In July 2009 doop were contracted to build an online payments system for Tattersalls Ireland Limited.
Tattersalls bloodstock auctioneers hold 7 auctions per annum over 21 days selling 1000’s of lots from their complex in Ratoath, Co.Meath. Traditionally vendors selling lots would pay entry fees of lots at the sale by cheque. The ability to pay entry fees online would provide an alternative payment method for vendors.
Doop developed a bespoke entry system that captured all required details for multiple lots with a payments gateway to allow for the secure payment of the entry fees by credit card.
The business implication of this installation for Tattersalls means that vendors have more control and access to payments and entries. Also the system has been so successful Tattersalls now see 60% of entry fees are now paid online and this figure is growing with each sale.
The hidden benefit of this move to online payments is that Tattersalls have been able to shift payment terms from invoicing to upfront payments which, as any business knows this assists greatly with cash flow. Such is the volume of transactions through the new system, the company have been able to negotiate better gateway fees and are further driving down the cost of taking online payments.
There is of course a cultural shift in such systems, but satisfaction among vendors with the new payments method is universal.