In these uncertain times, having an established and integrated approach to managing refunds is vital. For many organisations, refunds are a time-consuming manual task that requires employees to match data from multiple systems and creates worrying data security issues.
A payment processing solution like Xetta that integrates with your company’s core business systems and lets you process refunds quickly and easily can be a gamechanger in today’s environment of consistent cancellations.
Below, we’ve identified four benefits that integrated refunds deliver to organisations across the higher education, local government and healthcare sectors.
1. Integrated refunds streamline operations
An integrated approach to refunds allows your organisation to streamline the way you manage both bulk and ad hoc refund requests. With the ability to pull up historical transactions and make refunds to a customer’s original form of payment quickly and easily, there’s no need to search through multiple systems or physical paperwork to get information about the initial transaction.
As well as being inefficient, holding paperwork with credit card data puts your business in breach of the PCI DSS – more on this later.
2. Integrated refunds are more accurate
With all transactions recorded and searchable within your payment system, there’s less opportunity for employees to make errors when processing refunds. No manual data entry means no mistakes when it comes to customer account numbers or refund amounts.
3. Integrated refunds are more secure
With data security top of mind for customers and companies, integrated refunds allow your business to handle customer payments and cardholder data securely. The PCI DSS (Payment Card Industry Data Security Standard) requires all entities that store, process, or transmit payment card information to comply with a set of technical and operational standards to protect cardholder data. A key aspect of the PCI DSS is that organisations must not store unencrypted credit card information.
Payment platforms like Xetta ensure all customer and payment information is secure, keeping your customers’ information safe and ensuring your company doesn’t incur fines for failing to meet PCI DSS standards. Additionally, by refunding to the original form of payment, your business can avoid fraudulent transactions.
4. Integrated refunds are more cost-effective
With the information to process refunds at your fingertips and transactions processed automatically, there’s much less work for your employees to do. Rather than spending time manually searching for the initial transaction or reconciling payments, they can spend their time on more profitable tasks.
At Xetta, we partner with higher education, local government, and healthcare organisations to make refunds fast, simple and secure. Our integrated refund module supports a streamlined, accurate and safe approach to managing refunds, with no need to store customer account details.