Payment Processing & Improving Accounts Receivables for Dynamics (Webinar Recording)
Melissa: Hi there, everybody. And good afternoon. Welcome to our webinar today. Thanks for joining us. My name is Melissa Greenhill, not Jess Mooney like it says on the title. And I’m a Marketing Specialist here at Encore. So today, we’ve got Fauwaz Hussain here, and he’s from Nodus Technologies. And he’ll be presenting on Payment Processing & Improving Accounts Receivable for Dynamics. So we’re gonna be sure to leave some room at the end for questions. So feel free to type your questions into the side panel any time and Fauwaz will address those at the end. We will be sending out a recording afterwards to everyone who registered for today’s webinar. So I think we can get started. I’m gonna pass it over to you now, Fauwaz.
Fauwaz: Thank you. Awesome. Thank you, Melissa. Thanks for the introduction. Hello, everyone. My name is Fauwaz. I’m with Nodus Technologies and the Director of Sales and Marketing here at Nodus. As a company, we specialize in e-commerce and electronic payment applications. And what we’re gonna to do today is we’re gonna talk about payment processing and improving your accounts receivables in your accounting system. Now, as Melissa mentioned, this session is being recorded so if you do have any questions towards the end, I will address those. But please go ahead and type them. If it’s something that I can address while the conversation, you know, I can do that as well. But otherwise, at the end, I’m gonna address those questions.
So here’s the agenda for today’s session. What we’re going to learn today? So we’re gonna talk about inefficiencies in A/R and how to fix them. After that, we’re gonna look into PCI compliance. Why is this so important? And at the end, we’ll see a short demo on what can we do as a company, what can Nodus do to assist you overcome these inefficiencies and these challenges. Accounts receivables. Accounts receivables is something very important. They call it the heart line of the business. It’s extremely important to manage your incoming revenue properly to make sure you’re collecting payments from your customers on timely manner, making sure all your payments are being entered in your accounting system properly, and most importantly, you have to make sure all of this is happening in the most efficient way possible.
One of the things that I always like to mention is we say that there’s a saying, “In order to make money, you have to spend money,” but what we don’t realize is in order to collect money, how much money we’re spending. So this is what we’re going to focus on today is, how can you improve this process, make it more efficient by involving or making it as less error-prone as possible, and by making it as inexpensive as possible?
So, what exactly is an inefficient A/R process? So there are a few things that entails to it. These are some of the key components, what makes the A/R process inefficient. So, first of all, if you’re doing any type of manual labor, any type of manual labor such as sending invoices in a mail, sending any emails, reminders, processing any payments manually, then offer that if you’re causing any inconvenience to your customer.
So if you make it difficult for your customers to make payments, then not only that’s inefficiency from your part, but it also will cause into delayed payments and increase days sales outstanding, DSO. Then after that, if you’re causing or if you’re doing any type of double-entry work, which means that if your payment system is not connected with your accounting system, that will mean that you will have to make sure that the payments that are being processed are actually being entered into your accounting system. And all of that is essentially double-entry. And when you do that, not only it’s very time-consuming, but then also there’s chances of typos and mistakes. So that’s important.
And then last, the risk of fraud. If you’re exposing your customers or credit card data, you know, to a risk of fraud, then that’s essentially something that you need to pay attention to. So how do you fix this? So these are the four areas that are most important places where the inefficient comes in. And this is how this is fixed. So you start off with automation. You essentially will have…you can automate these processes.
After that, you provide convenient mess for your customer, convenience to your customers. So this way, they can easily make payments without any challenges. After that, we are all then a group of Dynamics’ users here. We all have accounting system whether you’re using D365/AX/NAV. If your accounting system is not integrated with your payments, there’s a problem. So you provide integration. And then the last area that you need to improve on is of security side, which is probably, in my opinion, one of the most important part right now.
So what we’re gonna do now is we’re gonna to take a deeper look into each one of these areas. We’re gonna talk about automation, we’re gonna talk about customer convenience, we’ll talk about integration, and then we’re gonna look into security. So let’s start with automation. I really don’t think that we need to sell anybody an idea why automation is important. This is something we can all agree to. You need to automate your processes as much as possible, not just for efficiency, but also to reduce…to make sure that your employees are not focusing on things that can be done automatically.
