PAYMENT TRENDS in 2016

Mobile Payments – It is bound to see more actions with tech giants Apple, Google and Samsung in mobile payment trends. We will also see new technologies like smartwatches, bracelets and rings that will give us the ability to provide payment options.

NFC – Near Field Communication, another familiar face among the payment trends. NFC, however, goes way beyond making payments using smartphones. These speed up POS payment processing quickly and easily without requiring a PIN or signature. While there are other POS payment methods, such as QR codes, NFC will come out on top. Merchants should ensure they have an overview of the current Point-of-Sale options and should, if needed, upgrade to the latest technology.

Security: Tokenization and biometric authentication will have a strong influence on the payment industry.

Tokenization –  when applied to data security, is an extremely interesting method of securing credit card data. As the credit card numbers are substituted by tokens that has no value, then no harm can be done if tokens are stolen, which makes tokenization a secure process.

There are several new inventions when it comes to payment processing authentication such as password, PIN, and fingerprint methods. But they are weak so two-factor authentication is increasingly used to improve security.

Biometrics Authentication –  like finger print scan, facial recognition, voice recognition, and pulse recognition are set to become increasingly significant. This will increase both security and convenience.

International E-Commerce – It’s important that merchants offer shoppers their preferred local payment method. Merchants who are looking for e-commerce success will need to create an international strategy. Merchants should also consider checking with their payment service providers. Providers know their way around to alternative payment methods.

Cash on the Retreat – Cashless Society? Some countries in Europe are certainly cutting down on the usage of cash. In Sweden, it is now almost impossible to use cash to pay for bus tickets. Acceptable payment methods include customer cards, credit cards, and payments via smartphone apps. Traditional cash-based bakeries no longer exist and instead, now display signs requesting that customers use cashless payment methods for even the smallest amounts. The situation in Denmark is similar; the government is currently debating whether or not to release smaller retailers from the obligation of having to accept cash as a payment method. Cash is on the retreat, and alternative payment methods are advancing. However, cash is still on the list.

Real-Time Payments (Instant Payments) – The European Central Bank (ECB) will bring instant payments strongly in the near future. Instant or real-time payments are a trend which will be with us for a long time to come.

Regulatory Changes – The first Payment Services Directive (PSD) from 2007 is still currently implemented domestically. After a tough two-year negotiation period, the EU has now, finally, agreed on a second payment services directive (PSD2). The European Banking Authority (EBA) is set to develop more detailed guidelines and regulatory standards for various industries. Payment industries should begin preparing themselves now for implementation, doing this will allow them to be ready for the appropriate steps necessary in 2016/2017.

Posted in Best Practices for Merchants, e-commerce & m-commerce, Near Field Communication, Point of Sale, Travel Agency Agents Tagged with: Apple, biometric, credit card, data security, e-commerce, google, merchants, Mobile Payments, Near Field Communication, nfc, payment industry, payment methods, payment options, payment processing, payment service providers, payment services, payment trends, payments, PIN, point of sale, POS, qr codes, real-time payments, Samsung, tokenization

NFC TO OVERTAKE CHIPCARDS!

Most payments will probably be made with apps in phones or smartwatches in less than a decade from now, using NFC, biometrics or other mechanisms that don’t involve swiping or using plastic cards.

If your mobile device has an integrated NFC chip, you can use a mobile wallet app like Apple Pay and Android Pay to pay for items that support NFC transactions at a retail store. Simply wave your device near an NFC compatible terminal to pay, no card swiping required.

Both Apple Pay and Android Pay have fingerprint scanners on phones, you can enable payments with just a fingerprint scan.

In some countries, it’s easy for consumers to get credit cards with imbedded NFC chips. This means that you may be able to wave your card at the terminal instead of swiping, no phone required. In America, though, because NFC hasn’t caught on until recently, analysts expect that NFC via smartphone and smartwatch services such as Apple Pay and Android Pay will dominate contactless transactions in the next few years.

Just as credit cards replaced cash, credit cards will be replaced by digital payments which will continue to rely on the credit infrastructure but will obscure the plastic card itself.

As consumers, we love to see better products. When it comes to payments, we need Standards and Reliability.

