57.5% of all shoppers use the omnichannel service, but only 31.6% describe it as being a smooth process, according to a new report.
Infinity Resources has used Chase Paymentech to process its online payments since 2001. And Jeffrey T. Hejny, vice president of finance and controller of Infinity, one of the leading direct marketers of entertainment products and a service provider to other direct retailers, has no plans to switch.
“The main reason we’ve kept this relationship together is because of their reliable processing that is consistently accurate for us,” Hejny says. “We want to run our business not our payments, and having Paymentech doing our processing allows us to concentrate on running the business.”
Chase Paymentech also provides Infinity with easy-to-use reporting tools, and helped Infinity add such alternative payment types as Bill Me Later® and PayPal®. When Infinity launched an e-commerce site in Canada, Chase Paymentech made it possible for the retailer to sell in Canadian dollars and receive payment in U.S. dollars.
And as Infinity has acquired nine companies over the years, Chase Paymentech quickly brought them on board. “We rely on them to have that short window so we can get up and processing a new Internet brand quickly and proficiently,” Hejny says.
“Finally,” Hejny says, “any business is about price, and Chase Paymentech has always provided a very competitive price for its services.”
Hejny notes that the economic downturn makes it even more important to have a strong partner like Chase Paymentech handling the payments for Infinity’s eight e-commerce sites that sell mainly CDs, DVDs and videos. “In these hard economic times cash is king for any business,” he says. “Who you trust with your cash is important. So it’s important to us that JPMorgan Chase is one of the stable banks out there, and that Chase Paymentech will be supported by JPMorgan Chase.”
Besides providing the financial backing for its Chase Paymentech unit, JPMorgan Chase & Co., one of the largest U.S. banks, acts as the merchant acquiring bank for Chase Paymentech retailers, says Greg Worch, senior vice president of Chase Paymentech. Paymentech client merchants can also take advantage of a broad array of other depository and treasury services that Chase provides, Worch says.
He adds that retailers should not only be evaluating whether a processor can stay in business, but also whether it will be able to focus on providing the best possible service, without financial distractions. “The advantage of Chase Paymentech,” Worch says, “is that we have both the stable ownership of JPMorgan Chase, and a very stable and robust processing platform.”
Chase Paymentech also brings a deep understanding of payment issues, especially for retailers that do not serve consumers face to face. “The core of the organization was built around serving the card-not-present market,” Worch says. “We built a platform optimized around that operating environment. So we have unique capabilities that others can imitate but none can equal in terms of the robustness of the platform and the security we offer through our proprietary solutions.”
That expertise has helped Infinity ensure it pays the lowest possible interchange on Visa® and MasterCard® transactions. Chase Paymentech recently identified two small changes Infinity could make-one involving MasterCard transactions, and the other Visa-that will save Infinity $17,000 a year in fees, Hejny says. Chase Paymentech, like Infinity Resources a member of the Merchant Risk Council, also works with the retailer regularly on security issues and PCI compliance.
The range of services Chase Paymentech provides Infinity underscores why retailers should look for a processor partner that understands how to use payments to create a strategic advantage, and not just to cut costs, Worch says. “And, regardless of what their needs are today,” he says, “merchants need to ask if, as they grow and move into new countries and sell different types of products, does their processor have the capabilities to scale up in size and handle all of their payment processing needs.”
Infinity’s Hejny has no worries on that score. “We’re very pleased with Chase Paymentech.” he says, “We’ve had a long relationship, and we expect to have a long relationship into the future.”
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