If you don’t have an automated system, then especially when it comes to A/R, the manual process is typically very cumbersome. So here’s step by step, what a typical manual A/R process looks like. And some of you may be able to relate to this because if you’re doing any type of receivables, if you’re collecting payments from your customers, you are probably doing this in this manner. So what do people usually do first, once you have invoices in your accounting system, you’re gonna either email those invoices to your customers or maybe some of you even mail them in a envelope, a paper mail.
So, let’s say, either way, the customer receives that invoice or not, you have to send reminders to customers manually about their outstanding balances. Then finally, when the customer is ready to make a payment, you would have to collect that payment information from the customer. They either have to call you during your business hours just so they can read the credit card number over the phone, or they might have to mail you the check or maybe like a form with a credit card number on it, which is very wrong, you shouldn’t. But anyways, so either they have to mail you a payment or they have to call you over the phone to make a payment.
Then if it’s a credit card, you’re probably gonna take that credit card number to a virtual terminal or like actual device on your desktop where you’re gonna key in the credit card number to process it. If it’s a check, you will probably have to take the check to the bank. Once the check is deposited or once a credit card went through, then you’re gonna send confirmation to the customer, a receipt, letting them know that, “Hey, the payment has been processed.” And then after that, you’re gonna enter that payment into your accounting system.
So this entire process is very lengthy. And not only lengthy, it contains a lot of issues too. Like, for example, a lot of your customers can say that they didn’t receive an invoice because they were lost in transit. Some of you might have a dedicated collection team who has to continuously contact customers, trying to get them over the list and just so they can collect payment on their outstanding balances.
And then let’s say if the credit card was declined or they didn’t go through, then this entire process starts again where you call the customer again, get a hold of them, get the credit card information. So this is a very lengthy process. And because of the length and that there’s a lot of steps associated with it, there’s a lot of labor that goes behind it. And then there’s actually a huge cost factor that’s associated with it too.
And I’m gonna show you exactly how costly this can be in the next slide. But just to let you know that the study shows that the largest part of the cost associated with receivable comes into the labor part of it. So that’s because you’re doing things manually, because you don’t have an automated system. So there was a case study that was done that shows that the cost of paper billing, how expensive can this be when you do things manually.
So this study was done based on a company that does 600 invoices a month. Six hundred may not be a very large number for some of you, some of you might do a lot more than that. But there’s some companies do less than that. The reason why we chose this study was because 600 is somewhat of an average for GP customers, or that MS for that matter. But if you break down the cost, if you break down everything associated with paper billing, whether it’s printing, mailing, sending, sending notices, processing payment, applying that payment into your accounting system, all of that, if you put numbers next to it, the study shows that the monthly cost was over $6,000, which is more than $72,000 annually. That’s how expensive this process can be.
And the pie chart on the right side of the screen actually shows you that the green and the gray portion, the receiving and applying payments, and the preparing and sending, these are some of the largest portions, which is tied or they’re happening because of a manual process, of lack of integration. So this is essentially basically showing why automation is important and how can a manual process which is not automated can be so costly.
Now, so we looked into automation. The second part that we talked about was customer convenience. So let’s look into that. Now, customer convenience is something very important to all of us. All of us as a business, we try to provide best customer service possible. So we want our customers to be happy. And that’s something that you can all agree to as well.
And now, when it comes to payment, it’s something very important that you need to provide convenience for your customers. If you don’t provide convenience to your customers or a convenient method for them to make payment, then you will end up with a lot of past due balances, lot of outstanding A/R, and a lot of unpaid invoices. So whereas if you setup a method where the customers can easily make payment on their leisure at their convenient method, then that actually essentially will help you with a lot of that.
So that’s why a lot of companies use online bill pay portals. And this is essentially why online bill pay systems are becoming super popular now that if you have a portal out there that customers can go to, whether it’s your website, somewhere on your company website, where it’s a separate payment portal that you have designed for your customers. But as long as you setup like an online payment…like a portal that your customers can access, you’re using internet through their phones, or laptops, or however they want, then essentially, you’re providing them a convenient method to pay their bills. Our studies show that if you provide an online bill pay portal to your customers, then most likely customers are most likely to pay their bills on time.
