RecChat: PayTrac for ETS Customers - 04/27/2021
Table of Contents
Episode Summary
In this episode our host Zach Malloch is joined by Cullen Barber, Jordan Tipson, Zach Daley, Patrick Hayden, and Dave Wirtz to discuss PayTrac, a new payment solution offered by Vermont Systems! The group discusses how this product came to be, the benefits of switching to the PayTrac solution, and the PayTrac product road map for the future.
Recording
Transcript
Zach Malloch 0:40
and that brings us into RecChat. Welcome everybody. We have all of our friends together today, a panel that rivals the attendees. For this special session of RecChat on this Tuesday. We're joined by Cullen Barber, Jordan Tipson, Zach Daly and Patrick Hayden, I believe we have Dave Writz lurking in there to help with some of the questions that might come up. So very stacked panel to talk about PayTrac, and specifically how it can address some of the issues that are ETS customers have been having. So we have a q&a session section at the bottom of the Screen. As always, I would ask you to direct your attention there for any questions that you might have. And we'll be keeping an eye on that and answering in line as best we can when it makes the most sense to do so. And with that, I will get out of the way and hand the reins over to Mr. Hayden. How are you doing today, Patrick?
Patrick Hayden 1:34
Doing well, the song leading into this always puts a smile on my face I think it's going to wear out and every time I participate in one of these I start chuckling as I hear it. So puts me that puts me in a good mood.
Zach Malloch 1:47
I think the desert might be eternal Patrick,
Patrick Hayden 1:51
it outlast all of us!
Jordan Tipson 1:53
How can you be in a bad mood without water behind you in the palm trees?
Patrick Hayden 1:56
No, it's a beautiful day here in tropical northern Vermont. So thanks, everybody, for joining us today. Again, we're going to spend the next 30 minutes or so it's talking about PayTrac, which for those of you who are not familiar is a kind of a new offering here from Vermont systems and joining I want to go ahead and go to the next slide. We're going to talk a little bit about what PayTrac is Jordan's actually going to get him and show you some of the functionality both on E commerce and the WebTrac side, the first one to kind of go over the solution briefly at a high level and talk a little bit about what it is and kind of how we've arrived at this point in time where we're offering a payment solution. So PayTrac is for mod systems single source payment solution. And what that really means to you to our customers is that we're kind of the sole provider here, we are the payment facilitator. And we're actually a registered payment facilitator now from our systems, meaning that we can provide you with a full payment solution. So we're providing the merchant accounts on your behalf. And we're providing all the technology needed not only to process payments, but also to provide your statements provide all the insights that you need to manage and reconcile. And we're actually depositing the money into your accounts and really have the full control of that from end to end. And the ability to enhance that from end to end.
So kind of a brief history and how we arrived at this point, as probably many folks on this call know. And in a variety of capacities on the spectrum, depending on how long you've been with us. We've been involved in payment processing for decades. And that's kind of been a long journey that's meandered from a lot of direct integrations with different payment processors through to as the burden of PCI became kind of more and more of an issue on us and on our customers. We transition to primarily partnering with gateways such as ETS, to facilitate payments on our customers behalf. And one of the things that we found as we've kind of evolved with the times in payments processing is that reliance on partners has been both a bit of a blessing and a curse. It's been something that has enabled us to quickly create some solutions that could empower customers to take payments. But at the same time, it's put other companies in the mix that we then had to rely on to sort of stay with the times and allow us to provide solutions that's been met the level of quality that we would expect him obviously when you're relying on others, it doesn't necessarily put you in full control of ensuring that that is possible. So as we looked at how to solve that and looked at different partnerships that we've developed over the years, we really arrived at the decision that the only way to really be in control as we'd like to be in be able to ensure that we're staying with the times and providing a best in class solution is to create our own and really have that kind of end to end control of the solution and the quality not just from the applications. but also the back end, the funding, the reconciliation, the statements that are provided, et cetera. And that really brings us to today and to PayTrac, which we launched just a few months ago and have a number of customers live with and processing on a daily basis.
