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Enables merchants to accept card and check payments anywhere, anytime
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Available to financial institutions that are part of the
ACCEL/Exchange network for use by their merchant and small business
customers
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Exceeds PCI DSS standards and has a rugged design with long swipe path
to reliably read cards
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ:FISV), a leading global provider of financial services
technology solutions, today unveiled SpotPay™, a mobile card reader
solution for financial institutions to offer to their small business
customers that enables merchants to accept card and check payments
anywhere, anytime. Using SpotPay, merchants will be able to swipe credit
and debit cards with their mobile device to accept payments. And, a key
differentiator, SpotPay offers merchants the ability to deposit checks
using the mobile remote deposit capture feature from Fiserv that allows
users to securely take a picture of the front and back of a check and
deposit the item electronically.
SpotPay from Fiserv is now available to financial institutions that are
part of the ACCEL/Exchange® payments network. Those financial
institutions will be able to offer the solution to their small business
and merchant customers as a way to provide them with a secure,
convenient and low-cost solution to collect credit and debit card
payments as well as to remotely deposit checks.
"The ability to pay anyone, anytime, anywhere is revolutionizing
commerce as we know it," said David Keenan, general manager, Network
Solutions, Fiserv. "Financial institutions are an integral part of this
revolution, as they are in a unique and trusted position to ensure the
safety and security of these transactions. SpotPay is an innovative tool
that helps financial institutions participate in anytime, anywhere
commerce while deepening their relationships with businesses of all
sizes."
According to a March 2012 survey conducted on behalf of Fiserv by
Phoenix Marketing International, 30 percent of surveyed small businesses
that have under $1 million in annual sales indicated that they would
like to use their smartphone or tablet to receive and process debit or
credit card payments from their customers if the service were available.
The SpotPay solution provides financial institutions new opportunities
to attract, retain and grow small business deposits by helping their
small business and merchant customers do more business by accepting all
types of payments. For financial institutions that belong to the
ACCEL/Exchange payments network, adding SpotPay is simple, as there is
no technical or operational integration required. Financial institution
branding is also available as part of the offering to promote financial
institution brand loyalty.
"SpotPay from Fiserv should help financial institutions retain and
strengthen their small business relationships. Its competitive pricing
and innovative features could be strong differentiators in the crowded
mobile merchant payment solutions market," said Beth Robertson, director
of payments research, Javelin Strategy and Research.
SpotPay has a rugged design and a long swipe path to reliably read track
one, two and three data from cards. The solution has strong fraud
prevention tools and makes card transactions easy to accept with
security designed to decline counterfeit cards. SpotPay users also get
multi-layered security that protects sensitive card data from the point
of swipe. The SpotPay solution surpasses the Payment Card Industry Data
Security Standard (PCI DSS) by leveraging MagTek's secure, cloud-based
gateway and card authentication process. MagTek®
provides the secure card readers that work with iOS and Android™ mobile
devices. Transactions are securely processed through WorldPay®,
the third-largest merchant acquirer in the world.
Financial institutions interested in more information on SpotPay from
Fiserv can visit spotpay.fiserv.com/fisignup
Additional Resources:
About MagTek
MagTek is a global leader in electronic payments security technology
whose products and cloud-based services are trusted worldwide by mobile
merchants, big box retailers, financial institutions, hotels, law
enforcement agencies and other organizations to enable secure and
efficient electronic payment and identification transactions. Exceeding
PCI-DSS compliance, MagneSafe™ Security Architecture protects sensitive
payment data and also validates the credentials presented at point of
use, preventing the use of counterfeit cards. MagTek headquarters and
manufacturing facilities are based in Seal Beach, California. For more
information, please visit www.magtek.com.
About WorldPay
WorldPay is a global card payment acquiring business operating in over
30 countries which allows customers to accept card payments both at
point of sale and over the internet. The company offers services across
the entire payment value chain, including transaction capturing,
merchant acquiring and transaction processing. An award-winning
acquirer, WorldPay has been recognized for having the lowest chargeback
rates, 1 percent better than the industry average, correlating to a
reduction in the overall cost of payment acceptance for customers.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry. Fiserv is driving innovation in
payments, processing services, risk and compliance, customer and channel
management, and business insights and optimization. For six of the past
eight years, Fiserv ranked No. 1 on the FinTech 100, an annual
international listing of the top technology providers to the financial
services industry. For more information, visit www.fiserv.com.
FISV-G
Media Relations:
Julie Nixon
Senior PR Manager
Fiserv,
Inc.
+1 678-375-3744
julie.nixon@fiserv.com
or
Additional
Contact:
Wade Coleman
Director, Public Relations
Fiserv,
Inc.
+1 678-375-1210
wade.coleman@fiserv.com
Source: Fiserv, Inc.
News Provided by Acquire Media