Another fun statistic is that the study showed that people who are enrolled in some sort of an online payment portal with you are less likely to leave your business. And then after that, also, another fun fact is that people who pay their bills online end up purchasing more products with you too. So it’s just that by having an online portals, it gives kinda customer convenience, and at the same time, that makes them happy which gains trust in your business.
So we talked about customer convenience, we talked about automation, we talked about customer convenience. The third area that we need to touch is integration. Now, you’re using a very powerful accounting system. We’re gonna use Dynamics GP as an example for today’s session. But all of this applies to any Dynamics ERP system out there, whether it’s D365 Business Central, whether it’s AX, whether it’s Dynamics NAV, NAV, or even GP.
Now, you’re using a very powerful accounting system. If your payment are not integrated with your accounting system, then you have this integration gap. The integration gap essentially can cause a lot of problems too. With that integration gap, you will be delayed in reporting because you will never know when someone is making a payment or what payments have been made, unless this payment has already been manually entered into your accounting system. You will have to do double-entry, like I said, you will have to process, and after process, you would have to come back into your accounting system, you will have to enter the payments into your system just to make sure that they reflect over there.
And then you would have to reconcile everything manually. You have to make sure that whatever you processed, whether you submitted checks in the bank, whether you processed credit cards through a separate system, you need to make sure those payments reconcile with your GP or your accounting system, so manual reconciliation takes a lot of time, so all of these will be disconnected.
So now your customer service will be disconnected from your accounting team, your sales team might be disconnected. Because, let’s say, if I’m on the phone with a customer, right, and I’m part of the customer service team. Now, if I’m using, like, you know, if I’m looking in their account, it shows that, “Hey, this would have an outstanding balance,” but then customer will be like, “No, I already made payment, like, a couple days ago.” The reason why it’s not showing up in my system is because nobody entered it yet in GP, right?
So now, all these departments are disconnected because the payment has not been entered. And all of this is happening because there’s no real-time data. If there is no real-time data, there’s no integration there’s no real-time data. If you provide an integration or as if you have a system or payment system that’s integrated with your accounting system, then you can get rid of this gap.
Then right away, as soon as somebody makes a payment, immediately, that will update your accounting system which will immediately update your accounts and as well as your reporting. So everyone would know right away what is coming in, when was this payment made, and then also this does not require any human interaction, or any human to double-entry, or to do any manual entry because if somebody is using keyboard to enter manually, then that can also cause a lot of mistakes. So again, so that’s some of the reasons why integration is important. So far, we’ve talked about automation, we talked about customer convenience, we talked about integration.
And the fourth part that we need to touch is security. I did mention this in the very beginning, security is probably one of the most important concerns these days. This is a very big subject, a very big topic that’s been discussed everywhere, data breach, and there are so many companies that are becoming victims of data breach just because of lack of security in their environment.
There is one misconception, per se, with a lot of companies. They think that what a lot of people don’t know is when it comes to protecting your customer’s credit card data, it is your responsibility to protect it. So at the end of the day, if you’re a merchant, if you’re taking credit card numbers from your customers to charge their payments, it is your responsibility to protect them. You cannot have somebody take this credit card data over the phone and write it on, like, a yellow sticky note and have it flying around in the office.
If you lose the data, that comes down to you, you know, as your responsibility. And there are a lot of repercussions and lot of consequences attached to not having proper security procedures. The biggest threat is that if you don’t have a system that’s properly secured, and when I say, “system,” I don’t mean just a solution, just an application or software, but I mean the whole process. If your A/R process is not secured, then you are exposing yourself to risk of fraud. And that can be a very consequential event.
So there was a study that was done. And this study was done by First Data, which is one of the largest payment processes out there. So they did a study that says that data breach are very expensive. So an average cost for a small business to recuperate from a data breach is $36,000. Now, $36,000 may seem like a small amount for some of you. But for small businesses, that’s a big amount. And for medium and large-sized business, this amount can run into millions. So this could be very, very costly because there are a lot of fines, a lot of penalties, a lot of other legal issues associated with, like, if you became victim of a data breach.
