Safeguard sales in the event of a disconnect

Now more than ever, payments ecosystems are built on WiFi connections, so what happens when you unexpectedly find yourself with a spotty WiFi connection? Without an alternative, your ability to accept payments could grind to a halt. But it doesn’t have to be that way.

Here are some options to keep in your back pocket when a network connection or gateway is inaccessible.

Option 1: Voice authorization
When online authorization isn’t possible, voice authorization can be a backup. Every customer receives information in their welcome kit about how to call our voice authorization line to obtain an authorization code, or you can call the customer service number listed on your monthly billing statement and they can connect you to the right support team.

When you call, if the transaction is approved by the card issuer, Elavon will provide an authorization code over the phone to key into your payment terminal once you’re back online.

However, please take extra care when entering the authorization code and transaction information into the payment terminal – a process known as “force posting.” Mistakes are common when data is manually entered. For the transaction to settle, the authorization code keyed into the payment terminal must match a valid authorization code provided on the call.

Option 2: Deferred authorization processing
Elavon also supports “deferred authorization” processing—commonly referred to as store-and-forward, which allows you to safely store payment transaction data offline when connectivity to a network is unavailable. Once access is restored, the deferred requests must be submitted for online authorization.

While deferred authorization processing can be great in a pinch, it’s important to understand the risks and limitations. Store-and-forward is only available for payment terminals that support credit-based authorizations. And because deferred requests are not submitted for authorization at the time of purchase, they may be declined when transaction authorization is subsequently attempted.

The business is fully liable for the risk of failed authorization captures, chargebacks and disputes related to payments accepted offline. For this reason, deferred authorization processing may be a good option in situations where the product or service is not immediately available to the cardholder or where the transaction can be canceled or reversed if the authorization request is subsequently declined.

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Fast funding demand peaks in tight economy

As the economy tightens, financial flexibility and control over cash flow become increasingly critical.

We queried a large sample of small business customers to find out how critical a role faster funding plays in their business. The majority indicated that while they may not need immediate access to that day’s funds all the time, their margins are so lean that quick access is frequently necessary to make payroll, pay utilities, or attend to unexpected changes or emergencies. For others, quick access to their funds has become part of their routine operational model in recent years.

Feedback indicates that lack of financial flexibility directly correlates with fears about navigating economic headwinds. We have solutions such as Everyday Funding that take the guesswork out of funding times and minimize the gap and the friction points from the settlement process so our customers can make decisions that are vital to their business at the speed required.

Plus, our On Demand Funding solution allows qualifying businesses to transfer money from payment transactions in an open batch directly into a bank account or eligible debit card, giving access to funds within minutes. If you are eligible for On Demand Funding, you will see a prompt appear on your Payments Insider account dashboard.

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Quick Capital financing solution launches

Given roughly half of SMBs* rely solely on cash in their bank account to stay afloat, fast access to flexible capital is increasingly critical to business growth.

Quick Capital from Liberis U.S.* launched this month, giving qualifying businesses access to $1,000 – $500,000 in fast, flexible financing so they can handle day-to-day cash flow needs or invest in what’s next.

Quick Capital is designed to help customers stay in control of their cash flow. Payments are made in line with daily sales, so you pay as your customers pay you. Unlike traditional financing where a business may have to wait 1 – 2 months for loan funding, with Quick Capital you could receive the funding within 1 – 2 business days.

It takes a qualifying business only a few clicks to sign up with Liberis U.S., the third party providing the solution and funding. There are no hidden costs or mounting interest rates, just one fixed fee that is agreed upon upfront and payments that adjust automatically to your daily card sales volume.

If you are eligible, you will see a prompt appear on your Payments Insider account dashboard.

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POS lending expands to more business segments

In June, we re-introduced you to Avvance, the U.S. Bank point-of-sale (POS) lending solution. When offered the right kind of financing options for a big-ticket item at just the right moment, a consumer can get what they need, when they need it – without having to compromise because of price. That makes it a cash flow win-win for both the consumer and seller.

We’ve expanded the solution’s availability to more business segments. Click here to see if your business segment is on the list.

The timing of expanded availability is important. Recently reported data^* shows consumers across all income levels and generations indicate they are decreasing discretionary spending. Avvance is a way to capture sales from budget-wary customers that may be hesitant to otherwise commit.

Consider these three use-case scenarios.

• Scenario A: Kevin’s air conditioner is on the fritz in the middle of a blistering summer, and he is looking at a $1,500 repair cost. With point-of-sale installment lending, Kevin could be offered payment plans of $125, $250 or $500 per month depending on the length of the loan. It’s about meeting customers’ needs and allowing them to choose the payment plan that works best for them. Affordability becomes part of the sale.
• Scenario B: Amanda needs dental surgery and having the option to pay for the procedure over a few months with minimal or no interest makes the procedure more affordable and allows her to have the surgery now.
• Scenario C: Kerry has budgeted for basic flooring but is now considering a higher-quality flooring choice. The option to pay over a longer period provides a path to reassess the budget and make the best decision for the project.

Plus, businesses owners appreciate these direct benefits of Avvance. There’s also a convenient portal for our customers using Avvance for viewing related reporting. Contact your account manager to find out if your business qualifies for this solution and to learn more.

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