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Today, state of the art in retail sector, most companies have an already integrated credit card terminal at the cash register, so no amounts are entered manually. However, the signature often has to be made manually and the merchant receipt has to be archived separately by the cashier. In the future and already possible now, a signature on the terminal itself should be takenand all the documents should all be stored digitally in a central backend with legal certainty.

Architecture with classical network operator

The following diagram describes the architecture that can often be found today in retail industry:

Depending on the chosen payment method (credit card or girocard), the network operator dispatches the payment to the different service providers. Until now, the network operator was necessary in the payment scenario, because it secured the bad debt loss of the retail merchant. As a result, costs occur by the network operator and various service providers send their individual invoices to the financial accounting department.

No network operator needed – advantages

The acquiring company SixPayment with its subsidiary SitPay, offers a transaction cost reducing solution for signage-based girocard payments.

The following advantages result:

  1. Lower transaction costs
    Since there is no need for an additional supplier in the process, lower transaction costs are the result. Important to know: the bad debt is still secured.
  2. Signature on terminal
    If the customer payment requires a signature, this can be done directly on the terminal (i. e. on the yomani touch XR PINPAD display). The merchant receipt on paper is unnecessary.
  3. Digital archive of all receipts
    By storing the receipts in the backend (including the signature), transparency is achieved for later processes. For example, printing a duplicate for the customer a few days later becomes an easy task in the backoffice.
  4. Processing all debit and credit cards directly through one single acquirer
    Consolidated billing takes place so that the financial accounting department has one single point of contact and the purchase department can conduct its negotiations centrally (including online payments).

Future Payment – Step-by-Step digitization

In order to save costs in the medium and long term run, and parallel innovate your company, you should examine your status quo and try to discover which steps may make sense:

  • Integrated credit card terminal (reduce manual errors)
  • Software-based credit card billing (fast exchange of hardware in case of problems)
  • Avoid network operators and save costs directly
  • Include new payment methods (e.g., AMEX loyalty rewards, WeChatPay, ApplePay, Twint, GooglePay, Bitcoins, eWallet)
  • Offer branded payment methods (e.g., branded Mastercard, branded Cashback Card)
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