Now, the worst part of this equation is that the study shows that over 31% of your customers, this is a big chunk of your customers who may terminate the relationship after receiving the news that you have been breached. And this is again, something that we can all relate to. If we do business with a company, and if we found out that, “Hey, they just lost all their data. Somebody hacked into their system and they became a victim of a data breach,” we will think twice before giving them our credit card number again.
So very, very important to be secure, to make sure that you’re following proper security protocols, that you’re following proper security procedures, and you’re eliminating any chances of data breach. Now, there is a council out there who’s dedicated to ensure that all of these merchants are processing properly, or every business that takes credit card, they’re following the proper procedures, and all the card holders, like you and I, we all have credit cards in our wallets, all of us are protected.
And that council is called PCI, PCI Security Council. PCI stands for Payment Card Industry. And so PCI Security Council is essentially a governing body that protects credit card holders. Credit card holders are like you and I. And how does it protect that? It protects that by making sure that any business out there who deals, who takes credit cards from customers, they process these credit cards securely.
So one of the easiest way to understand that, the way I explain everyone is that think of this as a traffic police, right? So you have traffic laws and regulations, like, you have speed limit signs, you have Stop signs, you have, you know, all these traffic signs when we drive our cars and we follow. So as long as we’re following these signs and as long as we’re following all the traffic laws, then we are minimizing the chances of getting into an accident, right? That’s exactly how PCI Compliance works. PCI Security Council has setup this thing called PCI Compliance, and they make sure that every business is compliant, and they’re following these proper security protocols or proper security laws. And as long as you’re following these protocols, then you are minimizing the chance of getting into an accident, which is getting into a data breach.
So, initially, this was actually started by Visa, then Mastercard joined them just because there were so many…just to reduce fraud because there was so much fraud that was happening in the world. But now, this is maintained by every card brand, whether it’s American Express, Discover, any credit card brand out there, every major credit card, they all maintain this PCI and enforce that make sure that everybody is maintaining PCI.
There’s a lot of things that goes around it even us as a software provider. So Nodus Technologies, our company, like I said, we specialize in payment processing solutions and e-commerce applications. So we have these solutions that touch credit card data or that processes credit card. So even we have to follow proper security protocol to make sure that our applications are always certified with the latest compliance regulations, and likewise, even you as a business, you need to follow these procedures to make sure that any system, any software that you use is certified. And then even your process internally are secured.
For example, like the picture I showed you earlier that you shouldn’t have somebody in your office who’s taking a credit card over the phone and writing it on a yellow sticky note. So this is just on a high-level, what is PCI compliance. There is a very interesting website which is PCI Security Council’s website. On the top right corner, there’s a link to it. It is called pcisecuritystandards.org. I highly recommend taking note of that because this is something that if you visit this site, you can learn about what’s happening in the world of PCI, some of the news, some of the trends, some of the requirements, just, you know, so you’re up-to-date with what’s happening with security and payments in payment world.
But one interesting thing that you can find here is pcisecuritystandards.org publicly publishes a list of every application that’s secured out there or every application that has already been validated. It has already been certified. So one of the easy ways to do that is just by search through company name. So on this screenshot, I put Nodus Technologies and I have a screenshot of the online bill pay portal that I’m gonna talk about today. So that application that I’m gonna show you today, that is also certified by PCI standards. So this is a PCI certified application. So you can find this information on the PCI Security’s website as well as it should be listed on Visa and Mastercard’s listing as well.
So that was security. Now, let’s talk about what are some of your options. Like, what can you do to protect yourselves? So I’m going to start off from the security side. So this is basically where Nodus comes in. This is what we have done and how we have designer applications to overcome some of these security challenges. So the first thing that we did in the backend of our application is that we have created a cloud-based payment engine called PayFabric.
Now, PayFabric is Nodus’ cloud-based payment engine. It has two major responsibilities. Number one, PayFabric is a storage vault, like a wallet. So this way, if you ever have a requirement where you need to store your customers’ credit card numbers on file, you can store them in PayFabric. This way, you’re not storing anything in your accounting system or anything on your servers. So it’s out of your network, out of your domain. So PayFabric has become like a wallet, right? Now, secondly, it processes payment for you. So it connects with pretty much all the major payment processors out there and to process these payments.
