26

November

Near Field Communication

Used primarily by mobile devices to conduct wireless transactions, this short-wave wireless communication technology transfers data between electronic devices when brought within close proximity of one another.

Read more

18

November

Add smart TV payments to the omni-channel experience

A new opportunity is forming for the payments industry in the burgeoning market for multifunction, Internet-connected smart TVs. It’s a market driven by consumers who watch less and less network and cable TV and instead stream content online, whether on a desktop, a tablet computer or, more commonly now, a smart TV. Leveraging payment functionality online via smart TVs may thus be the next big delivery channel for payment providers.

Boston-based market research firm Strategy Analytics said in its Smart TV Forecast that 76 million smart TVs were shipped globally in

Read more

12

November

Integrated Payment Solutions

Technology that enables the integration of payment processing and related services � check verification, for example � with such other business functions as customer relationship management and accounting. This type of integration can reduce errors, save merchants time and money, and provide them a better overall picture of their businesses.

Read more

06

November

MCX hits the rocky PR road

The mega retailer-backed mobile wallet enterprise Merchant Customer Exchange has had a rough couple of weeks. First MCX received an onslaught of criticism for reminding its merchant partners that they cannot contractually accept the mobile wallet transactions of competitors. Then a data breach of the MCX pilot program reportedly compromised the email addresses of MCX mobile wallet users. Payment pundits have remarked that these are not auspicious developments for a mobile wallet scheme that hasn’t even yet launched.

After Apple Inc. launched its mobile wallet, Apple Pay, in October 2014,

Read more

29

October

Interchange

The fee paid to the card issuing bank by the card acquiring bank by way of the processor. Interchange is the base fee to which all other acquiring and processing fees are added to come up with the merchant discount rate. Interchange rates vary widely based on card type, transaction amount, risks and retail sector. It is assessed on all Visa- and MasterCard-branded cards, even PIN-based debit cards. In certain circumstances interchange flows in reverse, such as following a chargeback.

Read more

22

October

JPMorgan Chase Breach is Complicated

First it was reported that the recent JPMorgan Chase & Co. data breach was limited to JPMorgan. Then it came out that the breach may have targeted a few other big banks. Now it is being widely reported that the hack may have targeted 13 other financial institutions (FIs) as well. The source of the attack is apparently still unknown.

In the JPMorgan breach, customer information pertaining to 76 million households and 7 million small businesses was compromised, according to an 8-K filing the bank made to the U.S. Securities and

Read more

15

October

Hold Back

The money set aside from a merchant’s credit card receipts to cover potential chargebacks or other disputes. Typically, the amount is returned after a specified period. Also known as a hold back.

Read more

08

October

Is Apple Pay secure enough?

It seems nearly unanimous that the payments industry is behind Apple Inc.’s mobile payments platform, Apple Pay. That confidence largely rests on the security apparatus Apple erects around mobile payments conducted with the newly launched Apple 6, Apple 6 Plus and the first generation Apple Watch. But is that confidence warranted? Matanda Doss, ‎Chief Executive Officer at gateway operator 5th Dimension Logistics LLC, is not so sure.

Apple Pay’s combination of near field communication (NFC) technology, transaction tokenization procedures, data storage on the secure element embedded in mobile devices, and Touch

Read more

30

September

MCX, a non-Apple, non-NFC mobile wallet

Apple Inc. made a big splash Sept. 9, 2014, when it revealed Apple Pay, its near field communication (NFC)-powered mobile wallet, will be available on the soon-to-be-released iPhone 6, iPhone 6 Plus and Apple Watch. Some observers have stated not only is this the death knell for plastic payment cards, it also signifies the birth of a behemoth that could knock out competing mobile payment schemes.

One such competitor is Merchant Customer Exchange, a mobile wallet being developed by leading retailers. Of all the high-profile mobile wallet developers, MCX has been

Read more

23

September

Merchant Level Salesperson (MLS)

A person who sells bankcard services to merchants on behalf of ISOs, acquirers, and processors. Also known as independent sales agents (ISAs), as well as agents, most MLSs are independent contractors. Others are paid employees of ISOs, acquirers and processors.

Read more