SRS Pharmacy Systems is a privately held software company headquartered in Caro, MI. Since 1990, their Pharmacy Management Solution has helped their independent pharmacy clients manage their businesses. SRS’ industry leading customer service supports their customer interfaces ranging from pharmacy inventory management, ePrescriptions, mobile refills and all the way to management and set-up of individual Pharmacy networks. Their mantra of ‘One-System, One-Vendor, One-Call’ rings true to their customers.
Like many other Independent Software Vendors (ISVs), SRS recognized early on that payments would play an important role in experience and satisfaction of their pharmacy clients. They were an early adopter and developed their own proprietary Point-of-Sale (POS) that supported the complex payment needs of their clients of all things insurance, FSA/HRA (Flexible Spending cards), credit cards, and pin-based debit. SRS started their payments journey in a shared-sales model and relying on a processing partner to manage most aspects of their client’s payment processing experience.
Fast forward to the end of 2016, the payment landscape from SRS’ perspective had drastically changed. They were faced with client demand to upgrade their POS system to support new EMV chip-card technology; no small task and a project that would warrant an investment of six figures to complete. SRS had elected to own the process of sourcing their own EMV payment technology. Beyond the cost of the project, other factors started to emerge.
Meanwhile, the payment landscape around security had shifted and they found the majority of their pharmacy clients struggling to validate to the ever-changing and complex Payment Card Industry – Data Security Standard (PCI-DSS) compliance process. Finally, there was the underlying concern that payments were one area that was out of SRS’ control, and was a gap in their ‘One-Vendor’ mindset. Although their existing payment solution had served them well, SRS’ needs had changed. They had outgrown their existing solution and it was time for them to look for a way to solve these challenges.
Wind River Financial introduced a white-labeled payment solution and ‘SRS Pharmacy Payments’ was born. The solution was a complete model change for SRS where they took the role of supporting their clients with direct sales and support, and became their clients’ main point of contact for all things payment processing. Their solution consisted of a few major elements:
Wind River deployed a new cloud based boarding platform to assist SRS with tracking and managing their sales pipeline, generating new proposals, and streamlined the process to gather the required information to open a new payment merchant account. Within the new model, SRS was empowered to set their clients’ payment pricing as well as have direct control to initiate and complete the payment boarding process. SRS embedded the new platform into their normal client onboarding process, and the integrated customer portal eliminated the fragmentation their pharmacy clients had previously experienced working with multiple vendors during onboarding.
Second, Wind River deployed a holistic PCI management platform to SRS that would help cover both elements of obtaining PCI compliance for their clients: Network scans and a Self-Assessment Questionnaire (SAQ). Since SRS owned the network set-up and configuration of their clients, this proved to have incredible value to both SRS and their customers. Wind River enabled SRS to initiate network vulnerability scans of their clients’ environments. These scans were managed via a single interface that allowed SRS to identify vulnerabilities, develop a process to remediate vulnerable results and then install compensating controls on behalf of the client. Additionally, SRS deployed Wind River’s stenciled SAQ which reduced the questionnaire from more than 150 technical questions to a manageable 15 questions.
Finally, Wind River provided SRS access to a new client support platform which allowed for unprecedented visibility to their client’s payment reporting. SRS was now able to quickly answer day-to-day client support questions around transaction response, batch and deposit detail, as well as statement and billing questions. They could also easily manage and support customer maintenance requests such as deposit account changes, or business information updates such as phone number or address changes.
SRS implemented the new white-labeled processing solution early in 2018. The results were measurable and dramatic. SRS saw enhancements in several different areas across their business including: Improved client satisfaction, significant increase in revenue generated from their payment program, and improved security within their client’s environments.
With SRS ‘owning’ their own payment program, they offered their clients a more holistic experience, and eliminated the friction of having to contact multiple parties for payment related questions. In turn, SRS capitalized on their commitment to delivering industry leading customer service, and their motto of ‘One-System, One-Vendor, One-Call’.
Revenue was another significant and positive outcome for SRS. They leveraged their new buy-rate approach and sales structure to achieve a significant revenue increase, while keeping their customers at a market based price point. They increased their monthly recurring revenue generated from payments by over 400%, and recouped their development investment in a period of three months.
From a security perspective, SRS leveraged their new PCI platform to not only make their clients’ lives easier, but more secure as well. Within the first quarter of their new security program, SRS was successful in transitioning all of their participating pharmacies to a compliant status. Instead of a burden, cost-center and pain-point for their clients, SRS turned the PCI process into a selling-point and revenue driver that resulted in a win-win for all participating parties.