 

 

Posted in Best Practices for Merchants, Mobile Payments, Mobile Point of Sale, Near Field Communication, Smartphone Tagged with: biometrics, cards, contactless transactions, credit cards, digital payments, mobile wallet, nfc, NFC chip, payments, smartphone, terminal

Learn the new checkout process with Chip and Pin

Adoption of EMV technology in the U.S is important, because it provides protection against losses from counterfeit cards.

EMV, or chip cards, are the standard for secure point-of-sale (POS) transactions. Unlike magnetic stripe cards, chip cards are very difficult to counterfeit because of an embedded microchip that exchanges unique, dynamic data with a terminal each time it’s used.

To encourage the timely adoption of EMV, the leading payment networks have implemented an EMV Fraud Liability Shift that began in October 2015.

Both parties, card issuer and the merchant need to invest with EMV technology. If only one party has adopted EMV technology, the party that didn’t make the investment will be held liable.

For the card issuer, they came out with the chip cards, where all credit and debit cards have this security chips that are harder to counterfeit than magnetic strips.

For the merchant, an EMV capable terminals or POS hardware that can take advantage of the card’s security chip is needed.

With any new technology, there is a learning curve, and here are the things that you need to know.

For cardholders – with a chip card instead of swiping your card, you are going to do what is called card dipping; by inserting your card face-up and chip-first into the terminal slot. Wait and follow the terminal prompts, and only remove your card once the transaction is complete.

If you did a swipe on a chip card, an EMV-enabled terminal should prompt you to insert the card instead. If the terminal is not enabled for chip, you can still be able to swipe your card.

Employees will benefit from training – Once a merchant enables their EMV terminals, it is important to train your staff with talking points about why chip cards benefit consumers with greater security, and how they are used by helping customers with the new checkout process.

New mobile payment methods leverage both EMV and NFC, so the industry is now seeing greater interest in mobile payments among merchants and consumers.

There’s a lot of resources out there to help businesses make the transition with this EMV technology.

 

 

Posted in Best Practices for Merchants, Credit Card Security, EMV EuroPay MasterCard Visa, Near Field Communication Tagged with: card issuer, chip cards, debit cards, EMV, magnetic stripe, merchants, microchip, Mobile Payments, nfc, payment networks, point of sale, POS, terminal slot

NFC (Near-Field-Communication) Benefits is it Worth It?

 

What can near field communication do for individual and how can it make lives easier. Many uses of NFC technology offer benefits in a number of everyday tasks ranging from paying for groceries to receiving adequate health care treatments.

Check this out if the benefits are worth it:  

Contactless Payments – well-known use of NFC technology is for contactless payment. Customers can use their smartphone over a card reader to make a purchase without swiping or counting out cash. This saves time and also reduces the chances of losing a credit card that comes with carrying multiple cards around.

Health Care – With NFC technology, hospitals can better track patient information and doctors’ notes in real-time. This helps prevent the wrong medications from going to the wrong patient and creates a streamlined system focused on the best in patient care.

Information Sharing – NFC tags most common way NFC is currently used on Android and Windows phones. Using your Phone or Tablet, you can tap a strategically-placed NFC tag, which prompts your phone to take action on something, like automatically prompts your phone to enable Wi-Fi, disable sounds and decrease brightness. Exchange information between two Android phones.

Pairing with Devices – Smart household appliances are adopting NFC. LG’s smart washing machines let you pair your phone with the machine so that you can remotely monitor the washing cycle.

Social Networking Social networking is booming, and NFC tags are looking to get in on the action. NFC allows users to interact with each other and update their location and other info without any unnecessary log-ins or tapping through menu screens.

Transportation – Swiping a smartphone not only allows the passenger access to the subway but also keeps track of the number of trips he has left. Passengers can come and go much faster and easily pay for extra trips.

Posted in Best Practices for Merchants, Near Field Communication, Smartphone Tagged with: Android, card reader, contactless payment, credit card, health care, Near Field Communication, nfc technology, smartphone

National Transaction Terminals with NFC (near field communication) Capability

National Transaction Terminals with NFC (near field communication) Capability to accept Apple Pay, Android Pay and other NFC payment transactions at your business. You will need to adopt point-of-sale devices with NFC/Contactless readers.

