Imagine you’re the owner of a multi-restaurant franchise or perhaps the CFO for an online retailer, and you’re expecting $100,000 in revenue from purchases customers made last month using their credit cards. Instead, the card companies deposit $90,000 in your bank account because anti-fraud measures overzealously blocked legitimate transactions.
It’s not a small issue! A recent study by Javelin Strategy found that 15 percent of cardholders had a transaction declined in the past year because of suspected fraud, for a total of $118 billion in transactions. Clearly, the industry is broken and the businesses taking electronic payments are the ones losing out. Further, many of them don’t even know it! If you don’t know why transactions are declined and whether they were legitimately declined, you’re not able to take action to get your money.
Imagine another scenario, one we at Gold Star Payments can help you experience. Using the data that our automated intelligence provides you, you can quickly determine:
- Which credit cards likely were fraudulent so you can stop chasing that money (and running up more fees).
- Which credit cards were declined for non-fraudulent reasons, such as mismatched zip codes. You can turn off that parameter, and rerun those cards, collecting payments that the purchasers intended to give you all along.
Our data gives you the chance to recover revenue you didn’t know you had lost, which is significant to your bottom line, particularly if you sold or sent product and were never paid. In an era when margins are so tight for businesses that many are struggling to stay profitable, isn’t it time that technology allowed you access to data so you can discover where you’re missing money? Our technology, Eyght, allows a company to reconcile the books in a manner they’ve never been able to before.
Here’s what we mean:
Batching. Whether you batch once per day or multiple times, Eyght separates the batches down to individual transactions instead of crunching all your transactions into one. We’ll show you all fees and reconciliation.
Declines. Eyght puts declines into five categories, allowing your business to take action on collections and customers. The five categories are:
- Soft decline
- Fixable
- Error
- Hard decline
- Do not honor
Chargebacks: More and more customers are using these to defraud businesses. They take the product or service and then turn around and take their money back via their cards. Eyght gives you the full customer name and all other transaction details for every chargeback, so you can decide if you want to do business again with the customer.
Accounting: Unlike traditional credit card processing, you can accurately reconcile credit card transactions because Eyght provides an automated journal entry, full accounting, full audits and much more to help accountants with this daunting task.
Customer Profile: Don’t know who your customers are and whether they are good or bad customers? Eyght provides a historical profile of your customers, by merging information from multiple data sources to give you accurate profiles.
We’d love the opportunity to tell you how Gold Star payments can provide you a credit card processing solution — and so much more. You’ll find our contact information at this link.