So PayTrac is a brand new solution. And it is EMV and PCI compliant solution. And one of the things that was great about developing this is that we were able to sort of pull from that history, those decades of working with different partners and kind of ensure that from inception, we had the best of all those worlds. So it's a solution that right out of the gate is using the kind of latest and greatest best in class hardware. It's all up compliant, we'll talk a little bit later about yes, you can do NFC and tap to pay and support Apple Pay and Google Pay and all those things right out of the gate, and do it on kind of the latest hardware that isn't being end of life and has, you know, if you were to purchase it today, as many, many years of life and support left in it, by again, taking sort of control of the payment solution. It allows us to not just facilitate payments, but also again to integrate things more and more closely with our application, which again, as as payments have sort of evolved the expectations rightly so of customers in terms of what's possible, as evolved as well, you were already with PayTrac able to do things like provide you your statements right through the RecTrac application. So you don't have to go to a different place to get that information. We're currently in the midst of of doing things to bring that integration even even more tightly to allow you to reconcile more easily on a daily basis and align your RecTrac system and your WebTrac system and the transactions that occur through those systems directly with what's going on the payment side of things and the authorizations that have occurred to support those payments. And, again, what we've already seen and some of the benefits that Jordan and I especially on the product side saw in the future, this is just our ability to be nimble, and to really quickly address things. And we've already been able to achieve that. And we'll talk about a little bit of that and some of what Jordan is going to show some of the feedback we've got from customers and how we've reacted to it. But that really is kind of the core of why this is strategic focus was it really allows us to ensure that we're staying with the times and listening to customer feedback and able to immediately kind of react and add incremental value to the solution. As we as we get feedback not only from customers on PayTrac, but also all the feedback we've gathered over the years on pain points and difficulties with existing payments partnerships that we have, you want to go ahead and go to the next slide, Jordan,
just talk a little bit before I pass the microphone over to Jordan here about what again, talking about the sort of high level of what are some of those benefits to PayTrac really kind of breaking them into two broad categories here. One is some of the long term benefits, we talked about the ability to sort of maximize the value we're delivering to you. And also just having more control over how the sort of full payment cycle operates and how it functions and identifying areas where we can, again, whether it's making reconciliation easier, or ensuring that you can take payments on mobile devices are ensuring that your customers at home have a really good user experience when they're processing a payment on their phone or on their desktop. Now we've got control over kind of all of those behaviors and all those user experiences and are able to ensure that they can meet a standard that that we accept by not having that reliance on third party. So we need to kind of keep up there and have a have a technology in that regard. And coupled with that, obviously, it's not just about user experience, some of is that about security and about PCI compliance as well. Everything as things have changed in that landscape, which we've seen a lot of those changes, and I've been with vermont systems for 17 and a half years. And the landscape of security and compliance with with card acceptance in particular is has changed dramatically over that time. And for good reason. Obviously, there's all sorts of additional and new types of bad actors out there trying to hack things trying to commit fraud in a variety of ways. And in order to keep pace for that the industry is constantly evolving, what the expectations are of solutions providers on the payment side. And again, when we're relying on a third party, it makes it more difficult for us to ensure that we're really minimizing the PCI scope for our customers and ensuring that we're keeping up with best practices. They're not we have more control over that ourselves.
We're able to ensure that we're constantly keeping ahead of the game as opposed to trying to play catch up as third parties deliver those solutions that we're able to utilize, and then also a single source for contracts. So, we've talked a little bit below about having a really predictable and transparent pricing model for this is something that when you have a question, whether it be a question with a particular transaction, a question with a report, question the settlement into your bank account question with your statement, all of those things are things they're going to come to kind of a special group of folks on our end between finance support implementations, who are all kind of subject matter experts on the PayTrac solution, in particular, unable to address those things directly without having to say, oh, maybe you need to factor your process. Or maybe you need to talk to your gateway, maybe we need to talk to the folks who sold you the hardware, we're able to address most of those questions directly and have visibility into all the areas that we would that we would need. And again, all of that really geared towards saving you guys time and making things easier and make for a better experience for both your RecTrac users as well as the public that's utilizing WebTrac at home. And, again, is Zack kind of noted folks here, most of you have participated in that a RecChat before, but obviously, the PowerPoint, all of the questions and answers that we'll provide as a follow up will all be available through the support portal after the fact. So any of this that, you know, you have folks who want to share this with there'll be an opportunity to do that not only the recording of this RecChat, but also the collateral associated with that, I'll pass it back to him.
