A message from Chad Ogden, CEO/President
The Latest Update on Tokenization
In the past few newsletters, I have mentioned credit card processing and tokenization. Credit card tokenization is one of the coolest new features to come to QFloors, and most of our customers don’t understand what we are talking about. Our processing partners tell us that QFloors is one of the first companies to release this type of technology, including companies outside of the flooring industry.
“Card not present” tokenization or website “Card on file” have been around for awhile but the processing rates are a lot higher and PCI compliance is a lot more difficult to maintain. “Card Present Tokenization” is what we now offer. It provides three key things:
- Ability to swipe a card and store the token for future use.
- Using the token in future transactions at a rate close to “Card Present” rates.
- Reducing PCI Liability issues as an “Out of Scope Solution.”
If you haven’t watched this 10 minute video, I encourage you to take the time to do so now. It will explain how you can use tokenization with QFloors.
Lastly, I thought I’d give you a quick update on how our PAX rollout is going for those QFloors customers who have adopted it. Like any new technology, there were a few bugs that cropped up, especially with some of our larger customers. We seem to have worked through most of those issues and are getting very positive reports about this new technology. One retail flooring dealer reported a sizeable decrease in their receivables. Not having to worry about tracking the customer down to get the balance owed has been somewhat of a game changer for them. On delivery, they simply process the payment with the stored and secure token. Others report that they have eliminated the problems they were having with their employees writing down credit card information and breaking PCI compliance.
These new features appear to be something that our customers can implement right away to make both an operational and financial difference in their company. In my opinion, tokenization is one of the better new features QFloors has rolled out in the past year.