As more and more consumers move from paying cash for their goods making use of debit and credit cards this changes the way business administers their banking and reconciliation processes in a non-integrated environment.
- Increased volume of speedpoint slips extends the time of cashup since these have to be added up leading to potential errors
- Speedpoint slips can be lost or misplaced
- Declined transactions are processes as paid – loss of stock and cash
- More time spent administering this process ties up staff that could be used more productively elsewhere
With the newly available Vexen integration the benefits are:
- Increased volume presents no problem since the transaction is recorded to the cashup immediately
- No more lost slips a full audit trail is permanently stored on the system
- Transactions will not be concluded until approval is received from the bank no more stock and financial loss
- Time taken to administer the process is greatly reduced, staff can be utilised more productively.
Vexen is integrated with a number of leading banks in South Africa and makes all the arrangements on behalf of retail/wholesale clients for establishing the integrated facility as well as supply and installation of the hardware required.
The costs involved will vary according to the number of lanes and expected transaction volume through the system.