October 1st, 2014 by Elma Jane
Approximately $350 billion in housing rent is written out on checks or given in cash annually and until now more than 90 million renters in the U.S. didn’t have an option to use their credit or debit card to pay their rent. RadPad wants to be that option. The service works by allowing users to sign up and link their debit or credit card to their account, then asks for the Landlords mailing address and email, which presumably allows to mail the check to the Landlord. By saving the payments to the customers RadPad profile, Renters Can conceivably improve their credit score. Moreover, it allows roommates or others who split rent to pay communally. They can get both terms to go mainstream by letting people pay their rent by phone.
Posted in Best Practices for Merchants, Mobile Payments Tagged with: card, cash, checks, credit, credit score, customers, debit, debit card, email, housing rent, payments, phone, renters
June 24th, 2014 by Elma Jane
Compliance with a single set of regulations is often taxing enough, without other regulations causing a conflict, but this is exactly the situation that the insurance industry finds itself in with its contact centres.
PCI-DSS compliance insists that sensitive information in particular credit card numbers, must be protected and cannot be stored. However, the Financial Conduct Authority (FCA), the UK regulator for the financial services industry, demands that insurers keep sufficient detail of their transactions.
In insurance contact centres, FCA recommendations are met by recording calls. So in order to comply with PCI-DSS regulations, some contact centres simply pause recordings while the card information is read out, and resume recording once the payment process is complete. There’s a very big problem with this method, it undermines the very reason calls are recorded. The call recording is there to provide an unequivocal record of the circumstances under which the policy is granted. A gap in this record creates doubt. What was said during this time? If a customer is claiming a policy is mis-sold or they were misinformed in some way, a complete record to refute this claim no longer exists. Because of situations such as this, the insurance industry has an inherent dependence on contact centres and person-to-person interaction when selling policies, though in the process has to somehow comply with both regulations. But how? One way is to get the sensitive card information directly and securely to the bank’s payment gateway without storing it. Online, this is done quite easily, insurers can embed a secure payment page into a website and the customer can enter information securely that way. By phone a similar method can be used. A caller can input information directly on their telephone keypad and the tones are only transmitted to the credit card payment gateway not the contact centre. This solves the paradox of the conflicting regulations.
Insurance contact centres need to walk a very fine line, ensuring that they comply with all of the relevant regulations from multiple regulators – even those that, at first glance, contradict each other.
Posted in Best Practices for Merchants, Credit Card Security, Payment Card Industry PCI Security Tagged with: (FCA), card information, compliance, contact centres, credit card payment, credit-card, customer, Financial Conduct Authority, financial services industry, insurance industry, payment gateway, payment process, PCI-DSS, phone, regulations, secure payment, taxing, telephone keypad, transactions, website
June 12th, 2014 by Elma Jane
QR: The Bridge to the Modern World
Involvement devices have come a long way from the time of Clearinghouse mailings, where you would peel off a label and stick it onto another page before dropping it back in the mail.
Today, print’s best involvement device is the QR code. It works as a portal or bridge into the mobile online world where the cataloger’s brand lives and breathes in real time. Even better, it can lead the customer from the catalog page to the checkout button on their smartphone within minutes.
The printed catalog delivers rich colors and a personal, tactile experience still not attainable through any mobile device. In many ways, though, it is a vestige of a bygone era, and an expensive one at that. Catalogers know this. Even the U.S. Postal Service also knows this. That’s why the USPS is running a postage discount promotion for the second year in a row this summer to encourage the use of QR codes by direct mailers.
Let’s take a quick look at the way a few catalogers are using QR codes.
Anthropologie
Anthropologie’s marketing strategy is more about selling a lifestyle than selling products. That explains why making it easy for customers to move toward actually buying something doesn’t seem like such a big priority in their catalog. They did not include a QR code anywhere. The closest they came was one line next to the address: For store information, go to www.anthropologie.com. Their 800 number, they do take phone orders is printed only once in tiny type, so having no QR code seems to fit in with their attempts to play hard to get. Marketing critique aside, by not using a QR code on their catalog, they are missing the opportunity to draw customers into closer involvement with their brand, whether or not they intend to make an immediate sale.