Now, I have a list of some of them, but we have more than these that we support. So, by using this method, essentially, what you’re doing is you’re tokenizing all these credit card data securely in a cloud outside of your network, so this way, you’re not processing or you’re not storing anything on your servers. This will help you tremendously from the security side because now, the credit card data doesn’t exist on your servers. So you don’t have to worry about setting up all those extra firewalls and extra network security in a servers, and encryption, and all those things just to satisfies PCI requirement. Because now, none of that credit card data is on your server, it’s all upon PayFabric. So this alone will significantly reduce the scope of being PCI compliant. So it takes a lot of these challenges and headache away.
Obviously, that doesn’t mean you’re 100% PCI compliant because, as I mentioned, software is only one of the factor. You still have to make sure that internally, you’re following the right process that you don’t have anybody taking credit card number over the phone, you’re not asking anybody to send credit card number over email, which is very dangerous, things like that.
So, from the software side, from the application level, if you use an application in this method with PayFabric in the backend, you’re taking lot of these challenges and headache away from you. So the three things that we eliminate is the list on the right corner. We eliminate storage, so you don’t store anything on your servers. We eliminate transmission so you’re not processing anything on your servers, and then we eliminate point of entry.
Point of entry is essentially the place where you type in the credit card number. So picture this, right? So if you start using the online bill pay portal that we’re gonna show you and let’s say, it’s connected with your website, right? So your customers go to your website to make a payment, the window, the box where they type the credit card number in, that is not part of the website, that’s not part of ePay, that’s just an iframe like a little window opening directly from the PayFabric cloud.
So this way, when the customer entered the credit card number themselves, it’s going straight from customer’s hand to PayFabric, completely bypassing your bill pay portal, your website, or even your GP, or your accounting system. So you don’t see that credit card number at all. It just goes straight to PayFabric, gets stored over there. You will still be able to, you know, process it for your recurring payments and whatnot, but you will not be able to see the full credit card number. So this will help you a lot with security.
So now, we were gonna talk about ePay. So this is essentially where I want to introduce how can we solve everything that we talked about today? We identified, in the beginning…so we talked about accounts receivables, we’ve identified what is an inefficient account receivable process. And then after that, we identified how can you fix those? So this is essentially now the solution that will address all of that.
So we have a application here called ePay Advantage. This is our customer payment portal, it’s our online bill pay portal, which is integrated with your accounting system. And I did mention this earlier but I do wanna say this again. This system, I am going to use Microsoft Dynamics GP as an example, but this works with all Dynamics platform D365, Business Central, AX, NAV, as well as SL actually, and then even GP. So I’m gonna show you from GP.
So what does this do? So these are some of the highlighted features. It’s an online customer portal which essentially allows your customers to go online, make payments on their own. So it’s basically like convenience, right, that we talked about. The system automatically does invoice delivery for you. So let’s, say if you have an invoice in GP, it automatically emails that invoice to the customer, let it know that, “Hey, there’s an invoice out there.” It sends reminders to customers automatically so you don’t have to send those reminders.
Secondly, the customers can pay using credit cards or even checks like ACH over as well. So let’s say somebody’s paying through credit card, it’s a real-time process. So this way, if the payment is declined, they would know right away it’s declined, so they will be prompted to enter a new credit card number, rather than you chasing those declined payments. And then the way they have designed this system, it promotes level 3, level 3 processing. This is something important because level 2, level 3 processing is essentially the best way to secure lowest possible rates.
So if you’re processing in this manner, you can basically qualify your transactions to be processed on a very low rate. So you can get really low rates from your bank on your fees. So you can save a lot of money on your processing fees from your bank site. Plus ePay has some flexible reporting that comes along with it which helps you do real-time reporting, there are customized email templates that you can customize, the confirmation receive that goes automatically, we talked about some past due invoice reminders, so payment reminders that goes out as well.
