by Ty Hardison

EMV adoption picking up pace

Chip-enabled terminals are becoming more common with retailers. Across the country, the number of consumers and retailers with access to EMV technology continues to grow, helping drive down fraud rates at some of the nation's largest merchants. As many as 80 percent of Mastercard's consumer credit cards in the U.S. now have the embedded chips necessary for EMV payments, according to the card company. Consumers can use those cards to make EMV payments at 1.7 million merchant locations that now accept Mastercard chip payments. While that figure is up a whopping 374 percent since the October 1, 2015 liability shift deadline, it still represents just 30 percent of the total U.S. merchant population, Mastercard reported, suggesting there's still plenty of progress to be made in driving EMV adoption.Merchants who … more

Wells Fargo takes one step closer to a cardless customer experience

Wells Fargo now offers its members a proprietary mobile wallet. For years, one of the most rewarding parts of opening your first checking account was the moment you were handed your debit card for the first time. With that little piece of plastic, you could pay for goods and take out cash from stores and ATMs just about anywhere. For new Wells Fargo customers, however, the plastic card will play far less of a role. In fact, first time account holders may enter a world where they hardly have to use their debit card at all. Wells Fargo members now have access to a new mobile wallet from the bank, which allows shoppers to make NFC payments in eligible stores without taking their cards out of their wallets. When they need cash, they will soon be able to extract it from NFC-enabled ATMs currently being upgraded across the country. About 40 … more

What the Visa/PayPal partnership means for merchants

PayPal members will now have the option to connect their Visa cards to their accounts. On this year's second-quarter earnings calls, businesses around the country announced past profits and future initiatives to their shareholders, but none had quite as much to share as financial giants Visa and PayPal. On July 21, the two companies announced a deal that will propel PayPal's push to the in-store market while extending Visa's presence online. Under the partnership, PayPal will stop steering users away from linking their Visa cards to their accounts. Previously, the company encouraged users to connect their bank accounts directly to their PayPal wallets instead, so that PayPal could process payments with ACH's low fees rather than pay card processing fees. In exchange, Visa will include PayPal in its Visa Digital Enablement Program, which allows … more

Contactless payments: Another reason to upgrade your terminal

Retailers who upgrade to EMV terminals get built-in NFC functionality. Last October's EMV deadline handed merchants across the country a new ultimatum: Upgrade your terminal to accept EMV card payments or assume responsibility for any fraud that comes from the less secure magnetic-swipe transactions. Still, almost a year later countless retailers have yet to adopt the hardware they need to accept chip cards at the point of sale. What they may not realize, however, is that most EMV terminals also include the near-field communication technology required to accept tap-to-pay options, such as mobile wallets and contactless cards. Therefore, by failing to update their POS terminals, not only are merchants eschewing chip cards, but they are also missing out on a chance to accept a rapidly growing payment style that could benefit both them and their … more

Electronic payments responsible for massive economic growth

New research shows the efficiency of electronic payments paved the way for U.S. economic growth. For every retailer, accepting card payments brings a few major benefits, including improved cash flow, security and customer access. While direct perks like these often motivate individual businesses to adopt an electronic payment program, new research shows that the proliferation of electronic payments can have a massive impact on the national economy as a whole. When consumers opt to pay electronically, whether online or in person with a card, both they and the retailer are rewarded with convenience. Shoppers don't have to visit the bank as often to restock on cash, and never have to worry about delaying a purchase because their wallet is empty. Plus, they're able to buy the products they want without experiencing the pain of parting with their cash. On the other side of … more

3 benefits of bringing your giving program online

Accepting donations online can boost your organization's return.

In the wake of the recent e-commerce explosion, companies and consumers alike are becoming more comfortable making and receiving payments online. Despite this convergence in the consumer sphere, many churches, schools and other nonprofit organizations have yet to bring their giving programs online, limiting an increasingly tech-savvy populace to making donations via check or over the phone.

While this delay may be due in large part to tight budgets and the belief that technological solutions are too expensive, it is now more affordable than ever to bring business online. Plus, engaging potential donors via the internet creates opportunities to vastly increase giving, such that web-based solutions can pay for themselves quicker than ever. 

Here's how adding an online element … more

How to choose which mobile payments your business should accept

Accepting mobile payments requires an investment, but choosing the right platform can ensure that investment is returned quickly. NFC-enabled device offer some clear benefits for merchants already upgrading for EMV chip card acceptance. While expanding your offering to accept mobile payments may once have required a significant upfront investment to purchase the proper hardware, most EMV terminals also include an NFC reader built right in. With the right technology already on your countertop, there has never been a better time to start offering your customers the option to pay with their phone.  NFC-enabled mobile payment systems are among the most popular. Here are a few reasons an NFC-based system may be the best mobile payment strategy for your business to support:Popularity: Apple Pay currently boasts a user base of about 12 million consumers, with Android Pay accounting for another 5 million tap-to-pay … more

Payments emerge as major I/O theme for Google

Google is moving Android Pay beyond the NFC terminal. As Google dazzled developers at this year's I/O event, a theme emerged that hinted at the tech giant's vision for its role in the future of payments. Although it may not have released any new payment-specific hardware or software, nearly all of the offerings Google announced will in some way integrate with its Android Pay platform, bringing the digital payment method into a host of new realms. Whether your business can integrate with these tools right away or not, taking a look at how the world's largest company is innovating in the payment space could give you a glimpse into the norms of the future. Instant App Downloads As a retailer, you might offer your customers product info, coupons or promotions via a custom mobile app. However, that valuable information could … more

Apple announces payment innovations at WWDC

Once again, Apple has made it easier to pay with an iPhone. Every spring, Apple invites developers to its World Wide Developers Conference in San Francisco, where they can witness the iPhone company's latest software improvements and updates. Central to this year's conference was a motif we also saw on display at Google's I/O event earlier this year: the expansion of mobile payments. This comes as little surprise, as "mobile" seems to be implied in just about everything consumers do today. Reflecting this shift, the Cupertino, Calif. company unveiled two major updates that will change the way iPhone users make payments. "Pay with Apple Pay" For the first two years of its existence, Apple Pay has been used primarily for consumers checking out in a store equipped with an NFC-enabled terminal. As the … more

Bank of America's new cardless ATMs will work with your mobile wallet

Bank of America announced its contactless ATMs will accept mobile wallets as well as physical cards. Consumers eschewing their credit and debit cards in favor of mobile wallets can get further than ever these days, using their phones to make payments at millions of retailers and via countless mobile apps. That being said, certain transactions still require a physical card, meaning even the most tech-savvy consumers have to carry their real wallets with them anyway. With their cards in their pockets, consumers often revert to old habits despite having set up the mobile payment app on their smartphones. It seems that to truly accelerate mobile payment adoption, consumers are going to have to feel comfortable leaving their cards behind altogether. One of the biggest reasons consumers have to carry their cards with them is to access … more