OrderTrust, Inc., the leading provider of direct commerce services and outsourced e-commerce infrastructure solutions, introduced its newest Order Management Service enhancement: SmartSettlement. This new suite of features provides unprecedented fund collection options to catalogers, retailers and online merchants that accept credit card orders via any non face-to-face medium. Utilizing SmartSettlement, merchants can now collect payment on each item as it ships, eliminating the need to wait until an entire order is fulfilled, thus improving cash flow.
“Until now, you couldn’t get these settlement options without significant custom work,” said Jim Daniell, CEO of OrderTrust. “By allowing merchants to collect money as fast as possible, rather than waiting for all items on an order to be resolved, SmartSettlement provides merchants with an easy way to improve cash flow and contribute directly to the bottom line. Equally important, merchants can use SmartSettlement to boost customer satisfaction and build a stronger, more loyal customer base by meeting customer expectations for payment.”
SmartSettlement Feature Suite
The SmartSettlement Feature Suite is comprised of three distinct components: SmartOrder Settlement, SmartLine Settlement and SmartItem Settlement. These components can be implemented in a variety of combinations and are configurable at the merchant level. With this added flexibility, merchants can choose the combination of features that most closely align with their companies’ business strategies.
–SmartOrder(SM) Settlement allows merchants to settle an order once for the correct amount. Using SmartOrder Settlement, a single authorization for the entire order is conveyed and the cost of any cancelled or discontinued items are deducted from the final settlement amount. This feature eliminates refund transactions, saving the merchant’s time and providing customers with a better shopping experience since they no longer need to wait for a refund.
A quick scenario: assume that during the purchase flow, a consumer purchased three items for $10 each, totaling $30. Shipping and handling is free due to a promotion, and there is no tax on the items, so it is an even $30 order. However, at the time the order is conveyed to OrderTrust, the third item has been discontinued. Utilizing SmartOrder Settlement, the final settlement amount to the merchant will be $20 rather than $30 with the merchant having to then issue a $10 refund.
–SmartLine(SM) Settlement allows merchants to authorize and settle each line item separately. As individual line items are closed, payment is settled on a line-by-line basis. This eliminates the delays between the time when the entire order is filled and when the merchant gets paid.
This means that when, in the above example, the first line item ships, a $10 settlement will be processed. The same will be true, for example, if 10 days later the second line item is shipped and 30 days later the third line item is shipped.
–SmartItem(SM) Settlement, used in conjunction with SmartLine or SmartOrder Settlement, enables merchants to collect funds, even on a partial shipment of a line item. The final total settlement is automatically adjusted to reflect the change. This allows merchants to quickly collect funds before a total order is processed.
To illustrate this feature, assume that a consumer purchases three sets of dishes – generating an order consisting of a single line with multiple items. When the order is sent to the fulfiller, however, two items are in stock and they will never be able to ship the third item because it has been discontinued. When this scenario occurs, SmartItem Settlement steps in.
If a line item is closed and one or more items are discontinued or cancelled, SmartItem Settlement performs a simple calculation, (Number of items shipped / Total quantity of items) –Line Item Price Total, and adjusts the line item total.
OrderTrust’s SmartSettlement, available now, complements OrderTrust’s existing range of order management services, which provide seamless integration of merchant order-capture systems with real-time credit card authorization; real-time and proxy inventory checking; flexible and intelligent routing of fulfillment requests to multiple suppliers; and data exchange management so order information can be sent and received using native formats and protocols. Together, these order management services help catalogers, retailers and online merchants meet their business objectives, enabling them to focus on front- end e-commerce initiatives, such as building brand identity and driving traffic to their sites, while providing superior service to their customers.
About OrderTrust, Inc.
Established in 1995, OrderTrust, Inc. delivers industry leading direct commerce services and outsourced e-commerce infrastructure solutions to retailers, catalogers, suppliers and loyalty program providers. OrderTrust’s direct commerce services include order management, product sourcing for electronic marketplaces and on- and off-line consumer loyalty tracking.
With connections to over 850 commerce partners, OrderTrust’s commerce network offers a fully redundant and highly scalable communications extranet that provides seamless integration of merchant order-capture systems with real-time credit card authorization and inventory checking; flexible routing of fulfillment requests to multiple suppliers; and data exchange management so order information can be sent and received using native formats and protocols.
OrderTrust clients include 1-800-FLOWERS, SkyMall, Inc., Blockbuster.com, S&H greenpoints, Transmedia/Dining a la Card, Publishers Clearing House, ShopExpert, Iconomy and VerticalNet, Inc. Visit [http://www.ordertrust.net][1] for more information.
[1]: http://www.ordertrust.net/