National Transaction offer a range of options to suite your specific needs.  

Give us a call now! 1-888-996-2273 or go to www.nationaltransaction.com

Posted in Best Practices for Merchants, Credit card Processing, Credit Card Reader Terminal, Credit Card Security, Mobile Point of Sale, Near Field Communication, Point of Sale, Smartphone Tagged with: Android Pay, Apple Pay, contactless readers, Near Field Communication, nfc, payment, point of sale

Questions to ask to help you decide about terminal upgrade

If you accept credit cards and don’t know what EMV is here is what you need to know.

EMV stands for Europay, MasterCard and Visa. A credit card that had a chip embedded in it is an EMV. EMV Cards have been standard in Europe for more than 10 years because they’re more secure than magnetic stripe cards. Magnetic stripe cards doesn’t change, it has static data, which makes them easy to clone. The chip embedded card makes it more difficult and costly to counterfeit because the data that is transmitted changes each time the card is read. This means less fraud.

Questions to ask to help you decide about terminal upgrade.

• Calculate your risk – Consider the cost of replacing your point-of-sale (POS) terminal vs. potential risk. Whether you replace it now or at a later time, eventually all businesses will have to replace their POS terminals.
• Educate your staff – Educated employees translate to better-educated customers. Merchants can help customers better understand this change and what it means for them.
• Upgrade your POS system – Consider using an EMV compliant credit-card reader on a wireless device for an ultra-secure mobile solution. This is also a chance to upgrade other options, such as near field communication NFC technology, which lets consumers use their mobile devices to make payments at the point of sale.

 

 

Posted in Best Practices for Merchants, Credit Card Reader Terminal, Credit Card Security, EMV EuroPay MasterCard Visa, Mobile Point of Sale, Near Field Communication, Point of Sale Tagged with: chip, credit card reader, credit cards, data, EMV, emv cards, EuroPay, magnetic stripe cards, MasterCard, merchants, Mobile Devices, Near Field Communication, nfc, payments, point of sale, POS terminal, visa

Apple Pay Revolution A new way to pay!

 

National Transaction Terminals with NFC (near field communication) Capability   

To accept Apple Pay transactions at your business, you will need to adopt point-of-sale devices with NFC/contactless readers.

National Transaction offer a range of options to suite your specific needs:

Tablet solutions:                                                                                                               Talech with iCMP device and NCR Silver.

Short-range wireless terminals for pay at the table: Bring the point-of-sale to your customers. Ideal for table-service restaurants, curbside pick-up, salons and more.

These terminals are all-in-one solutions with an integrated PIN Pad and printer. The short range terminals use secure, encrypted Bluetooth technology, allowing only the base and terminal to talk to each other, while also monitoring channels to prevent interference from other devices.

The Bluetooth terminals we offer are:                                                                            VeriFone VX680B and Ingenico iWL220B. (Both Bluetooth Wireless)

Long-range wireless (cellular/mobile) terminals: Have a long-life battery and compact design, which allows you to process transactions anywhere your customers are ideal for deliveries, kiosks and more.

These terminals are all-in-one solutions with an integrated PIN Pad and printer. Phone lines and internet connections are not required to take advantage of our mobile payment solutions.

The GPRS wireless terminals we offer are:                                                                      VeriFone VX680G and Ingenico iWL250G. (Both GPRS Wireless)

Countertop terminals:                                                                                                    

Ingenico iCT250 – has a “magic box” cable management system that prevents cable tangle and clutter. The terminal boasts a color display for improved readability and ease of use.

Verifone VX520 – has a built-in secure software authentication process which prevents unauthorized software applications from being downloaded.

Ingenico iCT220 with iPP320 external PIN pad – has a “magic box” cable management system that prevents cable tangle and clutter, along with a black and white screen for crisp visual clarity. Combine with an iPP320 for a consumer- facing solution to support contactless payments. (Note: the iCT220 device only supports contactless transactions when connected to this external PIN pad).

