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Precision Payments Inc.: Low-cost and Efficient Payment Processing

CIO VendorJoel King, CEO
Until recently, points of sale (POS) at major retail stores across the country had basic cash registers with an accompanying receipt printer and a card reader. However, the increasing need for an integrated system that can support inventory management, reporting, gathering customer information, and multiple payment methods, has paved the way for more advanced POS systems. For retailers, this transition from basic cash registers to such sophisticated POS systems means making a big step toward changing the way they do their businesses and even bigger investments as there is no “golden mean” middle-ground product. This is where Precision Payments Inc. has risen a cut above competitors in the market; the company stands its position by enabling continuous improvement for businesses and enhancing the way they relate to their customer base effectively. “Our customers don’t have to spend thousands of dollars on advanced POS systems,” states Joel King, CEO of Precision Payments. “What sets us apart is that we are a customer service-oriented company at the end of the day; and our objective is not to only save our clients’ money, but rather it’s to improve their overall solutions and help them better their business and yield more ROI.”

Precision’s POS system allows merchants that were earlier operating on cash registers or credit card terminals to have a cloud-based POS system to feed their orders, view their sold products in an electronic format, and calculate the taxes. With its customizable solutions, Precision also enables the flexibility to incorporate different applications every time a new service is to be added. King relates this with an example of a POS system in a restaurant, to which inventory items could be added, and the system could be easily transitioned to an online menu, accessible from customers’ mobile applications for ordering and even paying before they could reach the restaurant; the food is quickly prepared and ready to be picked up as soon as the customer enters.

What sets us apart is that we are a customer service-oriented company at the end of the day


King explains that whenever the team enters into conversation with new merchants, the client is often inclined to save money. But, “We want to provide a better solution as well and we’re able to do both,” he adds. Another important factor that makes Precision unique is its in-depth understanding of its clients’ requirements, and then providing them with the solution that best suits their needs.

In one instance, Precision helped a pest control company which had a team of 11 technicians each of whom was to attend 10 to 20 service calls a day, leading to 200 unique customers and one person in the office to manage those in the field. With no knowledge of the caller, the customers found it hard to share credit card information. It also took too long for the customers’ calls to be attended. Precision suggested implementing a solution with mobile terminals for each of the technicians to run the transactions that effectively helped eliminate the phone calls and also solved the problem of the customers not liking the credit card information being given to an unknown individual over the phone. The solution enabled the company to focus on answering the calls of new customers and at the same time, helped retain the existing customers.

Precision recently brought services of cash advances and equipment leasing in-house, which were earlier outsourced. Spreading its footprint to the Northeastern part of the country, Precision continues its search for software providers to align with, and cater to more industries with specialized processing software. With its vision to offer a secure product that businesses can trust, Precision indeed promises to not only be a payment processor but also an important asset to its clients.