Best Practices
With these few examples in mind, it’s time to look at best practices for using QR codes in catalogs, which can be a two-sided equation. There is the technical aspect and the branding/selling aspect. As far as the technical side goes, customers need to use their smartphone to scan the code successfully, and the destination on the other end must be optimized for mobile access. Sometimes the hardest part is organizing the resources required to execute the backend side of things, especially if the goal is to make an immediate sale.
The main thing to consider is that QR codes work as a bridge and that bridge is a smartphone, iPad, or some other tablet with all their usual constraints (screen size, internet connection, quality of camera, QR reader app, user proficiency, etc.). Also, don’t assume that everyone has a QR reader or even knows what a QR code is. Especially in catalogs, where customers have been seeing postal service barcodes for years, people may assume that the pixelated square thing is just something else for the USPS to lose money on. Instead, including a brief call to action to scan the QR code should do the trick.
Crossing the Bridge
Getting customers to scan the QR code is only half the battle. Now you need to make sure they feel it was worth their while to scan. It’s all about the next steps in your customer relationship. If you have an Apple or Android app, then that’s where to send people if you know that you can convert sales successfully on mobile devices. Sending them to your Facebook fan page is an option too, but not a big win if a majority of your customers are already fans.
Special promotions, optimized for mobile access, will certainly earn your QR its keep. If your goal is to inspire a trip to one of your stores, then do what Brookstone does and send customers to a Google map with all store locations within a hundred miles. It’s also possible to send scanners to a dedicated page, again, optimized for mobile where you give them a number of options: Facebook, shop, app, etc.
Delia’s
By appealing to fashion-hungry American teens via retail stores, web, and catalog, Delia’s sold over $220 million in 2011. In the single catalog we looked at, Delia’s had a QR code on its back cover. When scanned, the code points to Delia’s Facebook page. That’s certainly one way to build involvement with the Delia’s brand, but it may not be the best. Delia’s has an Apple app with full e-commerce capabilities, so Delia’s could be missing out on the opportunity to help the customer cut to the chase and get straight to their virtual shopping bag. Still, at least they’re using the code.
King Schools
Unless you’re a pilot in training or know one fairly well, you have probably never heard of King Schools. They offer more than 90 flight training courses, plus all sorts of accessories for pilots-in-training. They have no retail stores, but that’s all the more reason to mention them here, retailers can learn a lot from King Schools about how to use QR codes in their catalogs.
In the one catalog, King used a QR code on the front cover and the back cover. Now, the iPad shows enormous potential for use in general and commercial aviation, so King is smart to use their QR codes to point customers directly toward their mobile apps and offerings. In fact, King Schools uses QR codes on the Take Courses on Your iPad landing page itself.
In most cases it seems counterintuitive to display a QR code on a website for people to scan. After all, they’re already there. It’s a smart use of codes in this case, for two reasons. First, the codes lead the customer directly to the Apple app store, so it actually makes sense to scan the codes even though the customer is already on their website. The customer is now just a few clicks away from buying and installing the app. Second, there is one QR code for their app store in general, and then there are unique codes for individual apps.
Technicalities
The content in a QR code tops out at 4,296 alphanumeric characters, but catalogers only need a fraction of that to get the customer to where they want them. However, even when the character count is down to a few dozen, size does matter, because QR codes with more data embedded in them are more complex visually. This means that even smartphones with the latest and greatest optics will have trouble reading densely populated codes. Make sure the QR code is big enough. Even the simplest codes will frustrate the scanning process if they are too small or if there isn’t enough white space around them. Maybe a QR code isn’t the most photogenic thing in the world, so it’s a good challenge for catalog art directors to incorporate it into the design without shrinking it into oblivion.
More sophisticated catalogers will want to use personalized QR codes. Today, even local printers are likely to have the means to print unique QR codes for each recipient in a mailing. This creates the ability to track scans back to the individual, a marketer’s dream when it comes to one-to-one marketing relationships.
Innovation can get you traction within the social media realm and that’s money in the bank. Whether you’re a major catalog player or using QR for something completely different, always consider getting the marketing and PR people involved to leverage any novelty aspects of the application.
The benefits pile up quickly to those catalogers who take the time to get smart about QR codes. Thick catalog books can be thinned down a bit if QR codes succeed in pulling customers from the page and onto their site or apps, cutting postal costs for the millions of mailings every year. And, even if the cataloger doesn’t go to the extreme of printing unique QR codes, the branding value of offering that connection from the old-style printed piece to the dynamic world of interactive mobile technology makes it well worth the effort.
