Using a mobile to make a payment on Latpay's all-in-one terminal

Case Study: Academy Football of Australia

/in , , , /by

“Latpay’s payments solutions streamlined our event operations, more than we what expected. Their responsiveness, expertise and willingness to deliver a solution that met our needs was second to none. With an easy-to-use interface and pre-event training our staff we’re equipped to transact with customers without any interruption.” Taryn Event Coordinator

 

Problem

With less than two weeks until our on-site event at Kokoda, we needed a fast, local and convenient solution to facilitate onsite payments and ease of reconciliation. No previous payment infrastructure was in place, our staff were inexperienced, and this was the first year we were participating in Kokoda, it was all new to us.

We had over 45 volunteers lined up for the two-day event, who would all be working remotely at various stations and would be regularly switching in and out as their shifts start and end. 

We needed this event to be successful so that our fundraising efforts for the 80+ boys and girls who train at our club could go on an exclusive training field trip to New Zealand.

 

Solution

Through a discovery consultation with Latpay, they were able to pinpoint our exact transactional and reconciliation requirements. They also identified requirements of ours, we didn’t even know we needed. 

 

Their responsiveness and expertise equipped our workforce with hire solutions of:

  • 5 Terminal Devices
  • 5 Power Banks
  • 5 Mobile Devices (set up and all ready to go)

 

They had our account set up, verified and ready for payments in just a matter of days. Pre-event training was provided to our team and event onsite support.

For ease of reconciling Latpay separated our reconciliation into two separate accounts:

01 – Account > For regular membership

02 – Account > Kokoda Parking / Fundraising 

 

This meant that we had full transparency without any manual reporting or intervention to know how much funds have been generated at this event, but also for any future events with our secondary account (02) able to be swapped out p/event.

 

Outcome

On Friday 17th July, we launched our inaugural Fundraising Event at Kokoda. With our 48 volunteers across the two days, we seamlessly transacted with customers at our sausage sizzle, paid car park and at our stall. With pre-event training, all devices configured, and equipment solutions made available for hire, Latpay equipped us with everything that we needed for the event to be successful.

We were one of the only vendors at Kokoda able to accept card payments. This was a huge benefit for our customers who didn’t always have cash available.

Transitioning between volunteers shifts, was easy and seamless with minimal time spent setting up new volunteers. 

We have also found that with the flexibility to add an accurate transaction description, from the addition of a secondary account, we have had significantly fewer chargebacks and disputed transactions than our everyday operations.

Latpay is working on a solution to accept smartpayments (digital wallets) which will only benefit their terminal devices as well as being able to accept eftpos transactions.

Find out how Latpay’s customisable payment solutions can support your club, association and organisation. Make an enquiry today!

Man and women looking through banking statements

How to prevent chargebacks

/in , , , , /by

Knowing what a chargeback is and understanding how it works can be confusing, but it doesn’t have to be. We’re here to break down chargebacks and provide you with solutions to avoid them.

 

What is a chargeback?

A chargeback, or a payment dispute, is a transaction reversal that occurs when a cardholder disputes authorising a payment or deems a transaction fraudulent. An investigation will then be actioned, and if you, as the merchant, cannot prove the cardholder authorised the transaction, the bank will withdraw the funds from your account and deposit them back into the cardholder’s account.

 

What causes a chargeback?

Unfortunately, there can be a variety of reasons that may cause a chargeback. Here are just some of the possible causes for issuing a chargeback:

 

  • No authorisation
  • Duplicate payment
  • Incorrect transaction amount
  • Incorrect currency code
  • Merchant fraud
  • Late presentment
  • Processing or authorisation errors

 

What are the impacts of chargebacks on merchants?

When a chargeback is initiated and the transaction is withdrawn from your account, there can be several impacts on you and your business. These are just some examples: 

 

  • Loss of income, even if you’ve already provided the goods or services
  • You may be liable for chargeback fees, which in some cases can equal up to two and a half times the original transaction amount
  • Chargeback to transaction ratios exceeded, which can result in lengthy mitigation programs
  • In extreme cases, loss of your accounts due to too many chargebacks

 

How can you avoid chargebacks?

To avoid paying excessive fees on top of the loss of the transaction income, you should look for ways to prevent chargebacks in the first place. 

In many cases, the best and easiest way to avoid chargebacks is to ensure that you follow the proper transaction procedures. Latpay provides merchant payment solutions tailored to specific business needs with dedicated ongoing support, chargeback management and analysis, fraud retina and a shared approach to help manage risk.