Jordan Tipson 11:30
Alright, sounds good. So what I'm gonna do is get into a little bit of a Demo of WebTrac, and then also RecTrac. So with PayTrac, I'm gonna start here in WebTrac. So this is just my local WebTrac Screen, I'd be remiss to not say, you know, this is the new WebTrac look and feel, if you haven't explored it took a look at it, I definitely highly recommend it. It's not something you have to switch to. But it's just a more modern experience. As you can see here, my search is moved to the left here. And it's a lot easier for you to manage on your side. So I could have a whole RecChat on this. But But I just did want to point that out that I am using the new the newer WebTrac. So definitely, definitely take a look at it, we've got plenty of documentation, and I believe some other rec chats out there as well on this already. So that's another spot you can go to when this recording is done. If you do want to take take a peek at that. But back to back to PayTrac. So I've got something already in my cart here I'm about to I'm already logged in as my user, you know, obviously PayTrac is, you know, good for guests good for households, there's nothing's nothing has changed in that regard. But the payment experience is just a little bit different. And you know, I think and we all think every month, it seems that it's a lot cleaner than maybe what it currently is on on ETS right now.
So I'm just gonna go ahead and add this donation in my cart here. You know, I've got, you know, the normal Screen here, nothing's changed here. When I proceed to my checkout, though, you'll notice that the payment Screen is going to look a little bit different. So one thing I do want to point out here, and this is completely controlled by you, if you want to essentially pass your service fees on to customers, so your your credit card processing fees to customers, or you can essentially kind of eat those fees on your own, you can do a split of those fees if you want. In my example, today, I'm passing the full credit card fees on. So you'll notice in here I've got my shopping cart, plus an additional couple of lines here for a service fee. So essentially, this transaction is costing you know, $2.80, to process. So again, in this example, I'm going to be passing those fees on to the customer, it's a seamless transaction, you'll notice that my total fees are 102 80. When I get to the receipt, it's going to show 102 80 at the bottom, it's going to have all that detailed information so that it's not kind of a you know, I got charged this but then also this, it's a single transaction for your customers or your patrons to easier or to see things a little bit easier on there. They're kind of sad when they log into their credit card statement online. But again, in this case, I'm passing along the fees in my test environment, you don't have to do that. And again, you can do a split out of the fees, if you want to, it doesn't have to be all or nothing. We did add some language codes within WebTrac. So that you can, you know, if you need to, if you are going to pass these fees on and you have like a sentence or two of why you're passing these fees, we've got all that information here on the Screen that you can update.
But the big piece here with PayTrac that's really important is you know, on the ETS side of things, when I plug in my information here, my next step is really to come to the bottom of the Screen and hit continue and then be prompted with basically the ETS payment Screen. So a lot of you folks out there might know that that's maybe the time where you may be see some transactions that hit ETS, but didn't actually hit WebTrac You know, slash RecTrac. And then you have a reconciliation nightmare, because it's going out and then it's coming back in. Well as you can see here for PayTrac You'll Notice my payment information is using a secure iframe directly on my payment Screen here. So when I plug in this information here in a second and hit continue, the next thing is going to be my receipt, there isn't going to be a redirect out, and then a redirect back, you know, saying, you know, don't close this browser, you know, wait for the transaction to process, it's all going to happen just directly on this Screen. So I'm going to go ahead and plug my info in.
This is just a little sandbox environment that I have. So notice, this is utilizing the iframe, none of this information is being stored directly in RecTrac, anywhere. So I've got all my information, my credit card information, obviously, if I had forgot to fill out one of these fields, or my credit card was only 15 digits instead of 16. You know, it stopped me in my tracks and make sure that you know that I'm plugging that information in. Again, in my scenario, I am charging those recipes to pass along to the customer. So we do have kind of at the habit at the bottom as another kind of prompt for them just to make sure that they're aware of it. That's also really important in the mobile environment, where the payment Screen obviously isn't a full Screen as big as this. So they might have just skipped over the entire top part, scroll down to the bottom, put their card information in and then hit continue. So we definitely wanted to make sure that if you are passing any sort of service fees on to the customer that it does display, whether it's the full browser mode or on a mobile environment, that's why we've got it again at the bottom. But really at this point, my transaction is about to be done as soon as I hit continue here. So again, no redirect, when I hit Continue. My print, my transaction is processing at this point. And now I'm at my confirmation Screen.
