16

September

Benefits of Mobile Payments

ISOs and merchant level salespeople (MLSs) must keep pace with the latest payment technologies and trends to be seen as knowledgeable experts in the field. Exploring the advantages of mobile payments will provide valuable selling points to employ during visits with your customers, which can boost your sales and help keep your merchants ahead of their competition.

From requesting taxis to tracking flights to comparing prices, consumers rely on smartphones for several day-to-day tasks. As smartphone technology quickly advanced, mobile payment options were introduced and consumers started making purchases with smartphones.

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09

September

Independent Sales Organization (ISO)

An organization registered with Visa and sponsored by an acquiring bank to sell VISA card acceptance services; also refers to an organization that works with and does business under the name of such a registered ISO. ISOs may also service merchant accounts once they are registered, dependent upon the contract with the acquirer. MasterCard uses the term “member service provider” to describe ISOs. However, it is common within the payments industry to use the term “ISO” when referring to independent sales organizations registered with either or both card brands.

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02

September

Pillars of M-Payments

News about mobile payments usually focuses on the opportunity of in-store payments using mobile phones at the POS. But recent Fiserv Inc. research suggests financial institutions (FIs) should focus on the more immediate and lucrative money transfer realm that involves person-to-person (P2P) and person-to-business (P2B) payments.

In an April 2014 white paper titled The Four Pillars of Mobile Payments – Immediate Opportunities, the transaction processor for FIs stated the four building blocks of an m-banking/payments strategy are paying:

Self
Other people
Billers
Merchants/retailers

Fiserv’s 2013 consumer trends survey found that 30 million U.S. households use mobile

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28

August

Security Bug Dubbed Backoff Exposed

The latest security breach occurred at the nonprofit retail store operator Goodwill Industries International Inc. The culprit: a new version of malware called Backoff. The breach began on July 21st, 2014, is part of a frequent occurrence of comprises at national retailers. While consumers and mainstream media are adopting the mentality of, “oh, another breach”, security experts and the business community remain serious about securing networks and mitigating attacks.

With security breaches becoming common place some consumers are feeling less sure about who they are shopping with and how their personal

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26

August

Card Verification Value (CVV) number

The three-digit number on the back of Visa Inc. and MasterCard Worldwide credit and debit cards. It is used as a security feature in card-not-present transactions. The CVV number helps guard against the use of data stolen from payment networks by hackers. Intercepted data will usually comprise the cardholder name, card number and card expiration date, but not the CVV, which is generally obtained only by viewing the physical card.

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19

August

EMV is coming, but when, and is it really necessary?

Widespread implementation of Europay/MasterCard/Visa (EMV) is expected in 2015, and with it, huge reductions in card fraud. So where is my chip card? Of the five cards I carry in my wallet – one credit, three debit and a prepaid card – not one has been replaced with an EMV-compliant card, even though two have been replaced over the past year due to data breaches that may have compromised the accounts. I know I’m not alone.

EMV is a global standard for the interoperability of chip cards capable of authenticating payment

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13

August

Real time pricing

Bethesda, Md.-based Digital Management Inc. designed PriceGuide, a predictive analytics tool, specifically for ISOs. By applying advanced analytics, the system can reportedly recommend optimal margins and merchant-specific pricing, as well as predict attrition and prioritize retention based on the value of individual merchant segments.

“Price optimization is an important step in maintaining your current customer base and attracting new customers,” said Thiag Loganathan, President of the Big Data Insights division at DMI. This is especially true in today’s customer-driven market, where establishing pricing strategies that effectively optimize margins without losing merchants

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05

August

Approved Scanning Vendor (ASV)

An organization that validates adherence to certain Payment Card Industry (PCI) Data Security Standard (DSS) requirements by performing vulnerability scans of Internet-facing environments of merchants and merchant service providers. Approved scanning vendors (ASVs) must qualify for approval by the PCI Security Standards Council annually.

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29

July

New security bug dubbed Backoff exposed

Another major breach, which came to light in July 2014, apparently occurred at Goodwill Industries International Inc. The culprit: a new strain of malware called Backoff. Once again, security investigative reporter Brian Krebs broke the story on his blog site KrebsonSecurity. Krebs wrote in the July 21 post that unnamed sources within the financial services industry said multiple Goodwill locations had been breached and that an unknown number of credit and debit cards had been compromised.
Goodwill informed Krebs that it had only learned about the breach on July 18, when

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23

July

How gift cards drive revenue and customer loyalty

Since their inception, gift cards have enjoyed increased sales every year. According to Jason Daley’s article, “New Franchise Concept Puts Unused Gift Cards to Use,” published in the Sept. 6, 2013, issue of Entreprenuer, more than $110 billion is spent on gift cards per year. And statistics provided at Gift Card Granny (www.giftcardgranny.com/statistics) indicate gift cards have been the most requested item on holiday wish lists since 2007.

For businesses, gift cards are easy to offer due to the minimal overhead costs and overall convenience for their consumers. For customers and

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