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5 Must-Haves for a Modern Credit Card Transaction Processing System

Whether you are running an e-commerce business or a big box retail store chain, you need a powerful and integrated credit card transaction processing system that can help you efficiently process any type of card issuing program. The system should not only enable you to operate your business smoothly; it should also be easy for you and your customer to use. In addition, it should allow processors, merchants, and banks across the global payment landscape to seamlessly create and manage all aspects of their card programs including prepaid, fleet, credit card, and accounts receivable.

Modern credit card transaction processing systems allow you to bring all the data essential to your business: from orders and inventory levels to shipping and invoicing – and integrate it with your ERP system, allowing for data to be automatically processed between previously discrete systems, eliminating the need for manual data entry – while always presenting a single version of the truth.

Let’s look at the 5 must-haves for a modern credit card transaction processing system to reduce human error, improve cash flow, streamline operations, increase transaction speed, and improve cost efficiency:

  1. Easy to use:Let’s face it: credit card transaction processing is a complex task, with several intricacies that have to be navigated for optimum results. Therefore, one of the first requirements for any credit card transaction processing system is ease of use. Since most systems are used by users with little or no financial knowledge, an easy-to-use, yet comprehensive web-based solution that does not demand any previous knowledge or experience operating a financial system can truly transform processing outcomes. A system that is simple to understand and use can deliver the performance, reliability, and consistency expected in the transaction process, allowing for simultaneous and accurate processing of several transactions and/or customer orders.
  2. Easy to customize:In addition to the system being ease-to-use, any processing solution you choose should also be easy to customize. Since different organizations have different requirements, a solution that can be tailored to suit specific requirements is critical. So, whether you are looking to license your own solution and integrate it with third parties or want to issue cards from a new processing environment, the system you choose should help tick all the boxes. The solution should also allow you to add unique features and product ideas to the base products while allowing you to expand the capabilities of the solution for the best outcomes.
  3. Seamless credit processing: Another important capability a transaction processing system must deliver is seamless credit processing: right from new account creation to card issuance, transaction processing to loyalty programs, AR billing, loans, and more. A full suite of services related to payment processing paves the way for efficient merchant account management, payment recovery, and collections automation. And with the use of mobile applications among customers at an all-time high, the system should also offer a robust mobile application framework that integrates with backend applications and can be customized to match unique feature set, look, and feel requirements. Having a single solution to manage both simple and complex payment plans delivers improved efficiency and accuracy across multiple lines of credit and payment plans.
  4. Security and compliance: With the number of security-related incidents rising, the security of all processing workflows must be sacrosanct. The transaction processing system should be designed to pass all the necessary regulatory and compliance certifications and meet strict industry standards. It should have PCI certification and also be PA-DSS compliant. A system that takes care of all security and compliance-related requirements means you can focus on just managing your own programs and not worry about evolving compliance demands.
  5. Third-party integration: The credit card transaction processing system should also work seamlessly with your existing ERP and accounting system as well as with standard industry service providers including credit bureaus, embossers, and collectors. A solution with modern and real-time integration capabilities means you can bring on a new network or card association and ensure the addition is seamless. Easy integration with other systems and interfaces also allows you to have the solution operate around your needs and have a single, unified interface for sales, order management, logistics, and accounting – so you can deliver unparalleled service to your customers.

If you want to innovate and manage all aspects of your credit card programs in a single place, you need to invest in a modern credit card transaction processing system: a modern platform that is easy to use, easy to customize, enables seamless credit processing, meets required security and compliance requirements and offers third-party integration with popular accounting and service providers. Talk to us if you want to know more about such platforms.

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