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.

PayPal-Visa Deal Signals Some Agreement Within Fragmented Mobile Payments Industry

The longstanding rivalry between PayPal and Visa appears to have been quelled, with the companies striking a deal designed to make it easier for Visa cardholders to use the online payments system. With mobile payment transactions expected to reach $27 billion in 2016, many companies are seeking a place at the table. As mobile payments overall continue to grow, PayPal and Visa are essentially bending to consumers’ will, with an understanding that a more open, inclusive payments platform will reel in more transactions for everyone. But more importantly, they’re showing that two major payments businesses can play nice in an environment that often has been characterized more by exclusion than cooperation.

MasterCard Buys UK Payments Provider VocaLink For $920 Million

In another sign that MasterCard is determined to stay relevant in a rapidly changing payments landscape, the company will acquire a majority stake in payment systems provider VocaLink for £700 million (approximately $920 million U.S.). London-based VocaLink offers products including ZAPP, a mobile payments app leveraging Fast ACH technology. The company operates payment technology platforms supporting Faster Payments, a real-time account-to-account service enabling payments via mobile, Internet and phone, as well as the UK ATM network LINK. In 2015, VocaLink reported revenues of £182 million and processed more than 11 billion transactions.

Age Old Dispute Between Merchants And Card Networks Underlies Walmart-Visa Skirmish

Credit card fees appear to have finally reached a breaking point for one major retailer. After months of talks stalled, Walmart’s Canadian branch took a first step in what may possibly result in the phasing out of Visa as a payment option at its 400 stores throughout the country. Walmart Canada has already stopped taking Visa cards in three separate stores in Thunder Bay, Ontario. Walmart Canada indicated in a statement on its web site on July 11 that the interchange fees associated with Visa credit card purchases remain “unacceptably high.” Walmart says the fees it pays Visa in Canada are four times higher than in other countries. Walmart’s U.S. stores work under a different agreement with Visa, and are not affected by the dispute.

Mastercard Masterpass Will Serve 5M Stores In 77 Countries

Mastercard has introduced the global digital Masterpass solution, which allows consumers to pay online, through mobile apps or in brick-and-mortar stores. Currently available at hundreds of thousands of merchants online or in-app, Masterpass contactless payments will soon expand to more than five million physical locations in 77 countries, with 1.8 million merchant locations in the U.S. alone. "Easy and intuitive payment methods have become table stakes," said Craig Vosburg, President of North America Mastercard at an event introducing the new service on July 14. "We've evolved our network to enable connections, security, ubiquity and interoperability. We want to enable our customers to pay anywhere, anytime, any way they want."

Architecting A Converged Commerce Platform

Today’s connected consumer is accustomed to the advantages of leveraging both online and offline channels for an effortless, economical shopping experience. While multiple points of service have historically been the standard — retailers are looking at a uniform platform, ensuring consistent presence across touch points. This article studies the rationale behind the move, and the benefits that could accrue to the enterprise from it. In a recent digital report1, optimizing customer experience has been highlighted as an area promising ‘the most exciting opportunity’ for 2016. More than half of the retail respondents see customer service and experience as the primary driver of competitive differentiation over the next five years.

The Experience Matters: 3 Takeaways From Consumer Card Spending Featured

It’s been no secret that traditional retailers have had a difficult time in 2016, as consumers opt to spend where they can do more than just buy physical products. They want experiences. A recent study confirms this premise. Bank of America Merrill Lynch aggregated data from the bank’s cardholders’ June 2016 debit card and credit card spending to confirm that experiences matter more than ever in today’s retail market.

Infor Buying Spree Continues With Starmount Acquisition

Less than a month after buying analytics solutions provider Predictix, Infor has announced plans to acquire Starmount, a manufacturer of in-store systems including POS, mobile commerce and inventory management. The acquisition will help Infor deliver its CloudSuite Retail suite of cloud-based enterprise applications in support of "converged commerce," which is designed to provide retailers with a single selling system for all consumer interactions. After forming its Infor Retail business unit in summer 2015, Infor:

MasterCard Woos Retailers With Technology Innovation

Samsung Fridge Demo - Photo by Bryan Bedder, Getty Images for MasterCard The last several years have seen lots of non-payment players invade the payments space. Companies ranging from retailers themselves to technology and hardware companies (Google, Apple, Samsung, etc.) all have staked a claim to their slice of the payments pie. So doesn't it make sense that an organization like MasterCard, which is already known for payments, offer other retailing and customer-facing functionalities?