So at this point, the transaction has happened. I've received a receipt, I can email receipt from here, just like normal, normal WebTrac, I can view my receipt here, which I will. So you'll notice my transaction here. The donation was $100. So the details kind of the core of the receipt haven't changed. Because that's, you know, what they essentially bought. And then at the bottom here, you'll notice we've got it split out for them to see, again, it's one single transaction of 102 80 here, but it does show that you know, 100 was paid towards the items on this receipt, and then the 280 service fee. Again, these are all language codes within your system. So you're able to customize those phrases if you want to. And then same as you know, with that payment Screen, shopping cart, I'm able to update this, if I need to add something specific to the receipt, maybe not to the Screen, it can be different, these are separate language codes, to allow you to do any of that if you need. So again, this is my ecommerce transaction, not a lot per se has changed. But that iframe directly on the Screen, you know, we feel is a huge benefit add for PayTrac Because again, it eliminates the redirect out the redirect back, you know, hoping that the customer doesn't close out, you know, while it's doing its thing, this just incorporates it's on the Screen, if you don't get past that payment Screen, you're not going to get to your confirmation Screen, meaning the transaction isn't going to happen. So we've certainly seen, you know, elimination of that where it hit WebTrac. But it didn't hit RecTrac. You know, so far everything is has been really good with with the utilization of that iframe.
So that's the WebTrac side of the house. And if we take a look at the RecTrac side of the house. So again, I'm already in my touch Point Of Sale Screen, I've already got something in my cart. In a couple slides, when I finish up, we'll get a little bit more detailed about the hardware available. But I at my desk here, I know it's a little tough to see I have my desk here have what we call the link 2500. So this is a brand new model from Ingenico. The shelf life on this is going to be years and years out. This is a mobile unit. So you'll notice I'm not connected to anything, it's not connected to my computer, it's about the size of a couple of credit cards here stacked on top of each other and then the length, you know, it's just a fits in my hand. So this is a good unit that you know can be moved around maybe in a back office or an event that you have outside. And you may be using an iPad or a tablet to use it with. But again, this is the mobile unit. We've got some slides here coming up when I finish on the other units, but I'm gonna go ahead and process this transaction here. So when I go to my payment Button here, again, the process hasn't changed. I've got my visa pay code set up here, it could just have just been a credit card pay code. So when I go ahead and hit process, you'll notice here on my unit at this point it is just lit up and you'll notice it's just like you see at your grocery store at any store that you're at, please swipe dip or TAP card or you could do your phone. So again, on the top here we have a swipe which I'm going to do in a second. On the bottom we have I know you can't really see that but we have the chip reader on the bottom. And then again you could you know tap your phone, tap your card. You also have the ability to do this Button here, this is enter card. So if I needed to manually Type it in, maybe it wasn't working on a swipe or a dip. You know, we've all seen those credit cards that you know, they've been through the washer a million times, and it just doesn't work. So you do have the ability to do that, I have a gift card that I'm using here. So I'm not going to be able to dip it because it's a gift card, but I'm gonna go ahead and swipe.
So I just swiped it, you can prompt for the machine to confirm the amount, you can set that limit on the amount. So maybe under $20, I don't want to have them confirm it and be over $20, you can also set how, what the limit is on if you want a receipt to print with an offline or not. So maybe on an authorization receipt, you only want them to sign if it's over X amount, you can certainly do that. So I'm gonna go ahead and hit my CONFIRM Button on this unit. And then you'll notice it just says approved. And now back in RecTrac. You'll notice that it now popped back up with my information here. So my receipt is gonna come up in a minute, I have a huge logo on my receipt. So that's why it took a couple extra seconds. But you'll notice in here my transaction process $1.05, I didn't do any sort of service fees for my in house retail transactions. But that's that's pretty much it. So total time, you know, obviously I kind of walked through it. But the time I hit process in RecTrac to activate the unit is about a second or two at most, then depending on how many prompts you have on the Screen, do you want them to choose the credit, or debit? Do you want them to confirm the amount, it could take a couple of seconds just with those interactions. But if you're skipping those, it's about maybe three seconds from the time you hit process and RecTrac to the unit actually coming back to back to the receipt here. So new technology, it's very quick, you know, it's PCI compliant, point to point encrypted here. So again, none of this is actually storing within RecTrac anywhere. Again, you'll notice I don't have this connected to RecTrac, my computer, have it connected to RecTrac, obviously, but I don't have it connected to my computer, it can be on a different network, if you want it, for example, I'm in Connecticut, I can connect to one of our developers databases that Vermont and hit process and then his things gonna light up your mind is gonna light up. So you really have some nice flexibility with these. You know, obviously, it's it's a good unit, the mobile one, but we'll go into some of the details on the other units that we have here in a second. But that's pretty much it for the Demo of this. So again, WebTrac RecTrac, utilizing the secure iframe in WebTrac. And then in RecTrac, point to point encrypted units that are all PCI compliant. Well, it you take it back, Pat.
