In its second-largest acquisition, Amazon buys the company for $970 million.
Working with Paymetric helped the retailer retire its cumbersome payments process.
Manufacturer of snowboards and related products Burton Corp., which operates two e-commerce sites, as well as bricks-and-mortar stores, faced a significant payments challenge because a large portion of the retailer’s business is based on preorders—consumers begin placing orders as early as April for products they plan to receive in the winter.
That led to reconciliation issues, such as consumers receiving their purchases even though Burton was unable to receive payment because the consumer’s credit card authorization had expired, the card itself expired, or the consumer had insufficient funds in his account.
In addition to Burton’s system causing it to take in bad debt, the retailer’s customer service team also had to manually take preorders over the phone, which meant the retailer was at risk of a data-security breach and had to take a number of steps to ensure that the representatives handwriting consumers’ credit card numbers maintained compliance with payment card security requirements, known as PCI.
Burton knew it needed a payment card processing solution that would integrate with the retailer’s SAP accounting software so that the retailer could eliminate the need to process preorders manually and achieve PCI compliance.
That’s why the retailer began using Paymetric Inc.’s XiPay On-Demand and XiSecure On-Demand software-as-a-service offerings. Using the system, cardholder data is tokenized, a technology that converts card numbers into codes, called tokens. That means that the retailer never has to touch cardholder data, which enables the retailer to achieve PCI compliance.
“I can’t tell you the enormous peace of mind that comes with totally turning over the burden of security and cardholder data storage to Paymetric,” says Jim Decker, Burton’s SAP enterprise resource planning manager.