As the original rollout date approached, some observers were surprised to hear that Samsung delayed the launch of Samsung Pay until later this year. The platform will be available to merchants in September and leaders at the company said the delay will allow Samsung to fine-tune some details about the service.
"If anything, we think that by the time we launch (in September), that we will have significant announcements associated with which banks, which networks are participating with Samsung Pay and even which merchants and which programs attached to merchants will all be a part of Samsung Pay," Will Graylin, global Co-GM of Samsung Pay, told PYMNTS. "And that's just a slight hint into what will be coming. Samsung Pay is in a great position."
Aligning partners is one of the … more
One of the benefits of technological innovation is that in stores and restaurants, a point-of-sale system often performs other functions. From workforce management to ordering and timekeeping, many different services can be integrated into a single, unified system. Moreover, many companies have expanded to multiple locations, so consistent platforms across those outlets is a priority.
While this has streamlined digital transactions across multiple channels of a business model, it presents potential hurdles to upgrading old card reading devices. As the October EMV migration deadline nears, studies have shown that many businesses will take their time to get compatible with the new chip-and-pin system. The bigger and more complex an enterprise and the more heavily dependent it … more
Nonprofits face a special set of hurdles when it comes to generating donations. The traditional development model, which relies heavily on paper mailings and requests for pledges over the phone, doesn't integrate itself into the lives of patrons the way an online interface can. At Vantage, we provide service to enterprises seeking donations on their website. This produces a steady revenue stream for organizations that depend on the generosity of supporters and provides those patrons with an easy and convenient platform to give.
At Vantage, our solutions for similar organizations enhance an individual's ability to give, reduce the administrative time dedicated to accounting and are fully customizable to the needs of the organization. Your organization can pay a small processing … more
In the natural evolution of payment processing, mobile payments look to some like a final frontier. However, adoption will be slower than the media hype over mobile payment platforms over the next several years.
Satisfaction with payment cards will wane over time. Most businesses have had long and fruitful experiences with traditional payment platforms. Since estimates of mobile payment usership are low, many entrepreneurs are taking a wait and see approach to adopting new mobile payments by monitoring their own customer base and inquiries which they understand are unique to them and their market.
Yet, as these same businesses look to adopt EMV standards in face-to-face payment environments, adding the ability to accept mobile will certainly be top of mind.
For card-not-present … more
Your company might have had spotty luck with its direct-deposit program. Some employees enrolled right away, while others forgot to complete all the necessary forms. Some may prefer to cash a physical paycheck while others fall into the "unbanked" category, effectively operating outside the financial system. According to the FDIC National Survey of Unbanked and Underbanked Households, nearly one-third of American households fall under that last category, making it challenging for employers and employees to exchange funds.
Paycards set up a clear solution to the problem: Mandating direct deposit. This allows employees with checking accounts to link their information to your payroll system, and those who are "unbanked" to enroll in a paycard program that provides them an easy way … more
One of the best ways to identify payment processing models that are appropriate for your business is to learn from your customers. For leaders at supermarket chain Whole Foods, this has meant listening to their sought-after millennial demographic for direction about adopting Apple Pay and other digital payment options.
"We are, through the use of technology, building out and extending ourselves where our customers are whether it's through Instacart for home delivery, which we're doing more than any other grocery store in America now," Co-CEO Walter Robb said during the company's earnings call. "And we're really just getting started whether it's through affinity, which builds a personal connection to customers who will allow to customize their relationship with us [or] … more
This week, Nerd Wallet conducted a cost-benefit analysis of expanding enterprises to include payment card processing systems. While few industries rely on cash-only models of doing business in 2015, some holdouts may not be sold on the benefit of accepting card payments.
Some of the benefits included broader reach to new customer bases, ease and convenience, reduced trips to banks to make cash deposits and streamlined accounting. Emily Starbuck Crone also noted that in competitive industries, giving customers the option to pay with their cards can help businesses gain an advantage. She cited a vendor at a farmer's market as an example: In the past, these have been largely cash-based enterprises, but some customers might not have the physical currency to make a purchase. … more
From mobile payments to data security, April was an active month in the payment processing space. In case you missed it, here are some of the topics we covered on the Vantage Viewpoint blog last month:
Not all businesses require EMV terminals: Does yours?
Key takeaway: Just because a company doesn't require a new EMV terminal doesn't mean there aren't steps it can take to protect itself and its customers.
3 mistakes when selecting a payment processor
Key takeaway: With a host of regulatory and compliance considerations to make as well as cost and convenience, a third party service provider can help decision makers find the ideal solution.
Hospitality industry routinely the target of breaches
Key takeaway: All participants in the hospitality industry can be susceptible to … more
A new study by Forrester Research estimates that chip-and-pin signature technologies won't be "broadly adopted" in the U.S. until 2020, according to The Wall Street Journal. The findings temper misconceptions that the October EMV deadline will create sweeping and immediate change in the payment card industry. Instead, those transitions should be expected to happen incrementally over the next five years, at least.
Steven Norton of the Journal explains that instead of effecting a seismic shift in the way retailers process payments, the EMV deadline will do more to influence liability in the event of security compromises. He also cautions observers against the notion that chip-and-pin authentication will eliminate vulnerabilities in payment processing.
"But the switch to EMV … more
In 2015, convenience is a primary driver of innovation. In the payment processing space, providing customers with options for purchasing goods or services can improve their experience and open your business up to new customers. According to a survey by market research firm Ovum called "2015 Global Payments Insight," a customer-focused approach to omnichannel payment processing is catching on among retailers.
"While half of the retailers recognized in their responses that the customer is king, and the key driver to increase their payments investment, many are still hesitant to invest in technologies they are wary of," explains PYMNTS. "It's worth noting that 93 percent of retailers surveyed said they believe consumers want access to a broad selection of payments tools — … more