Release 1.28

These new features and improvements from BlockChyp® were designed to enhance the user experience. Thank you for being our valued customer.

NEW Merchant Dashboard Features

Rounding Support

Rounding support has been introduced to the portal for merchants who are part of the Cash Discount program. The purpose of the rounding support feature is to give merchants the ability to adjust the final payment amount for customer transactions. Changing the rounding preference in the portal changes all transactions, whether processed through the portal/VT or POS.

When a transaction is processed through the portal, merchants can choose to round the transaction amount either up, down, or to the nearest dollar:

The introduction of rounding support provides merchants with more flexibility in determining the final transaction amounts based on their preferences or specific pricing strategies related to the Cash Discount program.

Tip Reporting Visibility

The total tip amount per terminal is now visible in the Merchant Tools section of the merchant dashboard. In the Batch History detail section, merchants can now view the cumulative sum of tips received for each individual terminal.

If a merchant has chosen not to accept tips as part of their payment processing setup, the system will not display any tip-related data in the Batch History section. This ensures that merchants who do not accept tips do not see irrelevant or empty information.

This new enhancement provides greater visibility into the tip amounts received per terminal, allowing merchants to analyze and track tipping trends and better understand the financial aspects of their transactions.

Settlement Holds Visibility

In the Merchant dashboard, under Merchant Tools there is now a subsection called “Settlement Holds.” Merchants often contact BlockChyp to inquire about the reasons behind a hold, as they were unable to view this information in their portal. Merchants will now have the capability to view the risk parameters for settlement holds and identify any transactions that exceed these parameters in real time.

In the Merchant Tools Menu under Settlement Holds:

Currently, any transaction that falls outside the established risk parameters is automatically placed on hold. This triggers an internal review process within BlockChyp and sometimes involves back-and-forth communication, before the hold is eventually released. This new feature promotes self-sufficiency for merchants and provides them with immediate visibility into their transactions.

Payment Links Detail

Merchants will now have the ability to view a detailed connection between the invoice and the corresponding credit card transaction, offering deeper visibility and a clear separation between different payment methods.

Currently, merchants can only see the transaction itself and no details. This improvement ensures merchants have a comprehensive understanding of their payment history and enhances their ability to track and manage transactions more effectively.

Disputed Charges Centralized

When a customer wishes to dispute a transaction due to reasons such as a faulty product or credit card fraud, the current process involves BlockChyp sending an email to the merchant, who can then respond accordingly. With this improvement merchants will now have access to a list of disputed transactions, providing them with enhanced visibility into these cases.

New Messaging section to send a request to the Merchant:

In addition to receiving an email from BlockChyp, merchants now also have a centralized overview of all disputed transactions, enabling them to manage and address them more efficiently.

In the Merchant Tools Menu under Disputes:

Click the transaction link and the dispute details will be displayed. If information is requested the Merchant will be able to respond directly in the dashboard and upload any necessary files.

Improvements

Implementation of Multi-Factor Authentication (MFA)

MFA has been added in the merchant portal to the login screen itself, meaning that all users are now required to go through the MFA process in order to successfully log in. Previously, MFA was only mandatory for specific sections or features within the portal.

The purpose of this change is to enhance the security of the merchant portal. By requiring MFA for all users at the time of login, the system ensures that the authentication process is more robust and less susceptible to unauthorized access.

Implementing MFA at the login screen aims to prevent unauthorized individuals from gaining access to sensitive merchant data and transactions, ultimately safeguarding the portal and protecting user accounts from potential security breaches. Below is the message that was sent to our users about the change.

Hello Valued Customer,

Security remains a top focus at BlockChyp and one that we take very seriously. On February 7, 2023, we are rolling out a security enhancement to the BlockChyp Dashboard that will change the way you log into the portal. Multi-Factor Authentication (MFA) is already required to get into the Virtual Terminal, Merchant Settings, and Bank Account sections of the dashboard. Once the change goes into effect, MFA will be required to log into to the portal as a whole, versus just being required in specific high-security areas.

We understand that this change may impact your company and the way you currently use the merchant portal. We are giving you advanced notice so that you can plan accordingly. Per PCI requirements, you are required to have different user accounts and credentials for each user who needs to access the portal. If you are currently sharing credentials with others, you are in breach of PCI regulations and need to create separate user accounts for each person who requires access. This will allow you to set up each user with the correct level of required access.

