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Fiserv introduces mobile payment solution
September 22, 2012 - 4:31pm
Fiserv recently introduced SpotPay, the company's mobile card reader solution, according to Mobile Payments Today. Developed with small business merchants in mind, the mobile payment processing service could greatly benefit merchants by allowing them to accept credit cards on the go.
Additionally, one of the biggest selling points of the SpotPay mobile card reader is that small businesses will now be able to use their mobile phones to deposit checks right into their merchant accounts. By employing the cameras on their mobile phones, small business owners can take a picture of the front and back of the check and immediately deposit it electronically.
"SpotPay from Fiserv could help financial institutions retain and strengthen their small business relationships," Beth Robertson, director of payments research at Javelin Strategy and Research, told the news source.
According to a recent study by Survey Monkey, mobile payments are becoming increasingly popular, necessitating the advancement of innovative technologies by small businesses. In the survey of more than 600 mobile phone users, 54 percent of respondents said they had made some form of payment on their phone before. However, many still expressed reservations, with security cited as the primary concern. Another obstacle toward widespread customer adoption of mobile payments is unfamiliarity with the technology, necessitating educational marketing programs by merchants using such processes.
The SpotPay card reader might look like an intimidating piece of technology to new consumers. However, according to Mobile Payments Today, the rugged design features a long swipe path that can easily read track one, two and three card data. Additionally, the technology features stringent fraud prevention tools through a multilayered security system that passed muster with the Payment Card Industry Data Security Standard.
The targeting of small businesses is an important aspect of the SpotPay card reader. With smaller economies of scale and more limited resources, a hassle-free and convenient payment processing option could be a tremendous boon. The news source reports that 30 percent of surveyed small businesses - at a recent study limited to companies taking in less than $1 million in annual sales - expressed interest in using smartphones or tablets to process transactions. With no technical or operational integration required and low overhead costs, this is an ideal solution for smaller enterprises.