The Gift (Card) That Keeps On Giving

For a long time, pre-paid gift cards have presented retailers with a prime awareness-building opportunity for both existing and new customers. Gift cards encourage consumers to interact with a business and purchase its goods or services. Whether gifted as a birthday present, a thank you, or just for a friend to try a new experience, consumers’ demand for pre-paid gift cards offers retailers plenty of opportunities for business growth. Traditional gift cards, while helping facilitate an increase in both brick-and-mortar and online store traffic, have one major downfall — they only encourage a one-time use. Consumers will either spend it and forget it, or throw it away when their $20 purchase amounts to $18.95. Retailers that rely on pre-paid, one-time use cards miss out on an enormous opportunity to establish a more dynamic relationship with increasingly fickle consumers whose shopping experiences evolve with technology.

NRF Cheers Overturn Of Swipe Fee Settlement

A $7.25 billion settlement over the credit card interchange (or "swipe") fees charged by MasterCard and Visa has been rejected and sent back to a lower court by the U.S. Court of Appeals for the 2nd Circuit in New York. The National Retail Federation (NRF) is considering the June 30 decision a victory for its retail constituents. "This 'settlement' was never a settlement on behalf of the retail industry but rather a backroom deal that failed to represent the interests of retailers," said NRF SVP and General Counsel Mallory Duncan in a statement. "It would have given merchants pennies on the dollar for the price-fixing they have suffered at the hands of the big credit card companies and would have done nothing to end price-fixing or to lower swipe fees going forward."

Walmart Expands App-Based Payments To 1,200 More Stores

  • Published in News Briefs
Walmart has aggressively expanded the reach of the Walmart Pay option on its mobile app, making it newly available in more than 1,200 stores in states reaching from New England to the Pacific Coast. The retailer had first introduced Walmart Pay in December 2015. Stores in Texas, Oklahoma and Arkansas were added in May 2016, with Mississippi, Louisiana, Alabama and Georgia joining the roster earlier in June. This rapid rollout by a powerhouse retailer could have an impact not just on Walmart's shoppers but on mobile payments in general, which have evoked high levels of consumer interest but less-than-impressive actual usage. Only 18% of North Americans used their mobile phones to make a payment at least once a week, according to a 2015 survey from Accenture.

Inaugural National Merchant Day To Honor Payments And Loyalty Innovation

  • Published in News Briefs
Mark your calendars: September 13, 2016 will be more than an ordinary Tuesday. It also will be the first National Merchant Day, designed to celebrate retailer innovations in payments, loyalty and customer engagement. Sponsor will hold a full-day conference in New York City that day, bringing together retailers and solutions providers to discuss their latest technologies.

Brexit: What Does It Mean To U.S. Retailers And The Payments Industry As A Whole?

You’ve likely heard all of the talk about Brexit — the vote that was held on June 23 in Britain to determine whether or not the country should remain part of the European Union (EU). With voters deciding that they would like Britain to “exit” the EU, it will have many implications not only for businesses in the UK but also for companies around the world, including in the U.S. First off, it’s important to note that while there was a majority of people in the UK in favor of Brexit, most outside of the country were against this happening, as the potential for causing a significant amount of chaos is quite high, including in terms of payments and operating cross-border. With Brexit passing, it may not have an immediate impact, but there will be many changes required over time, and at a minimum it will add a lot of…

Why Retailers Are Upgrading Their Retail Management And POS Systems

Generally speaking, retailers have three primary objectives in mind when it comes to new technology deployment. The first is to streamline business operations with the goal of increasing management and staff productivity and overall efficiency across the organization, leading to greater cost savings. The second is to drive revenue growth, which is accomplished through improved marketing and sales effectiveness. The third objective is to enhance the customer experience, which should improve customer satisfaction, loyalty and brand advocacy — and, ultimately, of course, increase revenue and profitability.

54% Of Shoppers Prefer Installment Payment Plans Over Free Shipping Featured

Shoppers value offers like free shipping and discounts — but not as much as the chance to pay for their purchases via interest-free installments. A survey of more than 1,000 U.S. credit card holders conducted by Splitit revealed that more than half (54%) preferred installment payments over free shipping. Nearly as many, 53%, chose installments over a 10% discount offer. High-income consumers (those with annual salaries of $100,000 to $150,000) were the most enthusiastic about installment plans, with 60% selecting this payment method. The survey also revealed that four in 10 credit card users would increase the size of their purchase by at least 10% if they were offered an interest-free installment payment option.
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