The ink needed to print a QR code on a major retailer’s catalog might weigh only a fraction of an ounce, but when used right, it’s worth its weight in gold. Too bad the majority of catalogs seem to be squandering the opportunity by underutilizing the code or worse, not including any at all. In a world where an integrated multi-channel approach is a must-have for any retailer to survive, the stakes of leveraging every opportunity for interaction are higher than ever.
Posted in Best Practices for Merchants, Smartphone Tagged with: Android app, Anthropologie, app, Apple, bank, barcodes, Best Practices, Brookstone, clearinghouse, code, commercial aviation, Crossing the Bridge, customer relationship, data, data embedded, Delia’s, e-commerce, Facebook, google, Google map, interactive mobile technology, ipad, King Schools, marketing, mobile, mobile access, mobile device, mobile online, mobile technology, multi-channel, phone, portal, Postal Service, QR code, QR reader, retail stores, scan, scanners, smartphone, social media, tablet, USPS, virtual shopping, web, website
May 23rd, 2014 by Elma Jane
Before making a purchase, there are several devices that consumers may use to help them make a decision: Use a specific store’s mobile app on their smartphones. Visit the store’s website on a tablet or computer, or just pick up the phone and call customer service to ask a question. Whatever the case, omnichannel is an important buzzword for merchants.
Here are ways to ensure a seamless and secure retail experience to turn browsers into loyal buyers.
Ensure Channels Work Together
Even in historically single-channel retail sectors such as grocery, more than half of customers now use two or more channels before completing a purchase, shown in a recent study. Retailers must therefore offer both traditional and digital channels. However, before investing in the latest mobile-optimized website feature or app, retailers should learn how existing online and physical channels can together enhance the customer experience. What customers value most is not the number of channels offered, but how these channels support each other.
A merchant’s website might encourage visitors to take advantage of a special event in-store, while sales assistants on the floor can use Wi-Fi enabled tablets to access additional product information.
Help Customers Find What They Want
With Internet access ubiquitous, cost-conscious customers are just a click away from being able to compare prices and find special offers. Many take out their smartphone or tablet in stores to compare prices, a trend called Showrooming.
Online retailers can take advantage of this trend by encouraging shoppers to compare prices in-store using a mobile app. In-store retailers, on the other hand, could provide greater value through targeted offers, price match guarantees, expert advice, convenient delivery choices and personalized customer care.
Optimize The Checkout Experience
Businesses must be sure to have a quick, streamlined checkout process once they have converted an online browser into a customer or else they risk facing shopping cart abandonment. This can be done in a few steps:
1. Assess how the checkout experience can be customized for its customers. Keep the mandatory information required from new or first-time online or mobile shoppers to a minimum and shorten the process for returning customers by securely storing their payment details and other personal information.
2. Develop a dedicated mobile app or other innovative functions that can increase long-term satisfaction and loyalty.
3. Test different payment methods to find those that are most convenient for customers. These payment options may include paying with reward points, using a digital wallet or providing a digital offer or coupon at checkout. There is a balance to be found between having additional payment methods to meet customer expectations and choosing methods appropriate to a merchant’s business model.
4. Establish a one-click online checkout process. Chase for example, is currently developing a Chase Wallet and Quick Checkout solution. The Chase Wallet will allow customers to store and access their Chase cards and ultimately, any branded card for a quick checkout. It will also update Chase-branded cards when a customer replaces an existing card and use tokenization to securely process payments with select merchants.
Merchants also face the challenge of ensuring that the online and in-store checkout experience is secure, while at the same time eliminating as many false positives as possible. False positives are a hindrance to any business as they may reduce sales, increase chargebacks and frustrate customers. A quick-checkout solution may help reduce false positives because customer information is automatically populated rather than manually keyed into the checkout page.
Acquirers should also work with online retailers to provide a conditional approval code for a transaction. This code allows the fulfillment process to move forward while authentication is taking place. The additional time for a thorough authentication also helps reduce the number of false positives.
Use Data to Build Loyalty
Customers will likely return to a retailer if product marketing reflects their past purchases or interests. Therefore, taking advantage of data including a customer’s purchasing history, loyalty, behavior or social media interests may help retailers to better understand their customers as well as personalize their shopping experience.