Patrick Hayden 22:44
Thank you, Jordan, I think that's a perfect segue to talking about, like you said the hardware a little more, it's also worth mentioning that neither of these two units that we're showing here, are reliant on on VIC in any way. So again, for those of you who are on 3.1, you're accustomed, if you have an issue with VIC, that potentially impacts your ability to process payments. So with with both of these units, they're directly communicating over the web, as you are from from RecTrac. Or in your in the on the client side. So really, all you need is an internet connection. And as Jordan said, the units could be on a different network. As long as they're connected to the internet. As long as you have internet connectivity, you're going to be good to go. Even if even if VIC is down, you can continue to process payments. Like Jordan said the unit he showed is running on Wi Fi. Where's the Ingenico ln 3000. The unit on the left here on this Screen is more designed to be a hard mounted unit mounted on the on the countertop, which is actually plugged directly in the Ethernet. So neither of these are connected directly to the computer. As Jordan said the point to point encrypted and they're also direct through either Ethernet or Wi Fi direct to the to the internet, to no connection to the PC. And again, was we mentioned all kinds of payment options here, whether it's phone, tap, swipe, etc with both of these units. And these are both something that, again, we have partnered with someone specifically for the servicing and selling of this hardware, because that's something where again, by partnering with someone who has really good support return capabilities stock available, allowed us to really be the most the most responsive there to hardware needs.
So again, we can supply more details on on both of these units. But these are really again, two of the sort of the brand new series of Ingenico units. That again, we're excited to be able to start right out with because they are sort of they've been around long enough to be very well proven units but they are units that are the latest from Ingenico and thus have a really long life ahead of them. And with that it's good to go The next slide in the interest of time here. So just to reiterate some of what Jordan already showed, but what's kind of on our roadmap, what's recently been delivered, and what's next up to Jordan showed the service offerings and reference the fact that obviously, it can be a full service fee where you're passing on the entire cost of processing, or it can be partial. So if you want to take on some of the burden, or pass them on to your patrons, and you certainly can, can do that. And that's available now. As well as given that visibility in the settlements directly through RecTrac, as well as through a portal of private zoom visibility, not only to settlements, but also in the transactions as they're, as they're occurring, those settlements as they're accruing. And next up, Jordan is the product owner on a team that's working specifically on PayTrac functionality. And we have a pretty exciting roadmap ahead of us for that, again, one of the reasons why we've gone this direction is because there's there's so much that we know we can do and Lauren able to do with some of the partners we're working with. And those are things like providing service fees, even for card Present Transactions. So for transactions processed through RecTrac. As I kind of referenced earlier, really deeper reconciliation, integration to be able to provide more visibility into payment processing directly through RecTrac, to make it easier for you guys to align not just a RecTrac report with a you know, settlement report or a batch report for credit cards, but also, again, come and kind of full circle with aligning RecTrac reports directly and kind of automatically with your settlements and with your your bank deposits, and gives it giving you visibility into the fees associated with those current process and things of that nature.
We are also going to be integrating ACH or echeck payment processing into this as well. So for those of you who maybe have explored doing this, or are currently doing ACH processing through RecTrac, you know that currently, you're collecting account information, and then you're creating a batch ACH file that you're then probably uploading to your bank's website. And there's some kind of lack of, of automation, there's some manual steps and some opportunity to sort of make things more efficient in that regard. And that's one of the next things that we're going to be adding here. And that's one of the reasons why we've utilized the technology, we're utilizing this because it allows us to not just do credit card processing, but to do echecks as well, which is a great way to you know, lower the cost of payment processing by encouraging folks to go that direction and get the same kind of benefits of automatic settlement and integration at a lower cost than than credit cards. And in addition, guys,
Zach Malloch 27:43
I just, we had a couple of real quick questions coming up, I don't think it would take too long for you to respond to them. But Aurora was curious. So since we have to use the hardware to process the transactions, how does that affect your refunds? Do we need any hardware for that
Patrick Hayden 27:56
Great question! The short answer is no. You don't need hardware for that the only situation would ever need hardware for that is if you needed to be present a card maybe because it was exceedingly long ago, or because maybe the card had been stolen or replaced or something that was a new card number and you need to actually key in the card to process a refund. But no, you don't need so back office of some of those just processing refunds, they can do that using the token the card versus having to have the hardware.
