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Taking the cash out of cashless solutions

An electronic fund transfer service from G2 Integrated Solutions is the first package that allows users to eliminate cash in the workplace. The service accepts credit/debit card payments processed at affordable rates, in a highly secure manner and without the need for a dedicated leased-line connection.

Using a banking grade personal identification number (pin) security system, InteractiveEFT is specifically tailored to the needs of the catering industry, addressing all the issues traditionally associated with the acceptance of EFT (electronic fund transfer) payments for high-volume, low-value transactions.

The loading service is supported by UK company G2 Integrated Solutions' InteractiveEFT payment management system. This offers comprehensive management information and transaction analysis services via a secure website. In addition to credit and debit card transactions, InteractiveEFT can process CPS (critical payment system) value loads via direct debit and through payroll or expense account deductions.

Although many organisations are already using cashless payment systems, migrating to a truly cashless system offers significant advantages. For example, because there are no collection, sorting or banking costs, EFT payments are now cheaper to process than cash. InteractiveEFT value loads are processed via a PC-based system, thus there is no need to maintain note/coin-accepting devices. Because there is no need for cardholders to have access to cash at point of loading, turnover is increased. The system also eliminates the security risks associated with the presence of cash.

InteractiveEFT loading can also be used in conjunction with note and coin loaders, enabling customers to retain the flexibility to accept cash. Moreover, operators have full system visibility and control via a secure Internet-based payment management service.

Source: Richard Maino, London Press Service.

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