According to a study released in March 2013, Chase Paymentech found that 32 percent of merchants use their payment data to help craft their multi-channel sales strategy and 42 percent use it to improve the online customer experience. In addition, further analysis of payment methods, chargeback rates, fraud rates and authorization rates may improve the customer shopping experience and drive overall profitability.
Posted in Best Practices for Merchants Tagged with: approval code, authentication, branded card, chargebacks, Chase, Chase Wallet, checkout process, computer, customer service, data, digital channels, digital offer, Digital Wallet, In-store retailers, internet access, Merchant's, merchant’s website, mobile app, mobile-optimized website, omnichannel, online retailers, payment, payment data, phone, physical channels, Quick Checkout solution, reward points, shopping cart, Showrooming, single-channel retail, Smartphones, social media, tablet, tokenization, transaction, website, Wi-Fi
May 9th, 2014 by Elma Jane
Email is an indispensable part of running any business, it is so important. It’s often the best and least intrusive way to communicate with employees, colleagues and collaborators. Not all email platforms are equal, it’s important to choose one with the right email service and features your business need, also to avoid overpaying for features that you don’t need.
Factors to consider before settling on an email platform for your business.
Bonus Features
Once you’ve found an email service that covers all the basics, check for additional features that can boost your productivity. Some platforms such as Gmail and Outlook includes integrated video chat. That means you can use a single service for both exchanging messages and meeting remotely, making your day-to-day operations simpler and more efficient. Some email platforms also include instant messaging functionality. Instant messaging is better than email for real-time discussions, since you can exchange numerous short messages in rapid succession. Sending an instant message may be preferable to sending an email if the content of your message is not that important
Collaboration Tools
Good business email platform makes it easier for you to work together with your employees or colleagues. The best platforms include tools to help you collaborate. Services such as Gmail and Outlook include a built-in-calendar as part of your email inbox, in a few simple steps you can share your calendar with others so they can view and edit it on the fly. That can really help with planning and collaboration. Email threading is another feature that can help you work together with colleagues. Threaded emails make it easier to follow long exchanges because replies appear one after another in a single thread, instead of being spread throughout your inbox in the order they were received.
Free or Paid??
One thing you can’t get with a free Web mail service is the ability to use your brand’s name as part of your email address. Registering for a free Gmail account gives you an email address like [username]@gmail.com; but by subscribing to Google Apps for Business, you can secure an email address that reads [username]@[yourbusiness].com. In most cases, you’ll need to already own your own Web domain in order to use it as part of your email address, but registering a domain can cost as little as $10 per year. Services such as Microsoft Office 365, give you your own domain name without the need to pay additional hosting fees.
Security
Whether you pay for email or use a free service, you’ll want tight security for your business inbox especially if running your business involves the exchange of private client data and other sensitive data can be attached to your email account, such as bank account numbers and tax returns. Even more than with your personal email, it’s important to keep cyber criminals out of your business account. Before settling on an email service, check for common-sense security measures such as spam and phishing filters. Support for two-factor authentication is also important. The feature helps keep outsiders out of your inbox by requiring users to have two pieces of information to sign in. The first is your regular password and the second is a freshly generated code sent to either your mobile phone or a second email address. Other security features to check for include built-in antivirus measures to keep malware off your computer, which is especially important if you download a lot of attachments. Whether or not it’s important for you (and any employees) to have a branded email address is ultimately up to you. An email address that includes your own domain name can potentially boost the perceived credibility of your business. On the other hand, a generic email address might be fine for the smallest businesses, especially if you are a sole proprietor.
Storage Space
A branded email address isn’t the only advantage of a paid email service. Paid platforms offer plenty of other perks, such as expanded cloud storage for email and other files. Many free email services offer limited storagespace, forcing you to delete messages when your inbox gets full. If you run a small business that relies heavily on email and you prefer to archive messages rather than delete them, your inbox can fill up in a hurry. By subscribing to a paid service, you can gain access to a much bigger inbox. There are a few other related concerns to consider. The maximum size of an email attachment varies widely between different services, with some services capping attachments at 10GB and others letting you send huge files up to 300GB or more, as long as the file is already uploaded to the cloud.
