Contents tagged with Interchange

  • Study shows many small businesses unprepared for EMV Chip Card acceptance

    August 05, 2015
    New survey shows many small businesses are not aware of the EMV switch or don't know the benefits it can have for their business. Many small business owners are behind on EMV adoption. However a new survey by Manta, an online small business community site, shows that more than 28 percent of owners that accept credit cards do not know how the new EMV chip card payment technology affects their business or even know about the new form of payment at all, according to The Washington Post.

    This survey consisted of 1,609 small business owners and covered the lack of awareness about EMV chip cards.  The Los Angeles Times reports that 40 percent of the owners surveyed are not affected by this switch to chip card readers because they currently do not accept credit cards.  Also, card-not-present merchant types, such as ecommerce or recurring payments and those that manually key phone orders are not impacted by … more

  • Samsung Pay delay reminds merchants: Easy does it

    June 17, 2015
    As the original rollout date approached, some observers were surprised to hear that Samsung delayed the launch of Samsung Pay until later this year.

    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

  • Web-based processing models help churches and other nonprofits

    June 01, 2015
    Online payment platforms give nonprofits a new way to fundraise.

    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

  • Slowly transitioning to mobile payments?

    May 27, 2015
    Here are three reasons why retailers may currently be hesitating to get compatible with a systems like Apple Pay and Google Wallet.

    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

  • Forrester: Don't expect full EMV migration until 2020

    May 08, 2015
    A new study by Forrester Research estimates that chip-and-pin signature technologies won't be

    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

  • EMV shift could change hackers' focus to CNP transactions

    May 05, 2015
    Ian Murphy of RetailDive suggests the adoption of EMV systems will cause hackers to focus on card-not-present (CNP) transactions.

    The 2015 EMV deadline arrives in October and many experts have speculated about how the widespread implementation will change the nature of cyberattacks. On this blog, we've discussed predictions that hackers will use all of their old tricks up until the EMV deadline in order to capitalize on the closing window of opportunity. However, Ian Murphy of RetailDive suggests the adoption of EMV systems will cause hackers to focus on card-not-present (CNP) transactions. 

    "CNP fraud is expected to more than double from a total of $2.9 billion in 2014 to $6.4 billion in 2018," explains Murphy. "And as an EMV transition proceeds in the United States, fraud will shift from card-present transactions to other types of card payments that so far lack stringent protocols for authentication, says … more