How Integrated Payments are Revolutionizing Customer Experience

by Brian McPherson | Aug 23, 2023

As ISVs and VARs know, in today’s fast-paced digital terrain, payment isn’t just about transferring funds; it’s about integrating experiences. Gone are the days when transactions were mere end-points. Today, they are critical touchpoints in a broader customer journey. The distinction between an ‘okay’ experience and a ‘phenomenal’ one often rests on the fluidity and intuition of payment processes. As businesses pivot to prioritize these customer-centric visions, integrated payments are no longer just nice to have; they are indispensable. Dive into the ever-evolving panorama of customer experience, where the past meets the future, and learn how integrated payments set new standards and foster unmatched loyalty.

Streamlined Transactions

Ever felt bogged down by lengthy transaction processes? Integrated payment systems offer a seamless experience by eliminating unnecessary steps. Streamlining processes like auto-filling information, providing one-click transactions, or offering varied payment methods, integrated payments ensure a hassle-free experience. In turn, this smooth experience will encourage customers to complete their transactions, reducing cart abandonment rates.

Real-time Data Access

Integrated payment systems sync instantly with other business software. No waiting, no tedious steps, just pure convenience. It is like having a direct hotline to your business software. This real-time data access allows merchants to provide instant transaction confirmations, timely promotions, and up-to-date inventory details. This enhances the customer’s experience by making the process more transparent and efficient.

Diverse Payment Options

Customers today anticipate various payment options, ranging from credit and debit cards to emerging solutions like digital wallets, including Apple Pay and Google Wallet. Additionally, the rise of contactless payments prioritizing speed and safety and ‘Buy Now, Pay Later’ services such as Afterpay and Klarna reflects the evolving checkout landscape. This evolution isn’t just technological innovation but a response to consumer demands. The Baymard Institute highlights that nearly 11% of shoppers abandon their carts when their preferred payment method isn’t offered during checkout. An integrated payment system allows merchants to easily accommodate these preferences, ensuring that customers can choose their most trusted and convenient payment method.

Enhanced Security

A crucial component of the customer experience is trust. Integrated payment solutions come with state-of-the-art security measures, ensuring customers rest easy with the knowledge that their data is secure. From encryption to tokenization, this security keeps data safe and instills confidence in customers, affirming they feel protected when transacting with a merchant. You will be able to sleep soundly, knowing your transaction is as safe as it is swift.

Seamless Shopping

Whether a customer is shopping on a mobile app, website, or even in a brick-and-mortar store, integrated payments ensure a consistent experience. This uniformity across various platforms fosters familiarity and trust; guaranteeing customers don’t hesitate or second-guess their transactions.

Automated Invoicing and Receipt Generation

Integrated payments simplify the post-purchase process. Automated invoicing and e-receipts allow customers to receive instant, clear records of their transactions. This automation provides convenience and strengthens transparency which further helps establish the trust needed to build lasting relationships.

Personalized Customer Interactions

With the data insights obtained through integrated payments, businesses can offer personalized promotions, loyalty points, and offers. These tailored experiences make customers feel valued and understood, enhancing their overall journey and encouraging repeat business.

Setting the New Standard in Customer Experience

The game has changed in payment processing. It’s not just a necessity anymore, it’s a strategic asset. And at BOLD, we’re not merely spectators. We’re pioneers actively driving change and defining industry benchmarks. Our mission goes beyond transaction facilitation; we’re committed to elevating the entire customer journey, securing both immediate satisfaction and long-term loyalty.

Ready to Elevate Your Business with BOLD?

If you’re a payment VAR aiming to offer more than just services, if you’re striving for memorable customer experiences, then you should consider a partner that understands this evolving landscape. That’s us. A partnership with BOLD is an investment in more than just technology; it’s an investment in setting new standards for customer satisfaction and operational efficiency.

Ready to explore? Contact us to discover how a partnership with BOLD can redefine success, innovation, and customer loyalty for your business.

Are you ready to speak with a Payment Industry expert?

TIN Validation: Defined, Preventing, and Resolving

by Brian McPherson | Oct 6, 2021

Tax season has arrived and has, once again, proven to be one of the most arduous times of the year. As millions of citizens scramble to seek resourceful and legitimate guidance from tax accounts, merchants heavily rely on the attentiveness of their ISO principals and processor officials to take precursive actions to prevent complications that can result from invalid TIN’s.

TIN Validation Defined

In accordance with the Internal Revenue Service (IRS), “A taxpayer identification number (TIN) is an identification number used by the IRS in the administration of tax laws” (although TINs are also issued by the Social Security Administration (SSA).

BOLD Integrated Payment’s own Client Service’s Specialist Brian McPherson was gracious enough to share his guidance regarding TIN validations. McPherson’s knowledge on this topic has expanded plenty, after having completed even the most arduous of TIN cases. In short, TIN validation is a process in which legal officials validate a taxpayer’s’/business’s tax filing status by ensuring that the following three parameters of the entity profile matches those listed on the IRS profile:

Corporate/Legal Title
Identification Number
Business Type (A few of the most common types include Sole Proprietorship,
Partnership, LLC, Corporation, and S Corporation)

Preventing Invalid TINs

All partners are highly advised to take preventative measures to maintain the validity of merchant’s’ TINs. To do so, partners should be proactive to cross-check their merchant’s’ legal entity titles, identification numbers, and business types between the merchant profiles and their respective IRS profiles.

Should any discrepancies be identified, the TIN status will be declared invalid. An outstandingly common discrepancy that can be avoided during the merchant boarding process involves Legal Title acronym, character, special, or punctuation differences. It is critical that the tax filing name is completely identical to the application corporate title.

Risks of Invalid TINs

Ramifications of invalid TIN include a monthly penalty fee of $49 until TIN is validated. Should the merchant neglect this beyond 365 calendar days, the taxpayer profile will go into backup withholding at the end of the fiscal year – a serious consequence that typically impairs affected business’ operational integrities, as 24% of their business revenue should then be withheld by the government for one calendar year, or until the merchant files taxes for the following calendar year, during which the TIN gets resubmitted into the validation process for review.

How to Resolve Invalid TINs

To validate an invalid TIN, there are 3 steps that a partner/processor can take:

Submit a W-9 form completed with information that is identical to the IRS
profile.
Obtain a copy of the merchant’s driver’s license for security verification
purposes.
Obtain a copy of the merchant’s tax return from the previous year for
identification review.

BOLD partners may submit the above documentation to Priority Payment Systems via their online portal https://www.pps.io/ or support line at 1-800-935-5961.

Agents should consult the Secretary of State webpage with accordance to individual merchant’s’ business locations.

For more information regarding TIN matching, visit IRS.gov | TIN Matching

Questions About TIN Matching?

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