Posted in Best Practices for Merchants Tagged with: antivirus, bank account, business account, chat, client data, cloud, code, computer, data, domain, email, email address, email inbox, email platforms, email service, Email threading, gmail, Gmail account, Gmail and Outlook, Google Apps, hosting, hosting fees, Instant messaging, Malware, messaging, Microsoft, Microsoft Office, mobile, mobile phone, password, personal email, phishing filters, phone, platforms, Security, security features, spam, spam and phishing, tax, tax returns, threading, video chat, Web domain, Web mail, Web mail service
May 9th, 2014 by Elma Jane
Facebook is apparently ready to become a person-to-person (P2P) money transfer network. The clear decision to launch a money transfer service in the region can be seen as a test bed for Facebook’s larger ambitions of becoming a payments hub for its 1 billion user base. Facebook was only weeks away from gaining regulatory approval in Ireland for its remittance platform FT quoted unnamed sources. Facebook’s P2P platform will be geared to facilitating migrant remittances, with the goal of expanding its payment presence in emerging markets such as India. Facebook makes the bulk of its revenue from advertising, but 10 percent of its profits reportedly come from in-game payments for online and mobile games, such as Zynga’s popular FarmVille.
From WhatsApp to what’s next
Facebook’s February 2014 acquisition of mobile messaging service WhatsApp for $19 billion clarified the social network’s strategy. The WhatsApp acquisition and the expected P2P network launch as part of the first phase of Facebook’s deeper immersion into payments.
Tech giants face up to payments
When comparing the payment strategies of tech giants Google Inc., Apple Inc. and Facebook, the latter two competitors as having bigger potential upsides than Google. Facebook and Apple (via iTunes) already have established financial relationships with millions of users who have attached funding mechanisms – debit and credit cards – to their social media accounts. As primarily a search engine, Google is playing catch up to persuade its users to set up Google Wallet accounts.
In May 2013, Google launched its own P2P network by integrating Google Wallet with Gmail accounts, so that wallet users can facilitate money transfers via email. More recently, reports have surfaced indicating Google plans to extend Google Wallet to its wearable technology solution Google Glass. But the success of such ventures rests on users’ confidence with Google as a financial service provider.
Facebook as having a brighter financial services future than Apple. Apple’s reach is limited to consumers who have iPhones and iPads, whereas Facebook is not tied to any branded mobile devices, it is a very ubiquitous offering. It could apply to anybody with any type of phone or tablet.
Eventually, tech companies like Facebook will need to partner with payment businesses in order to expand into the merchant-centric brick-and-mortar world. The mobile POS solution provider, a business unit of global POS terminal manufacturer Ingenico SA, would be an ideal partner for Facebook. If they extend what they do from P2P payments to more of a wallet purchasing capability for their users, then the next step could very easily be an extension of that into servicing the merchant side.
Posted in Financial Services, Mobile Payments, Smartphone Tagged with: Apple Inc.Facebook, consumers, credit cards, debit, device, financial service, financial service provider, Gmail accounts, Google Glass, Google Inc., Google Wallet accounts, ingenico, iPads, iPhones, iTunes, merchant-centric brick-and-mortar, migrant remittances, mobile, Mobile Devices, mobile games, mobile messaging service, mobile pos, mobile POS solution, mobile POS solution provider, money transfer, money transfer network, money transfer service, network, online, p2p, P2P network, P2P payments, P2P platform, payment businesses, payments, payments hub, phone, POS terminal, remittance, remittance platform, search engine, service provider, social media, social media accounts, social networks, tablet, wearable technology
January 9th, 2014 by Elma Jane
Notably after the Japanese tsunami…the Hungarian Red Cross has used mobile technology to raise funds for disaster relief, but for the first time has enlisted social media in the process. The organization is running a Facebook campaign that lets smartphone users make instant donations to aid victims of Typhoon Haiyan in the Philippines.
The donations will pass through the MasterCard Mobile app that was developed by the Hungarian m-payments firm Cellum. The solution relies on QR codes. The method is available only in Hungary.
Process works like this:
Download the MasterCard Mobile app to your smartphone and register your bank card, then follow the steps to secure your personal data.
To donate, scan the QR code shared on Facebook with the built-in scanner of MasterCard Mobile. Transaction data are displayed on the screen to ensure the donation goes to the chosen cause.
The QR code contains a minimum sum, which can be increased.
Then press the send button to review and confirm transaction data.