We appreciate your understanding and support as we roll out this additional security enhancement. If you have questions about the change, or would like assistance adding users or managing user roles, please contact the BlockChyp Support team at Support@BlockChyp.com.

Application Process Improvement

Plaid is a secure service facilitating the connection between applications and users’ bank accounts, and was previously integrated into the application process.

The decision has been made to remove Plaid from the application process, in order to enhance the ease of onboarding and provide a less complex experience for applicants. Removing Plaid reduces additional steps or complexities associated with connecting bank accounts through Plaid’s integration.

The intent is to provide a smoother and more straightforward experience for applicants, and reduce the number of required steps, potential technical hurdles with Plaid, and enhance the user experience.

For Partners

Partner Facing Pricing Policy

Partners now have been granted the ability to independently create and manage their own pricing policies, which was previously limited to internal BlockChyp users.

This change enables partners to tailor their pricing policies according to their specific needs, market conditions, or business models. Partners can independently set prices, discounts, offers, or other pricing-related parameters within the boundaries defined by BlockChyp.

Providing this flexibility to manage pricing policies allows partners to align pricing strategies with unique goals, customer segments, or market dynamics, ultimately enhancing the ability to attract and serve customers effectively.

Partner Facing Offers

Partners have gained the capability to independently create and manage offer links, which was previously limited to internal BlockChyp users. With the ability to create and manage offer links, partners can now tailor their promotional campaigns and target specific audiences with customized offers and incentives.

This interface will enable partners to adapt their marketing strategies to their unique business goals, and optimize promotional efforts to maximize conversions and drive business growth.

White Label Configuration

BlockChyp® is excited to announce the integration of White Labeling which will allow our Partners to enhance their branding and extend their services to merchants. This strategic enhancement will allow Partners to rebrand the BlockChyp website and sell our cutting-edge payment services under the Partner’s brand name. Key Features Include:

Enhanced Branding

With BlockChyp’s white labeling option, Partners can reflect their own brand identity, including logos, to create a cohesive and professional image throughout the customer journey. Every interaction, from the payment process to the confirmation page, can be tailored to your brand identity. This level of customization elevates the customer experience and solidifies the brand’s presence in the minds of consumers.

Expanded Service Offering

Partners can enhance their service portfolio by utilizing the White Labeling Configuration, enabling them to incorporate BlockChyp’s extensive array of payment solutions. Through this approach, partners can expand their offerings to cater to the unique requirements of their merchants, all while retaining full control over the customer experience.

Independent Customer Support

Partners now have the flexibility to independently oversee their customer service operations, guaranteeing personalized and dedicated support for their merchants. This empowers partners to cultivate stronger relationships with their customers by delivering responsive assistance and timely resolution of issues.

Enhanced Access to Merchant Information

Through the implementation of the White Labeling Configuration, partners unlock access to merchant information that was previously inaccessible. This includes valuable insights and analytics concerning transaction data, customer behavior, and other crucial metrics. This newfound ability to obtain such information empowers partners to make data-driven decisions and offer more customized solutions to their merchants.

AI Enhancements

At BlockChyp, we are committed to continually improving our payment solutions and staying at the forefront of technological advancements. With this vision in mind, we are thrilled to announce the successful integration of Artificial Intelligence (AI) into our Underwriting and Chargeback systems, revolutionizing the way we deliver consistent messaging and enhance our AI offering.

Consistent Messaging

By embedding AI capabilities into our Underwriting and Chargeback systems, we have achieved a significant milestone in streamlining communication with our partners and merchants. Our AI-powered systems now provide consistent and standardized messaging, ensuring clear and coherent information throughout the underwriting and chargeback processes. This not only improves efficiency but also enhances the overall customer experience.

Commitment to Growing our AI Offering

Our successful integration of AI into the Underwriting and Chargeback systems marks just the beginning of our journey. We are committed to further expanding our AI offering to provide even more advanced and intelligent solutions to our partners and merchants.

In the coming months, we will continue investing in AI research and development, exploring new possibilities for integrating AI technology across our entire payment ecosystem. This includes enhancing fraud detection capabilities, refining risk assessment models, and developing AI-driven solutions to tackle emerging challenges in the payments industry.