With industry knowledge and an excellent merchant payment system on your side, you can avoid the issue of chargebacks before they become a problem for your business.

If you’re a merchant looking for a reliable and safe payment system, get in touch today. Our team of experts would love to help you find the best solution for your needs.

Close up of person typing on keyboard

Credit Card Fraud in Australia

/in , , , , /by

As technology continues to improve, fraudsters have become more creative in the way they target individuals and businesses. In 2019, Australians lost over $634 million to scammers (ACCC, 2019). This number is up 30% on 2018 figures.

Rather than the traditional methods of asking someone to provide their sensitive information, fraudsters now have improved technology and carefully curated techniques that help them commit fraud with minimal risk of detection.

 

Fraud Techniques

As we move closer towards a cashless society, credit card fraud is becoming more prevalent and there are a number of methods fraudsters can use to steal another person’s funds.

Fraudsters used advanced techniques and one of the most effective and efficient means of credit card fraud is card testing. Card testing involves physically stealing a number of credit cards, purchasing credit cards from the dark web, randomly generating credit card numbers or using phishing or spyware techniques to obtain a card’s numbers. The core purpose of testing is not the purchase of an item but to verify the card details are valid and if the transaction was approved.

Fraudsters have now also created a means to commit illegal activity on a much greater scale, in the form of botnets. Botnets are a network of internet-connected devices that can validate a huge number of credit cards at an alarming rate. Botnets submit a large number of transactions to test the viability of stolen credit card details. Many popular shopping carts are being targeted by botnet attacks and one of the most effective means of prevention is velocity checking.

When a valid credit card is detected, it is common for fraudsters to use the credit card details to make small purchases on a merchant’s site. If a small purchase is successful, fraudsters can then proceed to make much larger purchases, a series of micro-purchases or sell the valid card on the dark web.

 

Challenges for Merchants

Fraudulent purchases are often made on small to medium businesses that don’t have the technology in place to detect or prevent it. Unfortunately for targeted merchants, this means they will likely suffer some challenges when fraudulent purchases prevail.

Chargebacks occur when the original cardholder has recognised fraudulent activity on their account with an unrecognised transaction made to you as the targeted merchant. When a dispute is made by the original cardholder or their bank, and you do not have proper proof that a legitimate sale was made using a PIN or signature, you may be liable to pay back the accepted funds and lose the value of the sale and incur a chargeback fee.

Each successful transaction, no matter how small, will count against the merchant’s chargeback ratio once it’s disputed – and crossing over the excessive chargeback threshold can be extremely costly for merchants. 

This is particularly important for eCommerce and online services, where a physical card is not present. In fact, ‘Card not present’ fraud represents more than 80% of all fraud on Australian cards. When a dispute arises, it is very difficult for an online merchant to prove a legitimate purchase was made. Therefore, it is critical that online merchants have technology in place to detect and prevent fraudulent transactions.

 

Opportunities for Merchants

To avoid liability for fraudulent transactions, merchants must be vigilant in their online payment processes. Some best practices to implement include Firewalls, CAPTCHA, Time out of user session and data validation of guest checkouts. Additionally, one of the best ways to avoid being out of pocket for fraudulent transactions is to partner with a verified payment processor.

Latpay’s fraud management service assists merchants to prevent chargebacks and stop fraud in its tracks. With advanced technology, Latpay can actively set a threshold for individual merchants to detect when unusual activity occurs on their site.

In applying the velocity and value threshold, Latpay reviews the past performance of the merchant to work out transactional averages. Latpays innovative technology has helped assist merchants who have been the victims of botnet attacks to significantly minimise losses.

If you’re a merchant, whether offline or online, it pays to be protected. Learn more about Latpay’s fraud management and get in touch with our team of experts to find out more.

Crafting a solid omnichannel strategy for your retail business

/in , , /by

There is an ever-increasing push from customers to continuously improve customer service efforts and to satisfy their wants and needs as best and as quickly as possible. 

This is especially important for businesses operating in the incredibly competitive retail industry. 

Consumers nowadays want to shop when they want, how they want and where they want and they want you to make that possible.

The good news is that you can satisfy these consumer needs with a simple solution – an omnichannel strategy.

What is an omnichannel strategy?

An omnichannel strategy interconnects a brand across multiple channels in order to ensure a seamless customer journey.

More and more customers are opting to shop on the go and value hassle-free, convenient shopping experiences. 

Introducing an omnichannel strategy within your company will not only offer the service customers are asking for but will also drive sales and ensure positive customer experiences. 