This application is fully integrated, like I said, with Dynamics, is bi-directionally integrated. When somebody comes in to the portal to make a payment, it updates your Dynamics in real time. And then very importantly from the security perspective and convenience perspective, you now can allow customers to enter their own payments without having them wait for your business hours, so they can call you on the phone with a credit card number.
And then that also give your customers convenience, which makes them happy, which will allow them to make payments on time. So this way, they can make payments at night, or weekends, or whenever they have time to make a payment. And at the same time, you’re now not asking them to read you the credit card number, they’re entering the credit card number on their own, so this way, the credit card number is not or is never exposed to you. So this will help use significantly from PCI’s perspective.
So having said that, let’s take a look at it. Obviously, I’m not gonna go in a very deep dive demo. I’m gonna show you more of a highlight of the solution so you can get a feel of it, how it looks, how it works. You’re welcome to contact your rep at Encore Business Solutions who will be very happy to schedule an individual one-on-one session with you, so this way, we can address your needs in detail, and then we can conduct a more dedicated demo session for you, like a in-depth demo. So right now, I’m gonna show you some of the highlights of the system.
So what you’re looking at on the screen right now, this is our…we’re going to be talking about ePay Advantage, our online bill pay portal. So this is a Login page of ePay. So a couple notes before I start. One, this isn’t the actual application, the ePay, the solution. This is an on-premise deployment. So we will install this on your environment. You can either install this on one of your servers, or even you can use a third-party hosting company.
Majority of our customers, what I’ve noticed what they do is they install this on the same web server where their website is installed. But remember, as we talked about, that this uses PayFabric in the backend. So no matter where you install it, the website is not gonna touch the credit card number, so you don’t have to worry about credit card numbers hitting your servers even if you install this on your server. So that’s one thing.
Secondly, because the way this is designed, it’s on-premise, you will have full control on the design aspect of this. So the UI, the branding, all of that, you can change…a lot of our customers, they make this look like part of their website. So this way, on their website, they can have an option to pay their bills. And they wouldn’t know…when they come to this site, it will look like their own website so the customer wouldn’t know that, hey, they’re entering some bill pay protal.
So it would be like a very seamless experience for your customer. It will not say Nodus anywhere. You don’t even have to call it ePay if you don’t wanna call it ePay. You can completely rebrand this however you want. So please ignore the look and feel of the solution because all the changes, the cosmetic changes, you can do it on your own. The way you’re looking at it right now, this is how it comes out of the box. And this is essentially how this is delivered.
So let me explain you how it works then I’ll show it to you. So let’s say if you have an invoice in GP. And again, I’m using GP as an example. You create an invoice in GP, the moment that invoice is posted to GP, two things happen immediately. One, that invoice is immediately available on the portal. Secondly, that ePay sends a notification to the customer, letting them know about that invoice. It can even attach a PDF of an invoice if you like. So this way, customers can log in, they can view that invoice, they can download it, they can print it, they can pay, they can pay by checks or credit card. Upon successful payment, ePay is going to send that payment back to GP, it’s going to create a cash receipt, and will apply it to the right invoices for the right amount. So this whole process happens in a very seamless and in a very automatic manner. So let’s look at that.
So I’m gonna log in as a customer first. When I log in as a customer, it takes me to a list of all my Outstanding Invoices. So I can see all my invoices. These are my Outstanding Invoices. I can also see my historical invoices, which are all the old invoices. And you can go as far back in history as you want. I can also see Payment History. Because all of this data is being pulled directly from GP, so the payment history is not necessarily the payments that were made on the portal. Whatever payments are on the account in GP, they will be reflected here.
This system also supports multiple currency. So, in this example, I have U.S. dollar, I have Canadian dollar, and I have British Pound, but, again, you may or may not have a situation where each one customer is billed in three different currencies. But I have it like this just so I can show you that this supports multiple currencies. As a customer, I can even look…take a deeper dive into any of this. So if I click on this invoice for example, I can see the details of this invoice, it shows me all the details.
This report that you’re looking at, this is being dynamically being generated by pulling data directly from GP, but we support report PDF invoices as well. So let’s say if you’re using like a report writer, for example, Crystal Reports or for example, SSRS report. So, for any matter, if you say that your customers are used to looking into your invoices or your format, this can be mapped. So, this way, when you click on the details, instead of showing this dynamically-generated invoice, it will display the PDF that is sitting on your server.