The app then initiates the transaction, which you need to authorize by entering your mPIN.
You will receive feedback on the successful transaction, which can later be viewed in the transactions menu.
The donations will pass through Cellum’s system and quickly go to the Hungarian Red Cross’ account, which is dedicated to typhoon relief efforts.
Donations are a matter of impulse and that people who decide to give want to act quickly, chances are they don’t carry around a pen to put down a 24-digit bank account number on a piece of paper. By the time they get home and visit their online bank where they could transfer the money, they have already been distracted by a hundred other stimuli, so they end up sending nothing. Cellum’s solution is simple; whenever the impulse hits people, they probably have their phone at hand said Cellum spokesman Balazs Inotay.
Posted in e-commerce & m-commerce, Internet Payment Gateway, Medical Healthcare, Smartphone Tagged with: account number, authorize, confirm transaction data, Facebook, m-payments, MasterCard, mobile app, mobile technology, personal data, phone, PIN, process, qr codes, Red Cross, scanner, secure, smartphone, social media, solution, successful transaction, transfer
January 3rd, 2014 by Elma Jane
Results of a new survey on overall mobile use by consumers has several ramifications for payments using mobile devices. The report, from global management consultancy Deloitte, found the number of consumers who said their device is NFC-equipped more than doubled from 2012 to 2013. More importantly perhaps, for a technology many observers have pronounced dead and buried, of those whose devices are equipped with NFC technology, more than one-third said they have made a contactless payment using their phone in the past month.
The report also found that the number of app downloads decreased 13 percent this year in the U.S. and even more in other countries. Per-app spending also decreased during the year, but the report’s authors still believe the outlook for apps is positive.
The good news is, we see a lot of potential remaining in the apps market space over the long term. We believe that the overall declines indicated in this year’s survey may be due to increasing sophistication among consumers. It is likely that they have already obtained the core apps they prefer for work and play, with those choices persisting over time as they upgrade and change their devices said Craig Wigginton, vice chairman and U.S. telecommunications sector leader for Deloitte.
Posted in Credit card Processing, Electronic Payments, Environmentally Green, Mobile Payments, Near Field Communication, Smartphone Tagged with: apps, contactless, devices, equipped, mobile, nfc, outlook, payments, Per-app, phone, report, technology, upgrade
December 16th, 2013 by Elma Jane
1. Account Updater (Visa)
Incorrect billing information leads to declined credit cards, loss of sales and unhappy customers.
Visa touts its Account Updater as an easier way to keep customer data current. The tool appends all card data with up-to-date customer info so businesses can avoid difficulties over address changes, name changes, expired cards and more.
The tool can benefit any business that bills customers on a recurring basis.
It eliminates the need for manual administration, so it can lower your business’s operational costs and customer-service expenses. And by saving your clients the hassle of a declined payment, you can boost customer satisfaction and overall sales.
2. Netswipe
Paying online is convenient for customers, but keying in an unwieldy credit card number is still a pain.
Netswipe from Jumio gives customers an easier way: The tool lets users pay by snapping a photo of their credit card; it’s almost as easy as swiping your card through a traditional card reader.
According to Jumio, customers can use their smartphone or tablet to scan a card in as little as 5 seconds, whereas traditional key entry takes 60 seconds or more, on average. Having a quick and convenient way to pay could help contribute to a positive buying experience and encourage repeat business.
The system is compatible with any iOS or Android mobile device, as well as with any computer with a webcam.
3. Netverify
Jumio’s fraud-scrubbing tool helps you determine if your customers are who they say they are.
Net verify allows customers to snap a picture of their driver’s license or other identification using a smartphone, tablet or PC webcam. Once the image is taken, the tool can verify the authenticity of the documentation in as little as 60 seconds.
That’s much faster and more convenient than asking a customer to fax or mail a copy of their ID in the middle of a transaction.
The tool can verify identifying documents from more than 60 countries…including passports, ID cards and driver’s licenses, and even bank statements and utility bills. Jumio says its software is smart enough to automatically reject nonauthentic documents.
And customers can rest easy knowing that all submitted information is protected with 256-bit encryption to prevent identity theft.
Online merchants embed Netverify into their websites as part of the checkout process.
4. Payment Gateway
Payment Gateway service does all the heavy lifting of routing and managing credit card transactions online.
