A Collection POS is a secure payment platform through which businesses and institutions manage their web-based collections and generate the reports they need.
There are many products on the market with different names that provide similar functions. To avoid any copyright issues, I'll use the term "Collection POS" here.
How does the platform work?
- First, companies submit a Collection POS request to banks or payment institutions.
- The required evaluations of the company (termination check, the company's financial status, etc.) are carried out to check whether it is viable to work with the company.
- A merchant account and Collection POS request are entered for the company.
- A new merchant number and Collection POS number (terminal number) are generated for the company.
- Along with the generated information, access details (link, username, password, etc.) are shared with the company.
- Once the necessary integrations are completed by the company, the Collection POS is activated.
Can a Collection POS only be used by one user?
No. A Collection POS can be used by more than one user. All that's needed is to register the Collection POS user in the system.
Which companies is a Collection POS suitable for?
It's an ideal solution for businesses that sell on installment, insurance companies that collect monthly recurring payments, businesses such as schools and site management companies, and authorized travel agencies organizing Hajj and Umrah trips.
What transactions can be performed with a Collection POS?
The following transactions can be performed with a Collection POS:
- An authorization can be obtained or voided on the screen by selecting the desired transaction, and a future installment payment plan can be created.
- For due payments, approval can be obtained from the cards of existing customers in the system, and new customer and credit card information can be entered.
- Transactions or payments made can be monitored, and some transactions can be modified or cancelled.
What are the advantages of a Collection POS?
- Bulk approval can be obtained for due transactions with a Collection POS.
- Rules can be defined based on the decline reason code for rejected transactions, and approval can be requested again.
- Emails can be sent to customers and merchants regarding transactions performed.
- Users with different authorization levels can be defined as a merchant, allowing transactions to be followed by multiple operators.
- Transactions made within 30 days can be cancelled.
- The customer's card information can be stored securely for future authorizations.
- All transactions can be queried and reported retroactively.
- Online collections can be made from dealers, sub-dealers, corporate customers, and consumers by modeling the system based on the company's workforce.
- Collection POS software supports many collection transactions, such as foreign currency collection, pre-authorization, pre-authorization closing, and installment sales using points.
Is a Collection POS secure?
A Collection POS is software prepared in accordance with international security standards. All payments are carried out with user confirmation via the 3D Secure feature.
