The Green Sheet Online Edition
November 24, 2008 • Issue 08:11:02
Processing on the edge
Deepak Wanner, co-founder and President of Precidia Technologies Inc., talks about being on the edge. He is not referring to his lifestyle, but to Precidia's TransNet payment engine. TransNet is software that resides in a "little black box" called the POSLynx220.
That box is hooked up to merchants' POS systems, whether that means electronic cash registers, card swipers or personal computers.
So that duel system of hardware and software is literally on that middleware edge, next to merchants. "If you want to work closely with your merchants, you've got to be close to your merchants," Wanner said.
That close proximity allows ISOs, merchant level salespeople (MLSs) and payment system makers such as Precidia to understand merchant needs and connect merchants to solutions that will meet those needs.
Precidia's TransNet solution satisfies the processing needs of merchants in many vertical markets, such as petroleum, retail and grocery.
It recently attained certification with PAR Technology Corp.'s PixelPoint POS hospitality software. Now, TransNet can be used by the hospitality industry to process payments with major processors at low cost.
Precidia is able to process payments affordably because the system does not connect to processors through gateways but directly to the processors themselves.
"By certifying right to the back-end processor, what you can do is you can take the box, plug it in [to POS devices], and the ISO can actually grab the transaction out of the system of choice and take it back to his processor without having to have additional gateway fees," Wanner said.
According to Wanner, Precidia is certified with 14 processors, including Global Payments Inc., Chase Paymentech Solutions LLC and TSYS Acquiring Solutions. Through these certifications, Wanner estimates Precidia is connected to processors that account for 80 percent of the U.S. processing market.
The edge for ISOs
Since TransNet is an Internet Protocol-based routing system, Wanner said it is "neutral" and configurable with other systems. TransNet is flexible in that it has the ability to mix and match with merchants' existing POS equipment and processor interfaces. And it helps ISOs and MLSs manage their merchants with greater efficiency and knowledge about merchant needs.
TransNet is a customer management tool that gives ISOs oversight of their merchants. The boxes can be configured to update ISOs on merchant transaction activity every hour.
Therefore, ISOs and MLSs can keep track of merchants from their desktops. Sales reps can then take those transaction details - how much cash, how much credit was transacted at the POS - back to their merchants as a value added service.
Precidia Technologies Inc.
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