Whether you need a stand-alone POS terminal, want to take advantage of your existing tablet or PC, or require a wireless or mobile solution, National Transaction Corp., offers numerous user-friendly options. No matter how your customer wants to pay, NTC will help you enable quick and easy transactions from Traditional credit and debit cards, gift cards, smart cards (or EMV), mobile or digital wallets like Apple Pay and eCommerce or MOTO transactions.

Start growing your business quickly by accepting all kinds of credit card payments and  debit cards. Choose a state-of-the-art solution so you can accept payment in store or on your mobile device. With transparent pricing, live customer support, no cancellation fees and a secure platform, you’ll be confident you made the right partner for your business with National Transaction Corp.

Learn how easy it can be to accept any contactless or Apple Pay transactions.

Click here for more information about Apple Pay.

For Merchant Account Setup give us a call at 888-996-2273 or visit our website www.nationaltransaction.com

Posted in Best Practices for Merchants, e-commerce & m-commerce, Mail Order Telephone Order, Mobile Point of Sale, Near Field Communication, Point of Sale Tagged with: Apple Pay transactions, contactless readers, Countertop terminals, credit card, debit cards, Digital wallets, ecommerce, Gift Cards, mobile payment, moto, Near Field Communication, nfc, PIN pad, point of sale, POS terminal, smart cards, wireless terminals

Things you should know about Near-Field Communication (NFC)

 

Posted in Best Practices for Merchants, Near Field Communication Tagged with: credit card, Mobile Payments, Near Field Communication, nfc, NFC payments, payments, swipe, terminal

Converge Payment Platform

Converge Powers Potential          

Over the next several weeks, we’ll focus on a series of topics to hopefully provide a better understanding of the payment capabilities

Converge can bring you customers. In this article, we’ll zoom in on the card-present product enhancements of Converge first, including bringing EMV and mobile wallet capabilities to in-person payments, and ultimately VirtualMerchant Mobile later this year.

New Peripherals Added to Converge – Ingenico iSC250 and Star                                 Micronics TSP650II Printer

Ingenico iSC250 Signature-Capture PIN Pad – is a signature-capture PIN pad offering the ability to accept PIN-based transactions, like debit card and Electronic Benefit Transfer (EBT), as well as EMV chip card and mobile wallet payments.

The iSC250 will initially ship EMV-capable meaning it’s physically configured with a slot to accept an EMV chip card, but it does not yet have the EMV application to process a chip card transaction.

A simple download process later in the year will allow customers to accept chip cards. The good news is customers can accept NFC contactless payments right away, including Apple Pay and Google Wallet.

Key features of the Ingenico iSC250 include:

• EMV-capable smart card reader to support EMV chip cards; EMV-enabled with a download later in the year
• NFC-enabled for contactless cards and Apple Pay and Google Wallet mobile wallets
• Magnetic stripe capture for all standard mag stripe cards
• Encryption technology to help secure cardholder data at point of entry and throughout the payment network
• Signature Area Display for signature capture with electronic stylus
• Bright color 4.3″ display and backlit key pad for ease of use

Star Micronics TSP650III:

In addition to the new iSC250PIN pad, a new USB printer were also added to the lineup of Converge supported peripherals, the Star Micronics TSP650II receipt printer. Now customers have two options for thermal receipt printing!

ConvergeConnect Makes Device Setup a Snap

A new peripheral and device management software called ConvergeConnect to make it easier for your customers to setup their devices quickly as well as add additional peripherals as their business needs grow. It will be the go-forward device management application, and we’ll be able to bring more and more EMV and NFC devices to market faster, giving our customers even more in-store payment processing options.

Legacy peripherals, like magnetic stripe card readers, check imagers and the Epson ReadyPrint T20 printer will continue to be managed using the Device Assistant.

Customers may have to use both ConvergeConnect and Device Assistant depending on their peripheral configuration.

A new Peripheral Device Installation and Setup Guide was developed to help customers install and manage their peripherals for both applications.

Converge Mobile with EMV on the Horizon

Work continues on the new VirtualMerchant Mobile app to be branded as Converge Mobile, and releasing the Ingenico iCMP in the third quarter. The Ingenico iCMP accepts EMV and NFC transactions, including contactless cards and mobile wallets, like Apple Pay. Stay tuned as more information becomes available.