Portals like this one benefit small businesses by providing a fast and secure transmission of credit card data between your website and the major payment networks. It works a lot like a traditional credit card reader, but uses the Internet to process transactions instead of a phone line.
Payment Gateway also offers built-in fraud-prevention tools and supports a range of payment options, including all major credit cards and debit cards.
5. PayPal Here
Mobile credit card processing services like PayPal Here make it easy to accept credit cards in person using a smartphone or tablet.
PayPal Here and other similar services send you a dongle that attaches directly to your iPhone, iPad or Android device, allowing you to swipe physical credit cards wherever you are.
One major benefit of mobile credit card readers is that they work with the devices you already own. That means there’s no need to carry around additional hardware, aside from the reader add-on itself. Most credit card readers attach to your device via the headphone jack or charger port, and are small enough to fit in your pocket.
The smallest businesses have the most to gain by opting for mobile credit card readers, which are cheaper and far more portable than traditional options.
6. Virtual Terminal
If you do business online, your website needs the infrastructure to accept credit card information.
Web-based applications like virtual terminal offer the basic processing functionality of a physical point-of-sale system, and are easy to install on your business’s website.
The system allows merchants to collect orders straight from the Web, or take orders via phone or mail and before initiating card authorizations online.
It also includes extensive transaction history to help you manage payment data, split shipments, back orders and reversals. Business owners can even receive a daily email report of all credit card transaction activity from the prior day.
Posted in Best Practices for Merchants, Credit card Processing, Credit Card Reader Terminal, Credit Card Security, e-commerce & m-commerce, Electronic Payments, EMV EuroPay MasterCard Visa, Gift & Loyalty Card Processing, Mail Order Telephone Order, Merchant Cash Advance, Merchant Services Account, Mobile Payments, Mobile Point of Sale, Near Field Communication, Point of Sale, Smartphone, Visa MasterCard American Express Tagged with: account, Android, authenticity, card data, card reader, checkout, checkout process, credit card number, credit card transactions, debit cards, declined payment, expired, fraud, id, iOS, mail, mobile device, nonauthentic, online, online merchants, passports, payment data, payment gateway, payment options, phone, point of sale, recurring, smartphone, tablet, verify, visa, webcam
October 31st, 2013 by Elma Jane
While credit card processors and retailers have made strides to combat credit card fraud, it is still rampant across the U.S. In fact, credit card fraud jumped 17 percent between January, 2011, and September, 2012, according to the most recent data from the FICO Falcon Fraud Manager Consortium.
Debit cards obviously have better safeguard measures in place, since debit card fraud rose less than 1 percent between January, 2011, and September, 2012. Plus, the average fraud loss per compromised account fell by 3 percent.
Card-not-present (CNP) fraud is the biggest challenge by far, accounting for 47 percent of all credit card fraud. CNP fraud – which includes payments via the internet, mail and phone – grew 25 percent over the two-year period. So, where the problems with credit cards lie.
Unfortunately, CNP fraud may get worse before it gets better, in FICO’s Banking Analytics Blog. This problem may even intensify as the US moves away from magnetic stripe and toward EMV [chip] card technology. In other countries adopting chip-based authentication technology, we’ve seen counterfeit fraud decline, but as a counterbalance, fraudsters often ramp up efforts around CNP fraud.
However, there was a glimmer of light in the credit card fraud fiasco. While card fraud attempts rose, the average loss per compromised account dropped 10 percent. Plus, the ratio of fraud to non-fraud spending remained constant. “In other words, the volume of card fraud increased proportionally to the volume of consumer credit card spending.
Even though many retailers have implemented successful fraud prevention programs, Visa provides retailers with the warning signs for CNP fraud, including:
Multiple cards used from a single IP address. Orders made up of “big ticket” items. Orders that include several of the same item. Shipping to an international address. Transactions with similar account numbers.
Posted in Digital Wallet Privacy, EMV EuroPay MasterCard Visa, Mail Order Telephone Order, Payment Card Industry PCI Security Tagged with: account, analytics, authentication, banking, big ticket, card-not-present, chip card, chip-based, cnp, counterfeit, credit-card, debit cards, EMV, fraud, fraudsters, international, internet, magnetic stripe, mail, non-fraud, orders, payments, phone, prevent, processors, retailers, safeguard, spending, transactions, visa