So a lot of this can be controlled. If you don’t want to offer discounts, you don’t have to, things like that. You can pay multiple invoices. You can pay this in full or you can pay in partial amounts, like, for example, if I want, I can pay $100 on this invoice. If I want, I can pay $100 on this invoice. I can pay maybe…I don’t know, $50 on this one. So you don’t have to allow them to make partial payments, but you can if you want to. Plus, you can take pre-payments deposits as well. You can even allow customers to type in notes. All of this will be transferred to GP as well.
So, for this example, I’m just gonna make a payment. I’m gonna pay these two invoices, $150, I’m gonna make partial payments. When I hit Next, it takes me to my Review & Payment page where I can see one more time, what am I paying, what my total is. And then after that, I can also see my payment option. So this payment options is coming directly from PayFabric. This is essentially the wallet that I have on file with you. So you can allow customers to save credit card on file, I can use this one, or I can add a new credit card number.
And, like I mentioned, this screen that just loaded, this gray part, this is coming directly from PayFabric. So when a customer enters the credit card number here, it’s not touching GP. It’s going straight from customer’s hand to PayFabric. Likewise, you can allow customers to put check information as well. Essentially, they can put routing number and account number so they can pay by checks as well.
If you want, you can also add additional fee on top of your payments. You can call it whatever you want. You can call it service fee, portal fee, convenience fee, or anything you want. If you don’t wanna put a fee, you don’t have to put a fee. It’s up to you. We just have added this feature because some of our customers like to put a additional fee on top of payments.
You can even do it in a way that if you can say, “Hey, if you pay by credit card, there’s a fee. If you pay by check, there is no fee.” So this way, again, it’s up to you. Just please be careful, especially in United States and in some of these states in U.S., they’re making it illegal to charge additional fee on credit cards, but other places, you can. In Canada, I don’t think it’s an issue, but it’s best to check with your local authority. But the idea is that you can enable and disable this feature however you want to.
Going down here, for credit cards, there’s additional security. If I choose a credit card on file, you can still make it mandatory that they must enter their CVV2 code, those three digits behind the card. I don’t have it. I just had it disabled because my demo environment. I can pay now or pay later. If I pay later, it will save this information. And on that day, it will essentially schedule it to automatically process on that date. Again, a lot of this is configurable. You don’t have to allow Pay Laters if you don’t want to.
Then if you want, you can also make it mandatory that they must agree to your terms and conditions before checkout. This is a template. You can write whatever you wanna write here. But, like I said, it’s up to you. If you want, you can make it mandatory for them to must read and accept your terms and conditions before they submit the payment.
So I’m gonna go ahead and submit this payment. It’s gonna process this payment in real time, and it will tell me right away if it’s approve or decline. If this credit card was declined, the payment will stop right here and the customer will be prompted with a decline message. So since this is a credit card payment, it will tell you right away if it approved or declined. In this case, it’s approved. So you got an approval message.
A copy of this approval message has already been emailed to the customer for their record, so you don’t have to send any manual confirmation emails. It shows you right here that which email address it went to. That’s essentially the email address that’s associated with this profile, with this login, but they can update this as well. But they can also print it, they can always go back in the history to retrieve it.
Along with that, most importantly, what has happened is ePay has already created this payment in GP and has already applied to these invoices for these amounts. So let’s look at that. I’m gonna copy this payment number, payment number 1943, 1943 if I come over here, if I go to Transaction, Sales, Cash Receipts. And if I paste that number here, the 1943, see? It came in right away. And not only that it came in right away, it’s already been applied to the right invoices for the right amount.
So everything is mapped out. You don’t have to figure out which payment goes to which invoice. Throughout the day as the payments are being made, the system will integrate these payments back into GP in real time as they’re being made, and it will apply it to the right invoices for the right amount. It’s not gonna post it for you because it’s giving you an opportunity to review these, so it’s gonna just save everything in a batch. By default, it’s a daily batch. So today is 2018, September 12th. And you can change the naming convention by default that says “ePay” on it. So this way, you can identify that these payments are coming from ePay.