Why you should adopt this approach?

The Harvard Business Review (2017) conducted a study on the impact of omnichannel strategies on businesses.

The results from over 46,000 shoppers showed that 7% shopped exclusively online, 20% were store-only shoppers and 73% used multiple channels.

Moreover, the Harvard Business Review also found that customers offered an omnichannel experience were more likely to spend more online and in-store and continue returning to that company.

An omnichannel strategy is now considered a crucial part of any successful business. 

The strategy offers an overall seamless experience with the protection and enhancement of the customer experience across all channels.

Without an omnichannel strategy, companies can expect to lose customers, customer share and eventually, any power within the market.

How to craft your omnichannel strategy

A solid omnichannel strategy begins with a single hub.

Through that single hub, you should have the ability to accept all customer payments across all possible sales channels.

Possible sales channels include via telephone, mobile payments, in-app purchases, online payments and point-of-sale device (POS).

Not only will a single hub offer your customers the convenience to shop wherever and whenever they want, but it also offers your company single integrated access to a truly global market reach.

Craft your solid omnichannel strategy for your retail business with LatPay

LatPay offers a hassle-free, simple integration that provides your retail business with a sophisticated, bespoke suite of services with a range of local and global payment methods.

The omnichannel payment hub works simply by offering customers the ability to purchase from your business wherever and whenever they choose.

This is made possible with LatPay’s industry-leading security processing and multi-currency gateway which has access to over 90 local and global payment methods.

This payment network then allows for real-time payments in line with PCI certification.

If you’re interested in utilising one simple integration across all sales touchpoints to provide your customers with the ability to shop however they please, LatPay is the solution.

Find out more about LatPay’s omnichannel capabilities and talk to the team today to discuss any queries you might have. 

COVID Update: Rise in cashless payments amid coronavirus

/in , , /by

Are you opting for cashless payments in light of COVID-19?

Since the beginning of the coronavirus outbreak, concerns have circulated about the possible hygiene implications of handling cash.

While it may not be the main mode of transmission, it is suggested that COVID-19 may stick to surfaces for hours and even days. This means that touching your mouth, nose or eyes after handling cash could potentially encourage the virus to spread.

Regardless of whether these concerns are founded or not, the notion that cash could be a carrier for the disease has seen both consumers and businesses alike alter the way they choose to operate.

 

Health concerns about cash payments

The potential for coins and banknotes to house bacteria has been acknowledged for many years yet largely unacted upon. However, this seems to be changing rapidly due to the unfolding pandemic and serious risks associated with the COVID disease.

With these concerns circling the media and propelling public concern, many businesses are now opting for cashless payments.

 

Cashless payments

The increasing push away from cash has ultimately pulled consumers towards cashless payments like Eftpos and Tap and Pay.

This presents an opportunity for businesses to enhance their electronic payment methods in order to accommodate consumer preferences.

And while COVID-19 has seen many shy away from cash, this move has actually been in motion for many years.

Whether for convenience, security, hygiene or other factors, payment via debit card in Australia has almost tripled since 2007, while cash payments have more than halved in the same period.

Of course, some people are adopting this technology far more quickly than others, with late adopters generally being older Australians and those with lower socioeconomic backgrounds.

Despite this, the shift towards a cashless society is clear; COVID-19 has exacerbated (not instigated) the preference for cashless payments. 

 

Source: Consumer Payment Behaviour in Australia | Bulletin – March Quarter 2020

 

Other benefits of cashless payments

Aside from the hygiene factors present in the current COVID-19 climate, there is a range of other great benefits to using contactless payment methods for business. Some of these include:

  1. Ability to take more payments in less time
  2. Reduced possibility of unbalanced cash floats
  3. Reduced security risks & potential for theft 
  4. Ability to action refunds and discounts more easily
  5. Understand your customers better with reporting and analytics on all transactions 

 

Coronavirus update: Business as usual at Latpay

In light of the evolving COVID-19 crisis, the team at Latpay are committed to maintaining normal business and payment processing operations over the weeks and months ahead.

Our office is closely monitoring the advice of local governments. We have tried and tested contingency plans ready to implement to ensure there is no change in the level of support we currently offer you across all our teams. 

Our plan includes employees having the necessary technology to work remotely, regardless of office location. This course of action not only helps protect the health and welfare of our staff members but also ensures we can continue to deliver the support you need through these challenging times.  

If you have any questions or concerns, please don’t hesitate to contact us via phone, email or Skype. And most importantly, stay safe.