Zach Malloch 28:28
And then the second one, I think kind of dovetails into that slightly with the question about how PCI compliance is managed with this interface.
Patrick Hayden 28:39
Um, that's a harder one to answer really quickly. But the short of it is since with us as the payment facilitator, you know, again, huge part of the solution is to minimize the kind of burden on the customers in terms of their PCI scope. So everything about this solution is designed to help you minimize that, like we talked about things like the card readers not being directly connected to the PC all being PTP e card readers, things of that nature. And same thing on the on the WebTrac side, obviously, that's all designed because as Jordan stated with the iframe, none of this is being stored, but it's also none of it. It's even transversing your network. So with that card data being entered into an iframe, it's not even passing through your web server. So it's all designed to minimize that, as we've always sought to do it with any of our solutions. But in terms of, you know, managing that I got something that we could probably get into maybe more in the in the response or in a follow on conversation with with folks who have interest in kind of diving a little deeper. And I guess with that, in the interest of time to speak to that kind of topic of how to photos, learn more or get into a little bit more detail. We can pass it over to Zack and talk a little bit about if if folks want to get more information. How do they do that? Because obviously a lot of people are going to Have questions that are specific maybe to how they function and what they do. And obviously, we'd love to have those conversations kind of one on one and dive into that.
Zach Daley 30:11
Thanks, Pat. So, and like I said, in the interest of time here, since we're coming up on 230 My name is Zack Daley. I'm a Solutions Consultant. So if you are interested in pursuing a further conversation about PayTrac, you want to dive into some of the more specific questions about your personal setup at your facility or your park district. Go ahead and shoot me an email directly that ZACHD@vermontsystems.com, we can find a time to go over your particular setup answer any specific questions. To go over in greater detail, I will request that you send some of your existing processing statements from Elavon. So we can get a better idea of your interchange rates, your processing costs that you're currently incurring. So that way we can make a fair pricing proposal. The pricing proposal will consist of either a flat rate, a per transaction fee, and a per mid monthly fee, or an interchange plus rate, a per transaction fee and a Permit monthly fee. And those are all based upon in a consultative analysis of your existing monthly statements, which we dive into and break down the cost that you're currently incurring. So that way, again, we come to you with a fair proposal. So feel free to reach out to me with any specific questions, or if you want to set up a follow up meeting to go over your individual questions for your organization.
Patrick Hayden 31:31
I think just to kind of elaborate on that a little bit, I see the question came in of what is the cost Zach's point, and one of the reasons we do that statement analysis, just to expand on that a little bit more is to make sure that we are coming up with a fair cost. And it's, it's very different, what the cost of processing cards is from location to location, just because of the makeup of the types of cards that are currently being utilized. That's why we get all that data so that we can look at it and, and arrive at something that's, you know, fair for both parties. And as cost effective as we can can possibly be to make sure that it's kind of tailored based on what you see for volume currently coming through what that transactional makeup looks like.
Zach Malloch 32:19
All right.
Patrick Hayden 32:19
So all the questions are gonna be left for you to answer in the one on one set, because there's no more it's fine. Good.
Zach Malloch 32:29
Well, I guess I'll step back in here. If anybody has any closing thoughts, I'll definitely invite you to share those. But I did want to say thank you to everybody that's participated. And we are at time. So if anybody does have any extra questions, I'm sure everybody would mind would, nobody would mind uh, sticking around and answering a few of those. But we will be posting this recording by tomorrow on to the RecChat archive support portal. So you'll be able to get this and review anything you want to. But I think the you know, the cheat sheet for this is basically just get in touch with Mr. Daly here. And he'll, he'll take you on the next stage of your journey. So with that is, okay, so there is another question coming through. Is there the opportunity to see a statement at this time? Is that something we could Demo Easily?
Jordan Tipson 33:14
I can,
Patrick Hayden 33:15
we can provide a sample on the follow up to but there was a screenshot on one of the
Jordan Tipson 33:19
actually thought that question might be coming. So I've got it. You can see my Screen still, right?
Zach Malloch 33:24
Yes.