But, at the end of the day, you can review the batch and you can post it however you want to. But, as I mentioned, you know, posting is up to you how you want to do it. We’re sending all the information into your Dynamics in real time. So that’s essentially what our system does. There are lots of other features that comes along with it. Like, for example, it has a customer service site.
So if you want customers to, or if want your service reps, or your sales, or after accounting team, or anybody in your team to process payments from the portal, they can do this on behalf of customer, then it does have auto pay functionality that you can add on, like, for example, you know half of your credit card bill, you can say, “Hey, have it automatically be paid every month?” So like that, the customers can sign up for automatic payments as well as they can also do installment payments too.
Plus, this website is fully responsive. So depending on where they’re accessing this from. So let’s say if somebody is on their desktop versus somebody access this from their cell phone, the website will automatically adjust to different screen size. So see the menus like this now. So this way, it will automatically adjust and then you can turn into like a little expandable menu. So it becomes like touch-friendly, mobile-friendly. So it’s really mobile-friendly and it automatically adjusts to different screen size. So as I mentioned, due to the time limitations, I will not be able to go over all the details and all the demonstration on all the, like in-depth demo. This is essentially where you can ask your reps at Encore Business Solution, and they’ll be more than happy to help you and assist you setup a dedicated call.
So just to wrap up, I hope you found this presentation useful, informative. To give you a little background on who we are, so this way, you know who you’re speaking with. As a company, as I mentioned, we specialize in e-commerce, electronic payment applications that integrate with all the Microsoft Dynamics products. We are a Microsoft Gold Certified ISV. All these solutions are certified for Microsoft Dynamics.
We’ve been in the Microsoft Dynamics payment business for over 16 years now since 2002. We have over 1,500 Dynamics customer companies that are using our applications. And I did mention that as a company, we work very closely with the PCI Security Council to make sure that our applications are always up-to-date with the most recent compliance regulations, as well as we make sure that we are up-to-date and we keep our customers and our partners up-to-date as well.
So, as a company, we bring some values. These are some of the key values that we bring to the table, specifically, for the Dynamics’ customers, for the Dynamics’ users. So we have technology design that can help you significantly reduce your PCI compliance challenges, the burden that’s associated with PCI compliance. It makes it easy for you to be secure. Then the way we have designed our application and through our network and our connections, we can help you. We can pretty much guarantee that we can help you find the lowest possible rates for payment processing. We have smart level processing through level 2, level 3 qualification, that’s how we can help you save a lot of money on your processing fees, obviously, depending on your business type and volume.
We have designed this system to protect you against data breach, as well as any fraud protection. We have added fraud protection services in our application, which eliminate the chances of fraud, or… Well, I shouldn’t say “eliminate,” but reduce, say, reduce the chances of fraud. And then at the end, obviously, we support both U.S., Canadian, as well as international payment gateways and processors. So thank you for joining. Again, I really hope you found this session informative. I am going to hand this back over to Melissa now. So Melissa, the mic is yours, the floor is yours.
Melissa: All right, thank you. Well, thanks very much, Fauwaz. That was great. I’m just gonna have a look here and see if we’ve got any questions typed in. If you have any questions, if you wanna just speak, you can raise your hand and I can unmute you. So we can just give it a little bit more time. I’m not seeing any coming in just yet. Maybe people are typing.
Like I said before, I’m going to send this recording to everybody who registered, even those who didn’t attend. So that will be handy. And I’ll include your contact information on the email as well, Fauwaz, if anyone has additional questions.
Fauwaz: Thank you.
Melissa: No problem. Well, I’m not seeing anything coming in right now. So you can always take those offline if necessary. So, thanks again, Fauwaz. I’m so happy you could join us today. And everybody look forward to with that email coming out, with the recording. And I think we can close this off. We saved a little bit of time today too.
Fauwaz: Thank you so much for having us. It was our pleasure. And thank you everybody for joining. Have a great rest of the day.
Melissa: Yes. Have a great day everyone.
Fauwaz: Thank you.
We specialize in providing technical assessments, break-fix support, optimization services, and solution expansion projects for Dynamics AX (Dynamics 365 for Finance and Operations)