Learn why a Payment gateway with multiple features is most important for your business
Introduction
The payment process is the backbone of every business as it is the end process of selling. It must be effortless and convenient for customers. Thus, choosing the right payment gateway is indeed important to level up your business.
What is a Payment Gateway?
A payment gateway is simply a software application for securely processing the payment card data of the customer to the processor and helps transfer the amount from the processor to the acquirer bank via the internet, i.e., an interface between merchants and processors.
How Does A Payment Gateway Work?
First, after storing the card data through encryption in the gateway, it passes the encrypted data to a payment processor to authorize a transaction, and then the processor communicates with card networks such as credit, debit, gift, and EBT to verify the card scheme, cardholder details, and credit availability.
Second, after clearing the verification phase, the processor transfers the encrypted card data to the issuing bank. Now, the issuing bank blocks the billed amount from the card and transfers it to the processor, who will hold the amount temporarily until a batch is closed by a merchant.
Finally, when the batch is closed, the processor releases the holding amount to the acquirer bank. All the transaction processes are done in a payment gateway with the support of multiple technological processes including, but not limited to, data sorting, encrypting, indexing, keying, and storing as well as tokenization.
In a nutshell, the payment gateway encrypts the customers’ card details, securely transfers the tokenized data to the processor, and helps transfer the amount from the processor to the merchant bank.
What Is An Omnichannel?
Omnichannel is a multi-channel strategy for sales that aims to give customers a consistent and seamless purchasing experience whether they are shopping online from a desktop or mobile device with the help of a virtual terminal or in a physical store with the help of a POS machine.
What is An Omnichannel Payment Gateway
An omnichannel payment gateway is a complete payment communication solution that connects with the payment processors, allowing for smooth and frictionless interactions throughout the payment ecosystem by accepting cards such as credit and debit and cash and integrating them into a single, consistent customer experience.
The Benefits of Valor Cloud-Based Omnichannel Payment Gateway
Dynamic Database
A powerful and dynamic database of customers is built automatically at the time of transaction. The database is stored in the cloud so that it can be easily accessed anywhere and anytime helping the merchant customers in avoiding the need to invest in storage devices and stay in a particular location to have access.
Switch Platforms
Multiple platforms on a device can be easily switched without having to return for reprogramming, giving flexibility to your merchant customers in switching the payment options instantly.
Support Multiple Processors and Gift Cards
Our payment gateway is integrated with the processors of Fiserv and Tsys and the gift card providers of Valuetec and Factor4. And integration of many other processors and gift card providers is also in the integration pipeline.
With the support of multiple processors and gift card providers, you can approach and connect with many merchant customers who use different processors.
The Components of Valor Omnichannel
1. Portal
2. Virtual Terminal
3. Physical Terminals
Valor Portal
With the support of the Valor portal, your merchant customers no longer need to collaborate with multiple vendors to add payment channels. The portal provides the following features.
No Batch Requirement for Update
Updates are automatically done in the cloud. Thus, no batch is required to update device parameters.
Instant Boarding
You can board the terminal in the portal and have the flexibility to activate it remotely, helping in saving time and avoiding the need of transporting the terminal for activation. The boarding and deployment are the fastest and simplest in the industry.
Full Control of Device Parameters
The device parameters are the settings that your merchant customers need to configure in order to get the best out of your device.
These parameters can be configured by accessing the Settings menu on your device or the Device Parameters menu on the portal, which gives your merchant customers the power to control over their device parameters depending on their needs.
Diagnosis at Your End
When terminal issues arise, you can diagnose and solve the issues easily without involving the merchant, offering the much-needed comfort for your merchant customers for not involving them in troubleshooting when they have many other most important business aspects to focus on.
Real-Time Update
In this feature, your merchant customers can view and manage transaction as it happens in real time, providing up-to-date information on the transactions to help them understand the financial overview of their business.
Cash Discounting and Surcharging Features
We also provide the best and strongest cash discounting and surcharging features in the industry displayed on the device screen providing the merchant customers with the opportunity to immediately let their customer decide which option to go on as they can see the difference between the purchased items’ costs under the cash discounting and surcharging labels. These features can be customized.
Batch Settlements:
Batch settlement is the process of settling payment transactions in batches. They are more efficient than individual settlements because they reduce the risk of fraud and provide a better overview of all transactions.
In our portal, batch settlement can be done with a single click within the maximum period of 3 days.
Download & Email Receipts
In addition to the hard copy of a receipt, a soft copy is also available. And it can be downloaded and sent via email providing the customers with an option for being environment friendly if they accept to receive only digital receipts.
Reports
In the Valor portal, your merchant customers can view detailed reports of all their customers’ transactions, including the timestamps and frequencies at which they occurred giving the big picture of the financial status of their business.
Customization
Valor portal is a user-friendly platform that offers customization options for your merchant customers. The features of user administration, tip adjustment, discounts, promotion, and messages can be customized based on the need of merchant customers.
This gives an advantage to their business by enabling only the features they frequently use saving time and providing comfort.
Valor Connect
The Valor Connect feature helps your merchant customers connect the POS with the Valor portal instantly. When merchants are having limited numbers of POS and pay-through-card customers are waiting in a queue to pay, instead of using the POS for selecting the customer purchased items, merchants can use the Valor portal to enter the items and send the billing to POS by clicking the Valor Connect option available in the portal.
In this way, your merchant customers can reduce the customer waiting time by using the POS for transactions alone.
