Team Merchant Case Study: Phillips Corp
Background
Phillips Corp, a mid-sized company specializing in material handling, industrial equipment sales, service, and rentals. Most of their revenue comes from Business to Business (B2B) transactions. Team Merchant was invited to do an audit and found multiple security risks as well as high rates, confusing fees, and inefficient internal processes.
The Problem
Phillips Corp had multiple internal inefficiencies and security vulnerabilities in how they were taking payments. Sales and service reps relied on paper invoicing and were accepting payments over the phone. Staff would manually enter the card number into their ERP system, or write it down and take it to accounting for processing. Sensitive card data was entered unencrypted into the system. This was not PCI compliant or easily accessible for future transactions. Accounting was using a Virtual Terminal from their browsers to enter the payment information on unsecure keyboards vulnerable to common hacking, phishing, and ransomware attacks.
Summary of Benefits
Implemented a secure solution to protect customer card data · Card Tokenization and Storage
Automatic Level 2, 3, & Large Ticket Interchange Optimization Savings
AMEX Savings
The Details
Implemented a Secure Solution to Protect Credit Card Data
Legacy stored Cardholder Data was found unencrypted in their ERP system. Phillips Corp needed a solution that would allow for a secure method of entering card holder data.
· Team Merchant designed and implemented a Point to Point Encrypted (P2PE) Solution for Phillips Corp’s workflow using CardConnect.
With P2PE panpads Phillips Corp could securely tokenize the sensitive cardholder information as they keyed it in.
PCI Compliant Card Tokenization and Storage
With the new P2PE solutions, sensitive cardholder data no longer needed to be written down or vulnerable to common attacks. This allowed Phillips Corp to not just become PCI compliant but also eliminate much of their office and critical systems from PCI-DSS Scope.
PCI Compliance reduced security risks but also saved money on additional fees and helped protect from additional liability and fines from a potential card data breach.
Automatic Level 2, 3 & Large Ticket Interchange Optimization
Phillips Corp saved over 15% by automatically qualifying transactions for Interchange Optimization. This allowed Level 2 and Level 3 Optimization in addition to Large Ticket savings, which were substantial for this B2B company.
With Team Merchant’s help, Phillips Corp was also able to eliminate unnecessary and confusing fees.
AMEX Savings
Team Merchant identified that Phillips Corp qualified for OptBlue a program designed for small and mid-size merchants to save on AMEX processing fees.
Phillips Corp enrolled in the OptBlue program and saw significant cost savings on most AMEX transactions.
Internal Process Improvements
On-site and hands on training with new tools and technology.
Team Merchant provided real time, simplified reporting allowing Phillips Corp to get the reports and data they needed.
With Team Merchant’s help Phillips Corp’s customers can pay with an emailed secure “Payment Link,” creating a better customer experience, and more flexible payment options, while eliminating errors from manual entry.
All in One Provider
Team Merchant is dedicated to empowering merchants with transparent payment processing and education. Our number one value is “What Would Mr. Rogers Do?”, and we believe in always doing right by our clients.
Team Merchant realizes that each business is unique and there is no “One size fits all” payments solution. Our team has over 15 years of experience analyzing, designing, and implementing hundreds of payment processing solutions for dozens of different industries. We offer transparent payment processing, hardware, software, e-Commerce, and point-of-sale (POS) systems. We are experts in helping merchants stack together the right payment solutions for their specific needs. From small businesses to large institutions, we're on your team.