the nineties:

It’s cashing up time at the end of a busy day in the store and the totals don’t agree – grrrr!

Cash is right but card payments are £148.50 down comparing the sales receipts to the Terminals’ Z-Read… Two minute check through and the culprit transaction is found – a £165 sale put through as £16.50 on the terminal! Honestly, you can’t get the staff!!  Well it’s the nineties, pre-chip and pin and data protection, I find the culprit card copy and manually process an additional £148.50 from the card number printed on the copy receipt. I am happy and if the customer gets in contact and moans we can argue about an honest mistake. At least I have the right money in the bank now! Wind forwards 20 years and the same mistake has different consequences, that keying has really cost us £148.50!

Unless customer details were collected and the customer can be contacted this is lost forever. No longer with the advent of PCI compliance is it possible to store card data, (electronically or paper) to affect that recovery move. And it’s so easy under pressure to make that keying mistake. The shopkeeper / sales assistant has a lot of distraction at the point of sale. Even if it only happens once every month over the course of the year this could be a very big number! Of course on the flip side it’s more than likely you will hear from your customer to rectify the human error…this is when they see their bank statement and the incorrect charge but rest assured ONLY in incidents of overcharging errors. So no swings and roundabouts there!

EPOS Chip & Pin Integration Key Benefits:

  • Human Error eradicated [keying errors eliminated]
  • Faster and more reliable [better customer experience]
  • Seamless Payments Audit Trail [EPOS reporting now contains card payment details]
  • Aesthetically better [Terminal connects to EPOS and condensed to single unit]
  • More Professional [tapping numbers into terminal never comforting to customer]
  • Simpler Connection [No need for dedicated Chip & Pin line for card payments]

Does the right card processing system save me money?

In a nutshell yes. And it’s Quantifiable.

Cost of keying errors estimated to be between 1-2% of card turnover [a non-integrated retailer turning over £750k pa could easily be throwing away in excess of £10k per year]. Reduction of communication costs. If still on a telephone line that becomes redundant. Savings on accounting and bookkeeping fees doing batch settlement investigations. Faster customer service often means less queues and therefore more sales.

Why don’t all retailers have integration?

Many retailers are confused by the whole card processing world and even more so by the significant benefits of having an EPOS to Chip & Pin solution. As experts in the Industry and recognising the needs to support retailers in this area, LOIS have an independent Chip and Pin consultant who can assist and guide you.

If your current supplier can’t offer you integration with your EPOS or it is problematic, speak to us. We have the perfect solution and many happy customers. Apart from a choice of integrations to Chip and Pin, we also can arrange a “card payments health check” – to make sure you are paying the best possible rates, that you are PCI compliant and not paying noncompliance fines. Our EPOS also has a number of exciting functions and modules worth taking a look at – ask for an online demo or a visit in person.