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Contactless Payment Systems

Contactless transaction processing utilizes Radio Frequency Identification technology (RFID) and typically consist of a small card or token that you pass by a nearby reader. The reader communicates with the token via a radio signal to verify the transaction against your credit card or checking account.

Public key cryptography has proven itself as the answer to the lingering security questions about the technology. In addition, unlike credit cards, the unique identity of the token never leaves the device, making it inherently more secure. Even in the unlikely event that a single reader is compromised, the breach cannot spread throughout the entire system (like a stolen credit card).

Bringing customers and retailers together to make the buying experience faster and easier to provide a competitive advantage. Early results show the technology to not only be efficient, but it just might induce you to buy more than you originally thought or visit the store more frequently. Building on the success of the retail-fueling program, these new RFID products are changing the way retailers serve their customers - speeding purchases and personalizing services helps build brand preference and enhance customer loyalty. Information on individual purchase patterns and product preferences can be automatically collected to help store owners deliver more personalized, higher-value service and create new marketing methods. One of the most appealing aspect of contactless transaction technology is that it brings the benefits of credit card payment to even the least-expensive purchases. Billions of small purchases transacted each year with cash can now be made with a contactless token.

Because each day the reader uploads and post transactions via a standard dial-up connection and since the individual transactions themselves are verified locally in the reader without a need for a round-trip communications link to a central processor for approval, the cost of processing is lower. This also speeds transaction times as processing takes only a flash of the token passed the reader.

RFID contactless payment applications in retailing are just around the corner. From speeding drive-through purchases to helping hotel and restaurant managers tailor personalized service to their customers, RFID is entering the retail mainstream. We think the technology could eventually reach the point where RFID tags are welcomed throughout an entire merchant network.

With this technology, we are looking for merchants where quick payment is important. With the MasterCard PayPass program, you have got great potential to attract new customers with a new payment capability.

By implementing ViVOpay terminals, merchantswill enjoy more revenue and lower costs: More customers coming into their store (more revenue) Customers who spend more every time they visit (more revenue) Less operational hassle, less friction (lower costs) More efficient employees, getting more done in less time (lower costs) Competitive advantages (more revenue) Merchants are able to plug a ViVOpay™ terminal into their existing point-of-sale (POS) systems in just minutes and enjoy the increase in average transaction amounts of consumers using payment cards instead of cash, while providing enhanced consumer experience and quicker check-out lines. ViVOpay™ transforms merchant legacy devices into next-generation proximity payment systems. ViVOpay™ is a patent-pending, plug-n-play hardware application that enables existing merchant magnetic stripe point-of-sale systems to accept payment from contactless credit and debit cards as well as from infrared-enabled cell phones and PDAs. ViVOpay enables proximity payments without any hardware or software changes to existing devices at a minimum cost. Merchants themselves can easily install the ViVOpay terminal to make legacy systems proximity-compatible. ViVOpay enables both infrared and contactless proximity payment technologies on existing POS systems. ViVOpay's flexible design is crafted to fit any sales counter or store layout. Merchants can place ViVOpay's customer-friendly Reader Module at the existing checkout - the POS systems do not have to be moved.

Benefits:

Speed: Check-out is much faster using all-digital payment technologies.
Low-risk transactions: All transactions are initiated from a highly secured payment card, allowing banks to better control fraud losses, and charge merchants lower fees.
Loyalty capabilities: ViVOpay is able to deliver feedback to the consumer's contactless card or ViVOwallet® enabling mobile devices such as digital receipts, personalized messages, e-coupons, etc.
Low cost: Just a fraction of the cost of a new POS terminal.
Easy to install and upgrade: Merchants can easily install ViVOpay in minutes.
Flexibility: Allows for placement close to where consumers stand, regardless of POS terminal location.

Merchant registration is required for merchants using a contactless point of sale solution in order to meet the compliance standards of Visa and MasterCard, as well as ensuring eligibility for applicable Interchange categories and chargeback protections. Please review the Fast Payment Matrix for a description by industry.

To take advantage of this innovative payment processing method, contact Vantage at 800-397-2380 for registration and complete implementation support.