Posted in Best Practices for Merchants, Credit Card Reader Terminal, EMV EuroPay MasterCard Visa, Mobile Payments, Near Field Communication Tagged with: card-present product, cardholder, chip card, contactless payments, data, debit card, EBT, Electronic Benefit Transfer, EMV, mag stripe cards, mobile wallet, nfc, NFC transactions, payment network, payments, PIN pad, PIN-based transactions, smart card reader, VirtualMerchant Mobile

Are New Payment Methods Worth the Investment for Merchants?

The digital payments landscape is changing at a rapid pace. Consumers are finally adopting digital wallets, like Apple Pay and Android Pay.

The deadline for merchants to become EMV compliant, the global standard that covers the processing of credit and debit card payments using a card that contains a microprocessor chip, is quickly approaching.

Today’s consumers show an increasing desire to use new payment methods because they’re convenient. However, this presents a challenge to merchants, as many have not made the switch to the modern technology required to accept these methods since they’re generally hard-wired to resist technology changes.

Merchants must evolve with technology or they’ll find themselves unable to compete and in danger of losing customers.

Looking long term, the benefits of adopting new payment technology will outweigh the cost of transitioning. The fact is that new payment technology will reduce fraud risk due to counterfeit cards, provide greater insight into shoppers with sophisticated data and will ultimately lower costs for merchants over time.

The value merchants will get out of new payment methods: 

Security

Investing in new payment technology will help reduce the risk of fraud. EMV, as an example. Beginning in October 2015, merchants and the financial institutions that have made investments in EMV will be protected from financial fraud liability for card-present fraud losses for both counterfeit, lost, stolen and non-receipt fraud.

EMV is already a standard in Europe, where fraud is on the decline. In turn, American credit card issuers are being pressured to replace easily hacked magnetic strips on cards with more secure “chip-and-PIN” technology. Europe has been using Chip, and Chip & Pin for years.

There’s nothing that can guarantee 100 percent security, but when EMV is coupled with other payment innovations, like tokenization that separate the customer’s identity from the payment, much of the cost and risk of identity theft is eliminated. If hackers get access to the token, all they get is information from one transaction. They don’t have access to credit card numbers or banking accounts, so the damage that can be done is minimal.

As card fraud rises, there’s a strong case to upgrade to a payment system that works with a smartphone or tablet and accepts both EMV chip cards and tokens.

Insight into Customer Behavior

In addition to added security, upgrading to new payment technology opens up a door to greater customer insights, improved consumer engagement and enables merchants to grow revenue by providing customers with receipts, rewards, points and coupons. By collecting marketing data at the point of sale a business can save on that data that they only dreamed of buying.

Investment Outweighs the Cost

New technology does have upfront costs, but merchants need to think about it as an investment that will grow top-line revenue. Beware of providers offering free hardware. Business can benefit by doing some research on the actual cost of the hardware.

By increasing security, merchants are further enabling mobile and emerging technologies, which will make shopping easier.

Customers will also be more confident in using their cards.

As an added bonus to merchants, most EMV-enabled POS equipment will include contactless technology, allowing merchants to accept contactless and mobile payments. This will result in a quicker check-out experience so merchants can handle more transactions.

Faster customer checkout.                                               

The best system for is the one that makes the merchant as efficient and profitable as possible, as well as improves the customer checkout experience.

Retail climate is competitive, merchants have two choices:

Do nothing or embrace the fact that payments are changing. Transitions from old systems to new ones require work and risk, but merchants who use modern technology are investing in the future and will certainly outperform those who choose to do nothing.

Posted in Best Practices for Merchants, EMV EuroPay MasterCard Visa, Mobile Payments, Near Field Communication, Point of Sale Tagged with: American credit card, card, card present, chip, Chip and PIN, contactless technology, credit, data, debit card, digital payments, Digital wallets, EMV, EMV compliant, EMV EuroPay MasterCard Visa, merchants, Mobile Payments, payment innovations, payment methods, payment technology, payments, point of sale, POS, provider's, smartphone, tablet, token, tokenization, transaction