The Latest in Payment Technologies



as a payment specialist you need to stay up to date on all changes in the payments environment to educate your merchants help them identify the right solutions and grow sales there are three new technologies everyone is talking about EMV chip cards Apple pay and NFC near-field communications EMV stands for euro card MasterCard and Visa and this is the gold standard for payment transaction processing coming to the u.s. in 2015 EMV chip cards of small microchips embedded improving security by making it harder to use cards fraudulently instead of a cashier swiping a credit or debit card the customer will either dip the card into an EMV slot or tap the card on a sales terminal in 2014 credit card fraud losses topped 10 billion dollars in typically the card issuer was held responsible but on October 1st 2015 everything changes the risk and liability are going to shift to the merchants if they are not set up to accept EMV transactions fraudulent chip transactions on non EMV compliant terminals will put merchants business and reputations at risk so by embracing EMV chip card technology they will be protecting their business from this liability and their customers will feel more secure about doing business with them to become compliant merchants will need to make Hardware changes as most terminals used currently are not ready for EMV payments Apple pay is Apple's mobile wallet which combines the simplicity of mobile payments with the confidence of keeping your personal information secure it allows consumers with certain iOS devices to store their credit card or debit card details securely in digital form and then use these devices to make in-store in-app or e-commerce purchases effectively replacing plastic credit cards instead of physically taking your credit card out and handing it to a stranger in a store or restaurant Apple pay enables contactless payments by tapping a couple of times and hovering the phone to your designated register screen for one or two seconds to accept Apple pay in a store a merchant needs an NFC capable device and thanks to an encryption system that creates a designated code for each user's credit card merchants actually never get the customers credit card number just the encryption code necessary to complete the transaction those safeguards along with apples fingerprint identification make Apple face safer and more secure than traditional payment methods near-field communication or NFC is a set of standards for smartphones and mobile devices to establish radio communication with each other by touching them together or bringing them no more than a few inches apart here's how it works in a retail store example the customer wants to pay with their mobile wallets stored in their smart phone tapping the phone makes it the initiator device that uses current to create a radio frequency in turn that powers a passive target such as the retailer's NFC enabled terminal that will accept payment the smart phone in the terminal effectively talked to each other to exchange information securely about a transaction this technology is widely embraced among Millennials as it enables contactless payments from a mobile device that's significant because of the added convenience and security of payments so what does all this mean to a sales agent where there are big changes there are always great opportunities the important thing is to start calling business owners and highlight the benefits of switching to EMV chip card Apple pay and NFC ready terminals to prevent the shift of liability to them reduce counterfeit fraud increase security increase revenue through acceptance of international visitors cards and support the way customers want to pay better yet a great way to start the dialogue with merchants about EMV and Apple pay acceptance is a free terminal program this will allow you to bring up the big talking points for 2015 if you don't someone else will you

6 Comments

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    May 23, 2019
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  2. Shinning Star said:

    how to card processing unit will work complete guide u can read here https://creditcardprocessiing.blogspot.com

    May 23, 2019
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  3. Gary Liu said:

    how to make a video like this?

    May 23, 2019
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  4. Daniel Gega said:

    you forgot about wechat

    May 23, 2019
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    May 23, 2019
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  6. Arek Krolak said:

    this is new? chip cards are available for more than 10 years now… nobody uses them anymore because of popularity of proximity cards

    May 23, 2019
    Reply

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