One of the hurdles to implementation for mobile payment technology is the cost of adopting new physical systems compatible with methods like Apple Pay. Samsung stands to take what observers call an "early lead" on the marketplace due to its acquisition of LoopPay.
"LoopPay developed a technology called Magnetic Secure Transmission (MST) which will be integrated into new Samsung phones," reports John Heggesteun of Business Insider. "The technology will allow mobile users to pass their phones over a typical credit card reader to make a payment. In addition, Samsung Pay users will also be able to pay by presenting a barcode to be scanned at checkout."
This means that a higher number of merchants should be able to accept Samsung Pay payments sooner than its competitors, as the … more
Whether you've just signed the lease on your first store or you are considering expanding to new locations, its worth taking the time to consider your current and future point-of-sale (POS) system needs now. In your market research, you have likely already stumbled upon how retailers and restaurants are moving away from bulky cash registers and replacing them with sleek tablet mobile payment systems.
Thanks to advances in mobile devices and cloud technology, cash registers have become increasingly rare, and for good reason. A smartphone or tablet can provide the same functionality, in a more streamlined manner that improves the customer experience. Customers gain the option to have receipts emailed to them instead of printed, can clearly view … more
"For several years at least, many employers with a large non-exempt workforce – particularly in the retail and hospitality industries – have moved towards pay cards as a means to reduce payroll administration costs," explains JD Supra, business advisor. "Most states either regulate pay card systems lightly (with fairly minimal disclosure and free withdrawal requirements) or not at all."
Some of the NYSDOL-proposed regulations include:
A description, in plain language, of all employee … more
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