Automating Electronic Payment Processing

Written By: Giuseppe Ianni

from December 18, 2012

Organizations want flexibility when it comes to accepting payments from customers. With so much financial insight already existing in Microsoft Dynamics GP, it can be an ideal spot for companies to handle credit card transactions and speed up the payment settlement process altogether. Keeping customer payment records and accounts all in one place makes it easier to access and manage customer’s sales, voids, and returns. From connecting gateways, processors, and financial management software – payment processing in Microsoft Dynamics GP can save companies valuable time and resources.

Processing Payments

Payment processing doesn’t have to be complex. Yes, there are a lot of entities involved in a payment transaction; gateways, processors, and proper cardholder security measurements to name a few. But the advantages of integrating these entities together inside of financial management software like Microsoft Dynamics GP can provide a more flexible way of accepting credit cards. Credit Card Extension from Azox makes the process less complex and brings gateways, processors, and Microsoft Dynamics GP together. There is no need to go out to a gateway to process a card. The solution automatically passes the transaction to a gateway, which then hits the merchant bank’s processor, the customer’s bank, and the merchant’s bank before finally passing back the transaction results instantly to Azox Credit Card Extension in Microsoft Dynamics GP. Funds from the customer’s credit card issuing bank are deposited into the merchant’s bank during the settlement process period. By combining all of these processes into a simple click in Microsoft Dynamics GP, it streamlines the entire process of accepting credit cards. Working in Sales Transaction Entry or Cash Receipts provides an ideal place to take a new sales order or invoice and process a credit card through Azox Credit Card Extension. Whether it is an authorization, post-authorization, sale, void, or credit, the flexibility to handle multiple transaction types is there. In addition to multiple transactions, companies may need the ability to deal with a high volume of transactions and process multiple sales orders or invoices all at once instead of just a single sales document. This is handled through batch processing which charges or preauthorizes any credit cards associated with that batch of sales documents. This is definitely a time saver and a necessity for

many businesses that batch out at the end of the day. Companies are also looking to save money on transaction fees and increase payment processing options. For that reason, many will set up multiple merchant accounts which are also supported by Azox Credit Card Extension. In addition, multiple credit cards can be saved and accessed from a wallet lookup for a particular customer. Credit cards are masked except for the last four digits to allow for easy identification while keeping cardholder data secure. Credit card security is another important factor that needs to be taken seriously when dealing with any type of credit card payments.

Keeping Sensitive Information Secure

Automating payments inside of Microsoft Dynamics GP does not go without consideration for security. According to a recent survey conducted by McAfee and the National Cyber Security Alliance, 26% of

Americans have been told their personal information such as passwords or credit card numbers may have been exposed to a data breach. With the rise in data breaches, keeping credit card data secure is a concern now more than ever.

When credit cards are processed in Microsoft Dynamics GP there are multiple ways in which credit cards

are kept secure. Having credit card transactions that are processed through solutions that meet PA-DSS standards is one way. PA-DSS standards are established by the Payment Card Industry Data Security Standards Council and provide guidelines for credit card processing software. These guidelines help ensure software has the proper security and that fraud prevention measures are being taken when credit cards are encrypted, processed, and stored. Many companies prefer not to store credit card information on their end at all to avoid being held liable in case a security breach happens. Luckily for them, there is a solution to this through a process called tokenization. This process allows third party gateways to take the credit card number and generate a token in its place as a reference. This token is then sent back to the business in place of the credit card number – leaving the customer’s credit card data securely on a third party server and reducing the scope of PCI compliance security standards for the merchant.

Extending Payment Functions to the Web

Another powerful way of automating payments and speeding up the reconciliation process deals with taking invoices in Microsoft Dynamics GP and reflecting those invoices onto a web portal where customers can pay them. This reduces the waiting time of sending paper invoices in the mail and can save companies from carrying overdue invoices from month-to month. Integrating online bill payment with Microsoft Dynamics GP can also reduce a company’s operational cost and empower customers to schedule recurring payments, login monthly to check payment history, or change payment methods. Any payments the customer makes online will automatically be applied to invoices in Microsoft Dynamics GP giving a company greater insight into accounts payable and financial reporting all within one system. Whether it’s accepting credit cards inside of a financial management system or opening up invoice payments to customers online, Azox has experience helping companies address the challenge of implementing secure payment processing systems. Learn more about payment processing and how to address PCI compliance security standards by having a discussion with our team at Azox.