Jordan Tipson 33:25
Yeah, so I had one ready to go. So this is just an example of a month end statement here. So just total count of transactions here. In this test, one, I didn't have any reversals so refunds. But we can certainly get some some more detailed ones here. But a pretty straightforward, basically a summary by day of the batch. So your total number of sales, the fees associated with those sales. So then the subtotal that was deposited into your account that day. Again, this is on a monthly basis. This is for the month of March, a little bit of a breakdown here, I've got a an old report, I got a just a cosmetic error that I need to clean up here. But a breakdown by your credit card types. If you did have any disputes, or the customer, your patron disputed, something that can show in this area, and then the breakdown of fees by card Type down here as well. So yeah, it's, it's a statement that automatically runs on the eighth of the month for the month prior. So this just again, is integrated into RecTrac On the eighth of the month, it'll run for that prior month. And then there's a spot, kind of a PayTrac dashboard that we're working on that has kind of all of this information that'll start to move forward with new reports, new inquiries, and then kind of be a one stop shop, as Pat mentioned, a deeper integration for PayTrac into RecTrac.
Zach Malloch 34:47
I guess that might lead into auroras question here about the reconciliation side of the process. So since this is all integrated into RecTrac, and like and maybe this just expands what you're talking about just now but What would be different in people's expectation of that process compared to maybe what they're used to with ETS or PlugnPay?
Jordan Tipson 35:09
I mean, I guess it all kind of depends. I mean, I'm certainly not an expert on what you currently do with ETS today. But with disputes, for example, you know, we're gonna be notified, we do some due diligence, then likely reach out to you alert you of the dispute. A lot of times, what the issue is, is just they may be wanting to cancel from a registration that they did, and instead of actually canceling, you know, maybe you don't allow cancellations on WebTrac. So they just disputed it. So a couple of times, you know, we've seen that, you know, the customers just reached out to their patron, oh, yeah, I just wanted to cancel it, and it was resolved that way. But in terms of your credit card reports, those still remain the same. And then again, just instead of receiving your monthly statement from Elavon/ETS, you know, on the whatever, the six, seven for the month, or the month prior, it's all just done through RecTrac. So you have tools directly through the application.
Patrick Hayden 36:04
Right. And I think that the key there, too, is that there's, you know, we're already sort of beyond feature parity with the current solutions in terms of what we can provide. And I think what's interesting about this is some of what's what's possible that we've spoken with some customers about doing things like, you know, because we have visibility into all the data now, we can even look at things like probably most of the folks on this call today have a general ledger interface, where we're passing General Ledger information from RecTrac automatically over their accounting system. Well, now that we have full visibility, we can look at a GL interface going a step further, and even including processing cost information so that they can actually reconcile that better with their actual deposits that are occurring, versus having to right now folks are probably saying, Well, yeah, we took $3,000 in credit cards open it cost us, you know, $250, to do so and making journal entries to kind of give that full picture. And now that we have visibility into the full, we've kind of lifecycle of that we have the opportunity to do more and more things to automate and get rid of some of those manual reconciliation tasks and counting paths that are going to be done on a daily monthly basis.
Zach Malloch 37:17
Excellent. Thank you. And then I Jordan, you mentioned disputes.
Jordan Tipson 37:21
Those, those come through PayTrac. Yep. Yeah. I mean, essentially, where your payment facilitator now. So your mids, all that stuff would come through PayTrac. So kind of anything credit card related, per se, is now is now done through PayTrac and Vermont systems.
Patrick Hayden 37:37
The nice thing about that, though, is that it comes to us and we can say, hey, you have a dispute, and it's from receipt, 1234 or five, and it's Zach Malloch, and he's signed this kid up for summer camp for $470. And here's the receipt. But this person is disputing it, versus just being a little bit blind to the reality of what was actually processed. So we kind of have a lot more visibility to be able to be informed in helping you pursue those things versus only having the payment side of them.
Zach Malloch 38:06
Awesome. Well, thank you guys for for sticking with us for those last couple of questions that just came in kind of trickling off but I think we are going to call it now. So any closing thoughts, I'll open the floor otherwise, thanks, everybody for joining. Great to see you all and we'll talk to everybody soon,
Patrick Hayden 38:25
Thanks everybody.
Cullen Barber 38:26
Thanks, everybody.
Zach Malloch 38:26
Good Bye, everybody.
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