Valor Shield Risk Management Tool
Your merchant customers are always protected with Valor Shield at their side. They can stop problematic transactions before they occur, prevent card fishing, set transaction amount limits, set the number of transactions allowed per day and month, and restrict international cards.
A Way To Understand Customer Feedback
Dashboard
Understanding when your customers spend money is a valuable statistic, which can be found in the Valor dashboard. Analyze your customer spending habits and send marketing messages to increase traffic during slow times and prepare your business for the busy times.
Campaign Features: Engage My CustomerTM
Your merchant customers can promote their services and products in paper and digital receipts. And they can use these features for even announcing discounts and reminding up-coming exclusive offers or sending personalized marketing messages.
They can send targeted marketing campaigns to the customers who have stopped visiting their business for a specified amount of time and win them back. Customers that frequently visit your business should never be lost. Stay in communication with your VIP Customers and they will never leave.
e-Invoice
The e-Invoice is an in-built feature of the Valor platform, which has been designed to help merchant customers manage their taxation and compliance requirements. This e-Invoice automatically calculates taxes and benefits.
It will have all the information on the invoice, such as product description, price, VAT and other taxes as well as information on delivery and payment methods.
Virtual Terminal
Use our virtual terminal for the payment process in addition to POS as a supportive and alternative POS. It provides features, even not in the POS, with the capability to connect and access anytime and anywhere with the option of scheduling recurring payments and subscriptions.
Tokenized Payments with Dynamic Descriptor
Every transaction is stored with a customer name, which is helpful in identifying who are all the frequent customers. Knowing the frequent customers is most important as they are VIP customers of your business and give more profits.
Once the data of VIP customers are collected, your merchant customers can send customized messages to them, which ultimately results in more sales.
E-invoice
In the virtual terminal, your merchant customers can send E-invoices.
Payments
Multiple payment options in the Valor gateway give flexibility to merchant customers to get their payments from their customers through multiple modes.
Text to Pay & Email to Pay
Using text-to-pay and email-to-pay features customers can directly pay through messages and emails.
Pay Now Link Hosted Payment Page
Pay now link hosted payment page can be created from the virtual terminal, with the options of expiration and without expiration, which can be used for requesting donations and payments.
QR Payment
QR payment can be made at the virtual terminal, which is both secure and convenient as customers of your merchant customers don’t need to type the recipient’s name and account number but simply scan the QR code to initiate the transfer.
Gift Card Transaction
The payments made using gift cards are accepted in the Valor Terminal.
Recurring Payments
The option for recurring payment can be set for subscription-type services and products.
Auto Apply for L2 & L3 Benefits
The virtual terminal supports L2 and L3 line items, which are useful for B2B and B2G businesses.
E-commerce Integration
Our payment gateway can be easily integrated with e-commerce sites with the option to pay via multiple platforms.
Valor Physical Terminals
Mobile-POS Pairing with RCKT
We have designed a Valor Mobile app replicating the features available in the POS terminal. It is available both in Apple and Google Play stores. It is a fully functional virtual terminal but optimized to manage the features a mobile interface can accommodate.
Using this app, your merchant customers can do sales, void, refund, and batch from anywhere in the world. And the important feature available only in the app is QR payment, the most secure way of paying the bills.
RCKT
It is a pin pad device that reads card details and shares them with the mobile Valor app. It has the following features.
- PCI-PTS 5.x Certified PIN Pad
- EMV Contact / Contactless
- Embedded NFC Reader
- Contactless Scheme Certifications
- Compatible with IOS & Android
- Accepts Pin Debit and EBT
- Supports Remote Key Injection
- Long-Lasting Battery Life
- High-Speed Data Transfer
- Powerful Processor Large Memory
- Cash Discount & Surcharge Programs
Countertop POSs: VL100, VP100 and VL300 PinPad, VP300 PinPad
- Ethernet & Wi-Fi Connectivity
- PCI-PTS 5.x Certified PIN Pad and Contactless Scheme Certifications (VL100 and VL300 PinPad)
- Large Scale 3.5” Touch Screen Display
- Contactless Payment (Google Pay and Apple Pay)
- Support remote key injection
- Remote Diagnostic
- Bill splitting
- Dual MID Feature
- Digital Signature Capture & Pay at The Table
- Mobile Number Capturing
- Supports On-Screen Signature
- Instant Deployment
- Auto-Connection Fallback Procedure
- Built-In Customer Feedback Rating System
- SMS Text with Engage My CustomerTM
- Option of favorite screen
Wireless POSs: VL110 and VL500 (Android)
- 4G & Wi-Fi Connectivity
- PCI-PTS 5.x Certified PIN Pad
- Contactless Scheme Certifications
- 5 Inch Touch Screen Display
- EMV Contact / Contactless
- Contactless Payment Google pay and Apple Pay
- Bill Splitting
- Dual MID Feature
- Mobile Number Capturing
- Digital Signature Capture & Pay at the Table
- Auto-Connection Fallback Procedure
- High-Security Processor
- Digital Receipts
- Cash Discounting & Surcharge on Tip
- Built-In Customer Feedback Rating System
- SMS Text with Engage My CustomerTM
Concluding Thoughts
At Valor, we design our products after meticulously analyzing the need of customers. Each phase of design and function is undergoing multiple rounds of audits whether they meet the customer expectations and provide comfort. We are one hundred percent sure our products and services meet all your business needs and give satisfaction. We are regularly updating the existing features and consistently rolling out new features. With Valor at your side, your business is protected, satisfaction is guaranteed, and comfort is never compromised.