Sotheby’s, the world’s largest publicly traded auctioneer of fine arts, held its first

auction in 1744 in London, England. Today, Sotheby’s has grown to 100 offices around the world. Its brand is synonymous with art, sophisticated taste and luxury.

To enhance its venerable presence in the world of upscale shopping, Sotheby’s needed to expand the capabilities of its virtual auction catalogs, including eCommerce purchasing and payment options.

Sotheby’s outdated credit card processing system no longer met the company’s needs—it lacked scalability, posed maintenance problems, did not meet the latest security standards and was increasingly costly and time consuming to maintain.

Sotheby’s wanted a long-term, flexible solution for its eCommerce platform that worked with its ERP system. The new solution had to minimize capital expenses, internal IT resources and maintenance. It also had to comply with industry security standards (PCI DSS) and provide an integrated interface with merchant accounts and an ERP-hosted landscape.

Paymetric was able to consolidate credit card processing requests through a single interface, linking Sotheby’s to clearing houses for credit card processing. Results display directly in their ERP system and payments get authorized in real-time.

Why Paymetric§ Unmatched ERP and payment

integration expertise

§ Best-in-class tokenizationsolution

§ Superior customer service

Benefits§ Increased profitability

§ Ability to process payment cardsdirectly within ERP system

§ Flexibility to accommodate newbanking provider and processor

§ Reduced PCI DSS compliancecost and risk

§ Scalability to easily supportextension of ERP database

Paymetric Solutions

SOTHEBY’S How Paymetric integrated payment processing through one platform, cutting costs for this premier auction house and improving their customer experience

Location: New York, NY Industry: RetailProducts and Services: World’s largest publicly traded arts auction house

Client Success Story

Elevating Commerce

§ XiPay®:Integrated enterprisepayment acceptance

§ XiSecure®: Proprietarytokenization

§ XiIntercept®: Preventcardholder data from enteringinternal systems

SOTHEBY’S How Paymetric integrated payment processing through one platform, cutting costs for this premier auction house and improving their customer experience

Client Success StorySotheby's has no hardware to maintain, no software licenses to renew and no database maintenance to perform.

Because Paymetric provided on-demand web service, no applications needed to be installed or maintained locally. This allowed for a rapid implementation at a lower cost than an on-premise software installation. Sotheby’s has no hardware to maintain, no software licenses to renew and no database maintenance to perform.

Moving Forward

After implementation of Paymetric’s solutions, Sotheby’s expanded credit card payments into additional sales channels, and profitability improved as accounts receivables days decreased.

Previously unused functionality in the company’s ERP system is now fully utilized. Sotheby’s eCommerce solution allows customers to pay for their elite paintings and rare wines online and securely with seamless processing.

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