POS / Payments / EMV

Payment has become a challenging and complicated scenario for retailers. Mobile technology, NFC and EMV offer valuable opportunities, but at a cost. Together with payment processors, banks and technology providers, merchants must uncover the best solutions for their particular business. If it’s time for a POS upgrade, then mobile POS featuring a variety of payment options must be on the table. Access the latest trend updates, news, and case studies with this up-to-the-minute coverage.

Staying Secure During The Holiday Season

While it may seem far off for consumers, retailers know that now is the time to start thinking about the holiday season. Even though Black Friday deals are a few months away, it takes significant planning and testing to ensure web sites are optimized and secured to handle the onslaught of both legitimate and attack traffic, meaning now is the final stretch for retailers. Most retailers will enter into a “Code Freeze” on any changes to their network going into the fourth fiscal quarter. This not only gives them a deadline to get their systems patched and secured, but also address the malicious actors who might be targeting the network. Every year, it seems like there is something new that retailers need to be on the lookout for, and this year is no different. Chip technology and ransomware are at the top of security professionals’ minds, and the retail industry is certainly not immune to their threats. So what exactly are the dangers related to these technologies and how can retailers mitigate them?

'Super Shoppers' Demand Specific Payment Options

Only 13% of the world’s consumers generate 62% of e-Commerce revenues, spending $372.5 billion from March 2015 to March 2016, according to a study from WorldPay. With such a small percentage of consumers accounting for such a large slice of online retail, merchants should certainly cater to these “Super-Shoppers” whenever possible. Payment methods are a good place to start, given that 52% of global Super-Shoppers and 72% of U.S. Super-Shoppers said they would abandon their purchase if their preferred form of payment is not accepted at checkout.

PayPal Extends Mastercard Partnership As It Aims To Boost Brick-And-Mortar Presence

  • Published in News Briefs
Two months after PayPal patched up an old rivalry with Visa, the digital payments platform is entering a similar agreement with Mastercard. Goals include: • Expanding the companies’ existing partnership, • Integrating Mastercard into PayPal at brick-and-mortar stores; and • Building a universal checkout option for consumers. As part of…

How To Chip Away At The EMV Problem When It’s Chipping Away At Our Patience

It’s been just shy of one year since the October 2015 liability shift which resulted in a number of changes at the checkout counter. From credit card brands rolling out chip cards nationwide to businesses updating their payment terminals, EMV’s arrival was thought to be a welcome change in many ways (namely bringing increased security to payments). Unfortunately, it’s taking time — a long time — for this technology and transition to become a reality. Both merchants and consumers alike express frustration with chip card transactions, the most frustrating aspect of which remains the user experience. As a recent NPR Planet Money podcast calculated, transaction approvals are painfully slow: sometimes taking up to 15 seconds for a chip card to be read, compared with the less-than-one-second swipe of a conventional magnetic stripe credit card (one of the biggest consumer complaints about the U.S. transition to EMV).

Splitit Releases Platform For Interest-Free Monthly Installment Payments

Splitit has released a payment tool that allows online and in-store retailers to leverage unused credit lines, by offering their customers the ability to pay in interest-free monthly installments on their existing Visa and MasterCard credit cards, with no credit check process required. The service works as an intermediate layer between the merchant’s platform and its existing payment gateway; installment transactions are sent to Splitit, which will then relay the transaction to the existing gateway.

TerraPay Acquires Pay2Global To Expand Into Europe

International payments network TerraPay has acquired Pay2Global, a UK-based money transfer company, for an undisclosed sum. With the acquisition, TerraPay can scale its service footprint in the 32 countries of the European Economic Area (EEA), expanding the reach and the range of its money transfer products. With the impending Brexit creating uncertainty within European economic circles, having access to each market within the European Union may be vital to ensure payment processes in the region continue to run efficiently.

Gen Z Remains Price Conscious And Seeks Experiential Retail

  • Published in Trend Watch
Retailers aiming to capture a younger audience must understand four major characteristics of the Gen Z shopper: they are very price-conscious, they prefer experiences over material items, they’re not brand loyal and they prefer paying with cash to credit and debit cards. With Gen Z currently making up 25% of the total U.S. population and representing $44 billion in buying power, brands need to move quickly in order to align their business models to this demographic.

Four Mobile UX Features For A Better In-Store Experience

Up 39% since 2009, global mobile penetration is providing consumers with the freedom and flexibility to make purchases from just about anywhere. According to the 2015 Global Payments Report from Worldpay, 23% of all global e-Commerce sales will come exclusively from mobile devices over the next three to four years, and in North America alternative payment methods such as those via mobile are expected to claim 55% of all e-Commerce turnover within the same time period. While the added convenience of mobile is expected to raise e-Commerce sales to $2.4 trillion by 2019, these devices are the driving force behind a much larger shift in the payments and retail industries — omnichannel purchasing. Consumers now have the opportunity to start, resume and complete transactions seamlessly across multiple channels. From researching a product online to picking it up in-store and then paying with a mobile wallet, mobile devices are increasingly bridging the gap between mobile and in-store experiences. In fact, 75% of shoppers already use their mobile devices to facilitate in-store trips.

German Hypermarket Goes Digital With ESLs

  • Published in News Briefs
Hypermarket retailer Kaufland Group has chosen digital display solutions provider Displaydata to supply its stores across Europe with Electronic Shelf Edge Labels (ESLs). Kaufland currently operates more than 650 hypermarkets in Germany. The markets focus on selling fresh produce, dairy and meats, as well as electrical appliances, textiles, toys and…

Mobile Payments: Strength In Numbers, Or Better To Go Solo?

  • Published in News Briefs
In yet another sign of how fragmented the mobile payments environment is becoming, CVS Health has introduced its CVS Pay solution, which is integrated into the retailer's mobile app. The barcode-based system is currently available in select markets in New York, New Jersey, Pennsylvania and Delaware, with a national rollout…

MICROS Data Breach Could Involve Russian Cybercriminals

  • Published in News Briefs
Computer systems at MICROS, a division of Oracle, have suffered a data breach that also has compromised a customer support portal for its MICROS point-of-sale credit card payment systems, according to a report in KrebsOnSecurity. Oracle, which purchased MICROS in 2014, has confirmed that it is investigating a breach at…

Oracle Buys NetSuite: Another Massive Retail Acquisition

Seeking to build up its cloud-based offerings, Oracle Corp. has purchased NetSuite for $9.3 billion in a transaction expected to close this year, subject to regulatory and shareholder approval. It's a big deal even for a serial acquirer such as Oracle, which paid $5.3 billion in 2014 for Micros Systems. The price tag for NetSuite marks a return to the size of pre-Great Recession deals such as Oracle's hostile takeover of PeopleSoft in 2004 ($10.3 billion); another hostile takeover of BEA Systems in 2008 ($8.5 billion); and its purchase of Sun Microsystems in 2009 for $7.4 billion, according to The Wall Street Journal. Oracle chairman Larry Ellison is already NetSuite's largest investor; entities owned by him and his family held nearly 40% of NetSuite's shares, according to the company's proxy statement filed in April 2016.
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